Chengs expand education ties

Business | Avery Chen and Tereza Cai 16 Jul 2019

Billionaire Adrian Cheng Chi-kong's family, which controls New World Development (0017) and Chow Tai Fook Jewellery (1929), is reportedly building closer business ties with Cannan Kindergarten, with several people serving as board members of companies related to Cannan.

The Cheng family has expanded into to education in recent years, acquiring Victoria Educational Organisation, and buying shares of Baby Kingdom and DayDayCook. Also, Chow Tai Fook Education reportedly signed a long-term lease for a 10,000-sq-ft shop in NWD's Timber House in Ho Man Tin in April.

Meanwhile, Infinium, a joint venture whose partners include Tencent (0700), Industrial and Commercial Bank of China (Asia), Hong Kong Exchanges and Clearing (0388), Adrian Cheng and Hillhouse Capital, has been renamed Fusion Bank, according to reports.

Another virtual banking license owner, Insight Fintech, backed by Xiaomi (1810) and AMTD Group, has also applied to change its name.

Hong Feng, Xiaomi's co-founder and senior vice president, and Calvin Choi Chi-kin, president of AMDT, have resigned from the Insight Fintech's board of directors.

In other news, ewallet operator TNG's founder and chairman Alex Kong said that it planned to have another round of fundraising this year targeting US$100 million (HK$780 million) to US$150 million.

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