What: The executive Vice Chairman of New World Development will list its investment unit on the Swiss stock exchange.

Why it is important: Companies still trying to bridge the East and the West, especially in retail and tech, are increasingly scarce.

Adrian Cheng Chi-kong, executive vice-chairman of New World Development and part of a prominent Hong Kong family, plans to list his investment unit, C Capital, on the SIX Swiss exchange through a merger with Youngtimers, a special situation investment firm. This merger will transform Luxembourg-based Youngtimers into C Capital, subsequently handling USD 700 million in assets under management. Founded in 2017, C Capital has invested in over 60 startups, including significant stakes in companies like Xpeng, Animoca Brands, and Lalamove.

Post-merger, Cheng will serve as the non-executive chairman of the newly named C Capital, guiding its strategic direction. He will remain a substantial shareholder, although specific details of his stake are undisclosed. The transaction details are set to be revealed by July 31, aligned with Youngtimers' shareholder meeting.

The focus of C Capital post-merger will be on private-equity investments in small-to-mid cap equities primarily in developed East Asian economies and selectively in Europe. This strategic move aims to bring Asian investment opportunities closer to European investors, leveraging the firm’s expertise and enhancing its international presence.

In addition to his ventures with C Capital, Cheng has experience with SPACs, having previously facilitated a merger between Artisan Acquisition and Prenetics, listed on Nasdaq. New World Development, under Cheng’s leadership, continues to manage a robust portfolio and has recently optimized its financial strategies amidst challenging market conditions in Hong Kong and mainland China.

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