According to Odaily Planet Daily, Adrian Cheng, former CEO of New World Development and grandson of Chow Tai Fook founder Cheng Yu-tung, has been stepping down from various family businesses since last year. He has now announced the establishment of ALMAD Group, a conglomerate dedicated to Web 3 financial innovation. The conglomerate will explore investments in digital assets and the tokenization of real-world assets (RWAs), and will also explore the application of blockchain technology and immersive digital experiences across various industries. (Hong Kong Economic Journal)