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Adrian Cheng lists C Capital unit on the Swiss bourse with US$700 million of assets
- Cheng will sell his unit C Capital to Youngtimers, a special situation investment firm that has been listed since 2000 on the SIX exchange
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Mia Castagnonein Shanghai
Adrian Cheng Chi-kong, the executive vice-chairman of New World Development and the scion of one of Hong Kong’s wealthiest families, will list his firm on the SIX Swiss exchange in a merger that would give investors a slice of his investments in several Chinese technology companies.
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Cheng will sell his unit C Capital to Youngtimers, a special situation investment firm that has been listed since 2000 on the SIX exchange for acquiring assets in media, e-commerce and lifestyle products. After the merger, the Luxembourg-based Youngtimers will be renamed C Capital, with US$700 million in assets under management, according to a statement published by SIX.
C Capital, founded in 2017, has backed more than 60 start-ups, including stakes in the electric car maker Xpeng, the Hong Kong game software company Animoca Brands and the delivery company Lalamove.
Cheng, who turns 45 in November, will become the non-executive chairman of C Capital, responsible for “steering the future direction and operation of the company,” according to the statement. He remains a significant shareholder of the company, according to sources familiar with the matter, without divulging his stake.
Further details such as the transaction value are expected to be published on or before July 31, when Youngtimers is scheduled to hold its shareholders meeting.
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