Asian Business Icons: Adrian Cheng: A Visionary in Business and Culture

As I stand amidst the bustling halls of Climate Tech Week in New York, surrounded by global leaders, venture capitalists, CEOs, and founders, I'm struck by a sense of déjà vu. The intensity of the conversations, the palpable energy in the air, and the convergence of influential figures remind me of another recent gathering - the inaugural K11 Concepts Limited Night Gala in Hong Kong. Though worlds apart in focus and atmosphere, both events share a common thread: the power to shape the future through the confluence of wealth, innovation, and vision.

This juxtaposition perfectly encapsulates the unique position I find myself in – a bridge between the world of "Crazy Rich Asia" and the burgeoning realm of climate tech ventures.

"The Glamour of K11: A Window into 'Crazy Rich Asia'"

For those unfamiliar with the term "Crazy Rich Asians" – popularized by Kevin Kwan's bestselling novel and subsequent Hollywood blockbuster – it refers to the ultra-wealthy elite of Asia, known for their extravagant lifestyles and immense influence.

The K11 Night Gala, Asia's answer to the Met Gala, exemplifies this world. The red carpet stretched before us, with a horse-drawn carriage waiting to ferry guests – a touch of luxury I admired but didn't dare use. The event was a who's who of Asian celebrity and wealth, faces I'd only seen in magazines or on TV now mingling around me. The atmosphere was intoxicating, yet I found myself unable to take even a sip of the proffered champagne, too in awe of my surroundings.

This gala was the brainchild of Adrian Cheng , a name that carries significant weight in Asia. Cheng, the Harvard-educated scion of the New World Development Company Limited empire, has long been more than just another heir to a real estate fortune. His K11 concept, which seamlessly blends art galleries with luxury retail, has redefined the shopping experience in Asia and stands as a testament to his vision of "blending art, people, and nature."

Adrian Cheng: A Visionary in Business and Culture

Adrian Cheng's contributions extend far beyond the K11 concept:

1. Preserving Heritage: Cheng led the restoration of the historic State Theatre in Hong Kong, a landmark project that other real estate families might have overlooked for its lack of immediate profitability.
2. Reimagining Retail: Through K11 Concepts Limited , Cheng has revolutionized the retail experience by integrating art and culture, creating spaces that are more than just shopping destinations. This vision aligns with luxury brands like Louis Vuitton, which recently chose Hong Kong for its first-ever pre-fall menswear show, showcasing the city's importance in the global luxury market.
3. Fostering East-West Cultural Exchange: Initiatives like 'The Love of Couture' exhibition, in collaboration with the Victoria and Albert Museum , showcase Cheng's commitment to bridging Eastern and Western cultures.
4. Immediate Action in Crisis: During the COVID-19 pandemic, Cheng distributed 10 million free masks, demonstrating quick response to community needs.
5. Innovation in Family Business: As one of the younger chairmen in Hong Kong's business landscape, Cheng has fought hard to blend his vision of culture, art, and innovation with traditional business models. This transformation hasn't been without challenges, including difficulties in securing family funding for his art and innovation projects.
6. Venture into Healthcare Tech and Innovation: In a bold move that bridges traditional business with cutting-edge technology, Cheng led a Special Purpose Acquisition Company (SPAC) merger with Prenetics, a global leader in genomic and diagnostic testing. This collaboration with Prenetics ' co-founder and CEO Danny Yeung demonstrates Cheng's commitment to diversifying into healthcare and technology sectors. The merger culminated in Prenetics successfully going public on the New York Stock Exchange (NYSE), marking a significant milestone in Cheng's foray into the healthcare tech industry.
7. Investment in Tech Accessories and Lifestyle Brands: Through his venture capital firm C Ventures, Cheng made an eight-figure U.S. dollar investment in Casetify, a popular tech accessories brand. Founded on November 1, 2011, in Hong Kong by Wesley Ng and Ronald Yeung , CASETiFY started as Casetagram, offering custom phone cases using Instagram photos before expanding into various tech accessories with different designs. This investment not only aligns with Cheng's vision of creating a cultural ecosystem that targets millennials and Gen Z but also demonstrates his commitment to supporting innovative Hong Kong-based startups. By backing Casetify, Cheng is helping to bridge the gap between traditional luxury and modern tech-savvy consumers, similar to how luxury brands like 路易·威登 are adapting their strategies to appeal to younger, global audiences.

The Urgency of Climate Tech Week: A Call to Action

Just days before, I was in a very different world – the halls of Climate Tech Week in New York City. This annual gathering brings together innovators, investors, and thought leaders all focused on one goal: leveraging technology to combat climate change.

The contrast couldn't be starker. Instead of designer gowns and champagne flutes, it was a sea of business professional attire. The conversations weren't just about luxury brands or social mingling, but rather breakthrough technologies in carbon capture, renewable energy storage, and sustainable agriculture.

One of the most striking moments came during a keynote speech by Brazil's Minister of Environment. "Brazil is not just talking about change; we're making it happen," he declared. "We're calling on companies and family businesses worldwide to join us in this green revolution." This bold statement, detailing Brazil's pledge to phase out all fossil fuels, sent a ripple of excitement through the conference halls.

The Climate Tech Conundrum for Family Businesses

As I moved between these two worlds – the glittering galas of Hong Kong and the intense strategy sessions of Climate Tech Week – I couldn't help but see the immense potential for connection. The wealth and influence concentrated in Asia's family businesses could be a game-changer for climate tech ventures, yet significant barriers remain.

Why is it so challenging for established family businesses to make significant inroads into climate tech and sustainable investments?

1. The Old Money Dilemma: Many family businesses are deeply rooted in traditional sectors like real estate.
2. Education and Awareness Gap: Understanding the potential of climate tech can be daunting for those steeped in traditional industries.
3. Short-term vs. Long-term Thinking: The pressure for immediate returns often overshadows the long-term potential of climate tech investments.
4. Risk Aversion: Family businesses, especially those facing financial pressures, may be hesitant to take risks on emerging technologies.

A Tale of Two Worlds: Adrian Cheng's Recent Challenges

The complexities of bridging these worlds became even more apparent with the recent news about Adrian Cheng. Just as I was preparing to leave for Climate Tech Week, headlines broke about Cheng's unexpected resignation as CEO and Executive Vice President of New World Development.

This news sent shockwaves through Hong Kong's business community. Cheng, long seen as the innovative force behind the family empire, stepping back amidst financial pressures highlighted the challenges even the most forward-thinking family businesses face.

Yet, even in stepping down, Cheng's commitment to innovation shines through. He'll continue to contribute to K11's business strategy, focusing on the blend of art, commerce, and sustainability that has defined his career.

A Call for Connectors

As someone who navigates between these worlds – from the opulent galas of Hong Kong to the innovative halls of Climate Tech Week – I see an immense opportunity. The wealth, influence, and business acumen concentrated in Asia's family businesses could be a catalyst for climate tech ventures, providing not just capital but also market access and scaling expertise.

Conversely, climate tech ventures offer family businesses a path to long-term relevance and positive impact, aligning their legacies with the urgent needs of our planet.

The key lies in building bridges – fostering understanding, facilitating connections, and translating between these different worlds. It's about helping climate tech innovators understand the dynamics of Asian family businesses, and helping those businesses see the immense potential in climate technologies.

As we move forward, the ability to navigate these diverse landscapes – to be equally at home in a Hong Kong gala and a Climate Tech Week NYC conference – will be crucial. It's a role I'm passionate about playing, connecting innovators with influence, aligning capital with cause, and hopefully, in some small way, contributing to the solutions our world so desperately needs.

The stage is set for the next act in this global drama of innovation, preservation, and adaptation. Will we rise to the challenge? Only time will tell, but one thing is certain – the need for bold, sustainable thinking, and for those who can bridge diverse worlds, has never been greater.

#ClimateAction #AsianBusiness #TechInnovation #SustainableVentures #GlobalConnector #FutureOfBusiness Steve Monaghan Victoria Tang-Owen Thirty30 Creative 香港唐氏綜合症協會 The Hong Kong Down Syndrome Association Desmond So