【Zheng Jiachun Family】 News: Served as CEO of Chow Tai Fook Enterprises for 14 years, Zeng Anyi stepped down, Zheng Zhi-liang and Ho Chi-hang jointly manage the billion-dollar empire

New World (00017) During the unresolved debt crisis, Hong Kong billionaire Zheng family’s family office Chow Tai Fook Enterprises has experienced management changes again. Reports indicate that Patrick Zeng An-ye (曾安業), who has led overseas operations for about 14 years and was the former co-CEO, has recently stepped down. This signals a move toward a “dual CEO” era for Chow Tai Fook Enterprises, with Christopher Zheng Zhi-liang, son of the “pure official,” and Chow Tai Fook’s founding partner Gilbert Ho Chi-hung sharing the leadership.

Patrick Zeng An-ye is the son-in-law of New World founder Zheng Yu-tong, and nephew-in-law of Zheng family’s granddaughter Sun Yong-yi. According to sources, Zeng An-ye will step down as co-CEO in early 2026 but will remain a director of Chow Tai Fook Enterprises and serve on the boards of several Zheng family-related and listed companies, including Cable TV (01097), Giordano (00709), Wan Bang Investment (00158), and United Medical (00722). Additionally, Zeng An-ye is a director of the Zheng Yu-tong Charitable Foundation, a director of Chow Tai Fook Enterprises Social Programs, and a director of the Chow Tai Fook Charitable Foundation.

Chow Tai Fook Enterprises’ Extensive Billion-Dollar Asset Portfolio

Chow Tai Fook Enterprises is the private investment holding flagship of the Zheng family’s Chow Tai Fook Group, founded in 1929, with assets totaling hundreds of billions. As a major family investor, Chow Tai Fook Enterprises’ global investments are broad, including: energy, infrastructure services, healthcare, insurance, education, and media; hotel and large-scale real estate projects; private equity investments in high-growth technology companies; and a portfolio of stocks and bonds. Currently, Chow Tai Fook Enterprises and its subsidiaries and joint ventures operate in 27 countries worldwide.

Since 2012, Zeng An-ye has served as CEO of Chow Tai Fook Enterprises. Previously, he worked at Deutsche Bank Hong Kong as Managing Director, overseeing Asian fixed income capital markets.

The Family Dynasty’s “License Battle” Begins

In November 2023, Zheng family second-generation leader Zheng family pure official Zheng family Chun gave an interview to their subsidiary HOY TV, where he rarely discussed succession plans and corporate governance. Zheng family Chun revealed that the successor is still under observation, and it’s not easy to find a suitable candidate, so there may be no immediate need to appoint a successor.

The outside world views this as a “license battle” for the billion-dollar empire. In August 2024, Chow Tai Fook Enterprises announced a major leadership reshuffle, establishing an Office of the CEO, splitting the role of a single CEO into three co-CEOs: besides the original CEO Patrick Zeng An-ye, Zheng Zhi-liang and Gilbert Ho Chi-hung joined. Chow Tai Fook stated that Zeng An-ye would focus on managing overseas operations, including the Americas, Europe, and Australia, while Zheng Zhi-liang would oversee North Asian operations, and Gilbert Ho would handle corporate operations.

Additionally, Zeng An-ye also served as a non-executive director and chairman of Giordano International, which previously faced regulatory issues. The Securities and Futures Commission (SFC) investigation found that during the acquisition of Giordano shares, the parent company’s agent, Sino Wealth and Clear Prosper, violated the Takeovers Code. Ultimately, the two parties reached a settlement, with Chow Tai Fook’s agent required to pay up to HKD 1.5 billion to affected independent shareholders. Sino Wealth and Clear Prosper did not admit any liability.

Financial Hot Topics

Is gold’s role as a safe haven failing? Are conflicts sparking fears of interest rate hikes?