Hong Kong Top 3 Richest Henry Cheng Kar-Shun Family with $22 Billion Fortune Buys Shares of New World Development via Family Office Chow Tai Fook Capital, New World Development Share Price YTD Decreased -51% & -74% Over 5 Years with Current Market Value at $3.7 Billion
8th December 2023 | Hong Kong
Hong Kong top 3 richest Henry Cheng Kar-Shun family with $22 billion fortune has bought shares of Hong Kong-listed New World Development via his family office Chow Tai Fook Capital. New World Development share price YTD (Year-to-date) decreased -51% and decreased -74% over the last 5 years, with current market value at $3.7 billion (8/12/23). New World Development Company was established by founder of Chow Tai Fook Enterprises Cheng Yu-tung. Henry Cheng Kar-Shun is the eldest son of Cheng Yu-tung. In November 2023, Henry Cheng Kar-Shun in an interview has mentioned the group is still searching for a successor, triggering concerns of family or property dispute. At a press conference, Vice-Chairman Conroy Cheng Chi-Heng announced no family or property dispute. The eldest son of Henry Cheng Kar-Shun (6 children) Adrian Cheng (Age 44) is currently the CEO of New World Development. Chow Tai Fook family is one of the top 3 richest family in Hong Kong. Earlier in November 2023, Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises announced to buy NWS Holdings for $4.5 billion (HKD 35.5 billion) to take the company private, with 99.35% of NWD shareholders voting to approve the NWS Holdings sale. More info below:
“Hong Kong Top 3 Richest Henry Cheng Kar-Shun Family with $22 Billion Fortune Buys Shares of New World Development via Family Office Chow Tai Fook Capital, New World Development Share Price YTD Decreased -51% & -74% Over 5 Years with Current Market Value at $3.7 Billion “
New World Development Company – Founded in 1970, New World Development Company Limited ( “the Group”, Hong Kong stock code: 00017) was publicly listed in Hong Kong in 1972 and is a constituent stock of the Hong Kong Hang Seng Index. A premium brand infused with a unique personality, New World Group’s core business areas include investment in property and property development, and investment in and/or operation of hotels and other strategic businesses. Its operations in Greater China, especially the Greater Bay Area, had a total asset value of approximately HK$616.5 billion as at 30 June 2023. The Group’s listed company is New World Department Store China Limited. New World China Land Limited is wholly owned by the Group.
Hong Kong Top 3 Richest Chow Tai Fook Family with $22 Billion Fortune Chairman Henry Cheng Kar-Shun Still Searching for Successor, Vice-Chairman Conroy Cheng Chi-Heng Announced No Family or Property Dispute, Eldest Son of 6 Children Adrian Cheng Age 44 is Currently CEO of New World Development
24th November 2023 – Hong Kong top 3 richest Chow Tai Fook family with $22 billion fortune Chairman of Chow Tai Fook Jewellry Group Henry Cheng Kar-Shun in an interview has mentioned the group is still searching for a successor, triggering concerns of family or property dispute. At a press conference, Vice-Chairman Conroy Cheng Chi-Heng announced no family or property dispute. The eldest son of Henry Cheng Kar-Shun (6 children) Adrian Cheng (Age 44) is currently the CEO of New World Development. Chow Tai Fook family is one of the top 3 richest family in Hong Kong. Earlier in November 2023, Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises announced to buy NWS Holdings for $4.5 billion (HKD 35.5 billion) to take the company private, with 99.35% of NWD shareholders voting to approve the NWS Holdings sale. More info below:
Dr. Cheng Kar-Shun, Chairman, Chow Tai Fook Jewellry Group
Dr. Cheng Kar-Shun, Henry, GBM, GBS, joined the Group in 1971, was appointed as Chairman and an executive director of the Company in July 2011. He is also a member of the Nomination Committee, the Remuneration Committee and the Strategy and Transformation Committee of the Company. Dr. Henry Cheng is responsible for the strategic direction and overall performance of the Group. Dr. Cheng is a director of certain subsidiaries of the Group. He is also a director of several substantial shareholders of the Company, including Cheng Yu Tung Family (Holdings) Limited, Cheng Yu Tung Family (Holdings II) Limited and Chow Tai Fook Capital Limited. In addition, Dr. Cheng is chairman and an executive director of New World Development Company Limited and NWS Holdings Limited, and also chairman and a non-executive director of FSE Lifestyle Services Limited and i-CABLE Communications Limited, all of which are listed public companies in Hong Kong. He was a non-executive director of DTXS Silk Road Investment Holdings Company Limited until his resignation on 19 March 2021; and chairman and a non-executive director of New World Department Store China Limited until his resignation with effect from 13 May 2021, both of which are listed public companies in Hong Kong. Dr. Cheng is chairman of the Advisory Council for The Better Hong Kong Foundation. He was a Standing Committee Member of the Twelfth Chinese People’s Political Consultative Conference. Dr. Henry Cheng is the father of Dr. Cheng Chi-Kong, Adrian and Ms. Cheng Chi-Man, Sonia, an uncle of Mr. Cheng Chi-Heng, Conroy and a cousin of Mr. Cheng Kam-Biu, Wilson, all being executive directors of the Company.
Adrian Cheng Chi-Kong, Executive Vice-chairman and Chief Executive Officer, New World Development
Appointed as an Executive Director in March 2007, became Executive Director and Joint General Manager from March 2012, re-designated as Executive Vice-chairman and Joint General Manager from April 2015, re-designated as Executive Vice-chairman and General Manager from March 2017 and re-designated as Executive Vice-chairman and Chief Executive Officer from May 2020. Dr. Adrian Cheng is a member of the Executive Committee and the chairman of the Sustainability Committee of the Board of Directors of the Company. Dr. Cheng is an executive director of NWS Holdings Limited, the chairman and non-executive director of New World Department Store China Limited, the chairman and non-executive director of Arta TechFin Corporation Limited and an executive director of Chow Tai Fook Jewellery Group Limited, all being listed public companies in Hong Kong. Dr. Cheng is also a director and the executive chairman of New World China Land Limited, the chairman of New World Group Charity Foundation Limited and a director of certain subsidiaries of the Group. In addition, he is a director of Chow Tai Fook (Holding) Limited and Chow Tai Fook Enterprises Limited, both are substantial shareholders of the Company. He was a non-executive director of New Century Healthcare Holding Co. Limited, Giordano International Limited and a non-executive director and a co-chairman of Meta Media Holdings Limited, all being listed public companies in Hong Kong, up to his resignation on 1 June 2022, 1 December 2022 and 5 October 2023 respectively. Dr. Cheng oversees the strategic direction for the Company’s property development and investment activities. He has launched The Artisanal Movement since January 2015, and is currently overseeing the Company’s large-scale developments including Victoria Dockside in Tsim Sha Tsui and Hong Kong International Airport SKYCITY complex “11 SKIES”. In 2008, Dr. Cheng launched the K11 brand, a museum-retail complex that is at the nexus of art and commerce and has since extended K11’s reach across retail, hospitality, offices and non-profit art education through K11 Art Foundation and K11 Craft & Guild Foundation. He also directs early-stage funding to start-ups and technology-driven platforms. Dr. Cheng serves as a member of the 14th National Committee of the Chinese People’s Political Consultative Conference of The People’s Republic of China, a vice-president of All-China General Chamber of Industry and Commerce, the chairman of the Mega Arts and Cultural Events Committee, a board member of the Hong Kong Financial Services Development Council and the chair of the board of Hong Kong Academy for Wealth Legacy, a non-official member of the Task Force on Promoting and Branding Hong Kong, and a member of the United Nations Economic and Social Commission for Asia and Pacific (ESCAP) Sustainable Business Network (ESBN) Executive Council and the chair of the ESBN Task Force on Innovation. He is the vice chairman and group chief executive officer of CTF Education Group, the founder of The WEMP Foundation, and the chairman of China Young Leaders Foundation. Dr. Cheng is a Justice of Peace appointed by the Government of the Hong Kong Special Administrative Region since 2016 and was awarded the Silver Bauhinia Star in 2022. He was made an “Officier de l’Ordre des Arts et des Lettres” by the French Government in 2017, and an “Officier de l’Ordre National du Mérite” in 2022. Dr. Cheng holds a Bachelor of Arts Degree (cum laude) from Harvard University, and received the Honorary Doctorate of Humanities by the Savannah College of Art and Design in 2014. He was conferred an Honorary Fellowship by Lingnan University in 2014, an Honorary University Fellowship by the University of Hong Kong in 2022 and an Honorary Fellowship by the Hong Kong University of Science and Technology in 2023. Dr. Cheng worked in a major international bank prior to joining the Group in September 2006 and has substantial experience in corporate finance. He is the son of Dr. Cheng Kar-Shun, Henry, the brother of Ms. Cheng Chi-Man, Sonia and Mr. Cheng Chi-Ming, Brian, the nephew of Mr. Doo Wai-Hoi, William and Mr. Cheng Kar-Shing, Peter, and the cousin of Mr. Cheng Chi-Heng.
Hong Kong Billionaire Henry Cheng Chow Tai Fook Enterprises to Buy NWS Holdings for $4.5 Billion to Take the Company Private at 14.5% Premium Over Last Closing Price, 99.35% NWD Shareholders Voted to Approve NWS Holdings Sale
4th November 2023 – Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises will be buying NWS Holdings for $4.5 billion (HKD 35.5 billion) to take the company private, with 99.35% of NWD shareholders voting to approve the NWS Holdings sale. The price represents a 14.5% premium over last closing price (Closing Price HKD7.99, Offer Price HKD 9.15, 27/6/23. New World Development: “New World Development (“NWD,” “the Company,” Stock Code: 0017) announced that at its Extraordinary General Meeting (“EGM”) held today, its independent shareholders approved the resolution regarding the disposal of all NWD’s shares in NWS Holdings Limited (“NWS”) (the “Disposal”) and the related resolution in respect of the revision of annual caps of certain continuing connected transactions. The Disposal was approved by approximately 99.35% of the votes cast. Upon completion, the Disposal will provide NWD with cash proceeds of approximately HK$21,754.3 million, which will immediately strengthen the Company’s financial position. NWD will use a portion of the proceeds to pay a special dividend of approximately four billion Hong Kong dollars (equivalent to HKD1.59 per NWD share), allowing shareholders to immediately realize part of the value from their shareholdings in the company. The Disposal is a continuation of NWD’s ongoing strategy to proactively explore corporate actions and strategic options to unlock shareholder value. It generates immediate value for shareholders, repositions the company around its property businesses, and supports its broader efforts to reduce leverage in the expectation of persistently high interest rates. This transaction will streamline NWD’s business and asset portfolio, bringing its future earnings and cash flow profile into greater alignment with its property businesses.” More info below:
Hong Kong Billionaire Henry Cheng Chow Tai Fook Enterprises to Buy NWS Holdings for $4.5 Billion to Take the Company Private at 14.5% Premium Over Last Closing Price
2nd November 2023 – New World Development (“NWD,” “the Company,” Stock Code: 0017) announced that at its Extraordinary General Meeting (“EGM”) held today, its independent shareholders approved the resolution regarding the disposal of all NWD’s shares in NWS Holdings Limited (“NWS”) (the “Disposal”) and the related resolution in respect of the revision of annual caps of certain continuing connected transactions. The Disposal was approved by approximately 99.35% of the votes cast.
Upon completion, the Disposal will provide NWD with cash proceeds of approximately HK$21,754.3 million, which will immediately strengthen the Company’s financial position. NWD will use a portion of the proceeds to pay a special dividend of approximately four billion Hong Kong dollars (equivalent to HKD1.59 per NWD share), allowing shareholders to immediately realize part of the value from their shareholdings in the company.
The Disposal is a continuation of NWD’s ongoing strategy to proactively explore corporate actions and strategic options to unlock shareholder value. It generates immediate value for shareholders, repositions the company around its property businesses, and supports its broader efforts to reduce leverage in the expectation of persistently high interest rates. This transaction will streamline NWD’s business and asset portfolio, bringing its future earnings and cash flow profile into greater alignment with its property businesses.
As disclosed in NWD’s circular dated 13 October 2023, assuming the NWS share offer becomes or is declared unconditional in all respects on 9 November 2023, the payment for the Disposal is expected to be received by NWD by Monday, 20 November 2023. The special dividend is expected to be distributed on Wednesday, 20 December 2023 to all shareholders whose names appear in the register of members of the company at the close of business on Friday, 24 November 2023.
Hong Kong Billionaire Henry Cheng Chow Tai Fook Enterprises Offers to Buy NWS Holdings for $4.5 Billion to Take the Company Private, 14.5% Premium Over Last Closing Price
29th June 2023 – Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises has announced to buy NWS Holdings for $4.5 billion (HKD 35.5 billion) to take the company private, representing 14.5% premium over last closing price (Closing Price HKD7.99, Offer Price HKD 9.15, 27/6/23). Henry Cheng family is one of the richest family in Hong Kong with estimated fortune of $25 billion to $30 billion. NWS Holdings is the diversified industries flagship of New World Development Company. NWS Holdings invests and operates a wide range of businesses predominantly in Hong Kong and the Mainland, with core business includes toll roads, construction and insurance, and manage a strategic portfolio spanning sectors from logistics to facilities management.
Hong Kong Billionaire Henry Cheng Chow Tai Fook Enterprises Offers to Buy NWS Holdings for $4.5 Billion to Take the Company Private, 14.5% Premium Over Last Closing Price
Dr Cheng Kar Shun, Henry
Dr Cheng, aged 76, was appointed as Executive Director in March 2000 and became the Chairman from March 2001. He is also the Chairman of the Executive Committee and the Nomination Committee of the Company. Dr Cheng is the Chairman and an executive director of New World Development Company Limited, a substantial shareholder of the Company, and Chow Tai Fook Jewellery Group Limited, the Chairman and a non-executive director of FSE Lifestyle Services Limited and i-CABLE Communications Limited, all being listed public companies in Hong Kong. He was a non-executive director of DTXS Silk Road Investment Holdings Company Limited (resigned on 19 March 2021), as well as the Chairman and a non-executive director of New World Department Store China Limited (resigned on 13 May 2021), both being listed public companies in Hong Kong. Dr Cheng is also a director and the Honorary Chairman of New World China Land Limited and a director of several substantial shareholders of the Company, namely Cheng Yu Tung Family (Holdings) Limited, Cheng Yu Tung Family (Holdings II) Limited, Chow Tai Fook Capital Limited, Chow Tai Fook (Holding) Limited, Chow Tai Fook Enterprises Limited and Mombasa Limited. Dr Cheng is the Chairman of the Advisory Council for The Better Hong Kong Foundation. He was a Standing Committee Member of the Twelfth Chinese People’s Political Consultative Conference of the People’s Republic of China. Dr Cheng was awarded the Gold Bauhinia Star and the Grand Bauhinia Medal in 2001 and 2017 respectively by the Government of the HKSAR. Dr Cheng is the father of Dr Cheng Chi Kong, Adrian, Mr Cheng Chi Ming, Brian and Mr Cheng Chi Leong, Christopher, and the uncle of Mr William Junior Guilherme Doo.
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