Chow Tai Fook Enterprises appoints 3 co-CEOs with diversified experience to lead growth

Chow Tai Fook Enterprises (CTFE), the investment holding company of the Cheng family, said on Friday that it has set up a CEO’s office that will be helmed by three executives, including one of the clan’s youngest scions.

The newly established position will be headed by Christopher Cheng Chi-leong, the co-CEO and head of North Asia; Patrick Tsang On-yip, the co-CEO and head of Americas, Australia and Europe; and Ho Gilbert Chi Hang, the co-CEO and head of corporate functions and operations, CTFE said in a statement.

Christopher Cheng is one of the sons of patriarch and billionaire Henry Cheng Kar-shun and the younger brother of Adrian Cheng Chi-kong, the CEO and executive vice-chairman of New World Development, one of the group companies.

“The creation of the CEO office will enable CTFE … to accelerate growth and strengthen operations,” The company said in a statement. “The three senior executives bring together diversified sector and region expertise that are instrumental for the next phase of growth of the family office.”

CTFE is part of the group of companies founded under the Chow Tai Fook name in 1929. It has strategic investments across various sectors, including real estate and hospitality, jewellery, infrastructure, energy, healthcare and insurance, education, and media.

It is also the largest shareholder of two publicly traded conglomerates, property developer New World Development, and NWS Holdings, which operates in insurance, logistics, construction and facilities management.

There have been rumours of family discord over the group’s succession plans after Henry Cheng, 77, ignited speculation and uncertainty over the future of the clan’s extensive empire. He said in an interview with Hong Kong’s HOY TV last November that he may not be seeking a successor within the family. However, a senior family member denied these rumours.

Other than Adrian Cheng and Christopher Cheng, the senior Cheng’s other children include Sonia Cheng Chi-man, the vice-chairman of Chow Tai Fook and Brian Cheng Chi-ming, executive director and co-CEO of NWS Holdings.

“I am excited to continue to grow the office with the appointment of the three leaders whom I have worked closely with in different fields of the business,” Henry Cheng said in the statement. “Our investment philosophy is to create a lasting legacy of positive impact, and to drive transformative results for our investees, our employees, our community, and for the countries in which we operate.”

The Cheng family was ranked Hong Kong’s third richest this year by Forbes, with a net worth of US$22.1 billion.