[Elder Grandson of Chow Tai Fook Founder, Adrian Cheng, Establishes ALMAD Group to Invest in Digital and Virtual Assets] Odaily Planet Daily reports that Adrian Cheng, former CEO of New World Development and elder grandson of Chow Tai Fook founder Cheng Yu-tung, has gradually stepped down from multiple family business positions since last year. He has now announced the establishment of Summit Development Holdings (ALMAD Group), a diversified enterprise group dedicated to Web3 financial innovation. The group will explore investments in areas such as digital assets and the tokenization of real-world assets (RWA). Additionally, it will explore applications of blockchain technology and immersive digital experiences across various industries. (Source: Hong Kong Economic Journal)