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Chow Tai Fook

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Chow Tai Fook Group
Company typePrivate
IndustryConglomerate (jewellery, property development, hotels, department stores, transportation, energy, telecommunications, ports, casinos)
Founded1929
FounderChow Chi-yuen
Headquarters
Hong Kong
,
Hong Kong
Key people
Henry Cheng (Chairman of Chow Tai Fook Jewellery Group, Director at Chow Tai Fook (Holding))
ProductsJewellery retail, property development, hotels, department stores, transportation services, energy, telecommunications, ports, casinos
OwnerDescendants of Chow Chi-yuen and Cheng Yu-tung family
ParentChow Tai Fook Capital Limited; Chow Tai Fook (Holding) Limited

Chow Tai Fook group is a privately held conglomerate headquartered in Hong Kong, with diverse business operations spanning jewellery, property development, hotels, department stores, transportation, energy, telecommunications, ports, casinos, and other industries. Although its principal holding entities—such as Chow Tai Fook Capital Limited, Chow Tai Fook (Holding) Limited, and Chow Tai Fook Enterprises Limited—are privately owned, the group maintains partial public market presence through its associate company New World Development (, publicly traded since 1972) and its subsidiary Chow Tai Fook Jewellery Group Limited (, listed since 2011). By the end of 2018, New World Development was ranked 47th by market capitalization on the Hong Kong Stock Exchange, valued at HK$105.68 billion.

The extent of Chow Tai Fook’s private business interests is not fully transparent. According to a banker familiar with the Cheng Yu-tung family, the private segment of the enterprise is significant and reflects Cheng’s early investment foresight. Notable unlisted holdings include the Rosewood Hotel Group and Australian energy firms Alinta Energy along with the Loy Yang B power station, which were acquired in 2017.

Ownership of Chow Tai Fook Capital lies with descendants of founder Chow Chi-yuen () and his late son-in-law Cheng Yu-tung, including Henry Cheng, who serves as chairman of Chow Tai Fook Jewellery Group and a director at Chow Tai Fook (Holding).

History

The origins of the Chow Tai Fook group trace back to the founding of the Chow Tai Fook jewellery store by Chow Chi-yuen in 1929 in Guangzhou, China. The company relocated to Portuguese Macau in 1940 due to political upheavals and later moved operations to British Hong Kong following the Second Sino-Japanese War and establishment of the People's Republic of China in 1949. The group reestablished its presence in mainland China after economic reforms in the 1980s, particularly through New World Department Store China and the formerly listed New World China Land.

In 1956, control of the business passed from Chow Chi-yuen to his son-in-law Cheng Yu-tung. Other family members, including Stephen Chow Shue-tong who emigrated amid the 1967 Hong Kong leftist riots, contributed to founding the group’s real estate division during the 1960s. Under Cheng’s leadership, Chow Tai Fook expanded into a multifaceted conglomerate encompassing jewellery retail, real estate, hotels, transportation services, and public utilities. In 1961, Chow Tai Fook Jewellery developed a residential property named Tai Fook Building located in Sham Shui Po, Kowloon. The real estate segment became publicly listed as New World Development in 1972 while private investments continued through Chow Tai Fook Enterprises.

Chow Tai Fook Enterprises Limited was established on 10 August 1966 in British Hong Kong as a key holding company. The main publicly traded entity, New World Development Company Limited, was incorporated in 1970. The jewellery retail business was formally incorporated as Chow Tai Fook Jewellery Company Limited in 1961. In 2011, a new holding company for the jewellery division was formed in the Cayman Islands and subsequently listed on the Hong Kong Stock Exchange under the name Chow Tai Fook Jewellery Group Limited.

By 2018, the corporate structure had evolved to include two additional parent companies: Chow Tai Fook Capital Limited and its subsidiary Chow Tai Fook (Holding) Limited, both registered in the British Virgin Islands. Chow Tai Fook (Holding) serves as the parent company for both Chow Tai Fook Enterprises and Chow Tai Fook Jewellery Group.

Subsidiaries and affiliates

The Chow Tai Fook conglomerate, via Chow Tai Fook (Holding) Limited based in the British Virgin Islands and Chow Tai Fook Enterprises Limited headquartered in Hong Kong, maintains major ownership interests in two publicly traded entities: Chow Tai Fook Jewellery Group Limited (Cayman Islands; 89.3%) and New World Development Company Limited (44.39%). New World Development oversees multiple listed secondary subsidiaries such as New World Department Store China and NWS Holdings, among others. New World China Land was previously a listed subsidiary until its privatization by New World Development in 2016. An effort in 2017 to privatize New World Department Store China did not succeed due to inadequate consent from minority shareholders. Another listed entity, New World Hotels (Holdings), was taken private back in 1990.

New World Development is included in the Hong Kong blue-chip Hang Seng Index. As of October 2016, Chow Tai Fook Jewellery Group was ranked as the second-largest jeweller worldwide by market capitalization.

Chow Tai Fook Jewellery Group

Founded in 1929 in Guangzhou, China, by Chow Chi-yuen, Chow Tai Fook Jewellery is a renowned jewellery retailer and gold merchant. Leadership passed to his son-in-law, Cheng Yu-tung, in 1956, with the family continuing ownership. The principal entity, Chow Tai Fook Jewellery Company Limited, was incorporated in British Hong Kong in 1961. The brand enjoys widespread popularity throughout the Chinese-speaking regions, boasting over 6,800 retail locations across mainland China as of January 2021.

Cheng was instrumental in establishing a benchmark for gold purity at 99.99%, influencing standards across Hong Kong’s jewellery market. In 1964, Chow Tai Fook obtained a diamond purchasing license from De Beers, which held a monopoly at the time; during the 1970s, this accounted for roughly 30% of Hong Kong’s diamond imports.

During the 1960s, the company introduced another brand named Ten Thousand Year Jewellery Company, headquartered at Manning House in Central—later integrated into sister company New World Development’s real estate holdings. In 1971, Chow Tai Fook pioneered vitreous enamel jewellery pieces, marking an innovative segment within Hong Kong’s industry.

In 1989, the company set a milestone by acquiring a 255.61-carat rough diamond for US$10 million. By September 2010, it operated approximately 1,000 chain stores throughout mainland China with ambitions to reach 2,000 outlets by 2020. Since 2005, it maintained the leading market share for five consecutive years.

In 2010, Chow Tai Fook made headlines by purchasing the Cullinan Heritage diamond—a 507-carat rough stone—for US$35.3 million, surpassing previous records for rough diamond acquisitions.

On 15 December 2011, Chow Tai Fook Jewellery Group Limited went public on the Hong Kong Stock Exchange with an initial offering price of HK$15 per share under stock code (ticker symbol) 1929.

On 4 April 2017, at Sotheby's auction held in Hong Kong, Chow Tai Fook successfully acquired the Pink Star diamond for US$71.2 million.

On 23 May 2018, a collaboration was launched between Chow Tai Fook and the Gemological Institute of America (GIA) to pilot blockchain technology for digital diamond grading certificates.

On 17 January 2020, Chow Tai Fook Jewellery Group expanded its portfolio by acquiring ENZO, a specialist in natural-coloured gemstones.

As of 31 December 2024, the group managed a total of 7,065 retail points worldwide—6,904 within mainland China and another 161 across Hong Kong, Macau, and other markets—following a net closure of 281 points of sale during Q3 FY2025 (excluding "shop-in-shop" counters).

Security Incidents

Chow Tai Fook Jewellery has encountered multiple notable criminal events over the years. In 1966, diamonds valued at HK$1.23 million were stolen while being transported from South Africa. Another theft occurred in 1974 when staff at the Manning House location in Central, Hong Kong, had diamonds worth HK$250,000 taken from them. The Kowloon City branch was targeted by armed robbers in both 1980 and 1981, incidents that resulted in injuries to an employee and a bystander.

A violent confrontation took place in 1985 outside the Kowloon City branch involving police officers and robbers, during which a police officer sustained injuries; one suspected assailant was hospitalized due to a gunshot wound. In 1989, the Causeway Bay Plaza branch was robbed by armed criminals posing as customers, resulting in the loss of luxury watches valued at HK$5 million.

The Kowloon City branch experienced another armed robbery in 1991, followed by two further robberies at the China Building branch in Central within the same year. In 1998, the Causeway Bay Paterson Street branch was targeted by Kwai Ping-hung, who was then Hong Kong's most wanted criminal; he was eventually apprehended in 2003.

Armed robberies have become infrequent for Chow Tai Fook Jewellery in recent years, with notorious offenders such as Yip Kai Foon and Kwai Ping-hung having been captured in 1996 and 2003 respectively.

New World Development

New World Development is a prominent property developer based in Hong Kong that has been publicly traded on the Hong Kong stock exchange since 23 November 1972. At its initial public offering, shares were priced at HK$2 each, with approximately 96.75 million new shares issued. These shares were initially listed on three of Hong Kong’s four exchanges, which later merged into the current Stock Exchange of Hong Kong.

By 2018, New World Development served as the parent company for several listed firms including NWS Holdings (), New World Department Store China (), as well as formerly listed companies such as New World Hotels (Holdings), New World China Land, NW China Investment, New World Infrastructure, and Renaissance Hotel Group.

Chow Tai Fook Enterprises (CTFE) retained a substantial ownership interest, holding around 44.41% of NWD’s shares as of 2018. The company experienced rapid expansion throughout the 1970s, acquiring numerous properties and businesses including the landmark New World Centre built on the former Holt's Wharf site. In its first post-IPO fiscal year, NWD purchased 23 sites for HK$110 million in cash and issued about 101 million new shares. It also entered into joint ventures with developers such as Sun Hung Kai Properties and charitable organizations like the Tung Wah Group of Hospitals. Kwok Tak-seng, patriarch of SHK, served on NWD’s board from the 1970s until 1990.

Among its early rental assets was Manning House—developed by Kin Kiu Enterprises in 1965—which had connections to Chow Tai Fook founder Cheng Yu-tung. Kin Kiu and Manning House were among NWD’s initial subsidiaries; Manning House contained NWD’s headquarters on its eleventh floor. Directors linked to these entities included Young Chi-wan and K.W. Yue, who were prominent figures within Hong Kong’s real estate and hospitality industries.

In 1976, NWD acquired New World Hotels (Holdings), previously known as Kai Tak Land Investment, thereby expanding its rental portfolio to include properties such as Kai Tak Commercial Building. That same year saw the purchase of Timely Enterprises, owner of American International Tower (later renamed New World Tower), which served as headquarters for both NWD and Chow Tai Fook Enterprises. Around this period, construction companies like Hip Hing Construction were also brought under NWD’s umbrella.

Historically, NWD held significant telecommunications assets including New World Telecommunications, which was sold to competitor HKBN in 2016 amid succession transitions among Hong Kong’s leading tycoon families. The company also maintained minority stakes in CSL New World Mobility (divested to PCCW in 2013) and held a one-third interest in Asia Television (ATV), acquired in 1988 but sold during the 1990s.

In Macau, NWD controlled an 85% interest in Macao Water through a joint venture with French company Suez Lyonnaise des Eaux as of 1987; this stake was transferred to listed subsidiary New World Infrastructure in 1997 and subsequently to NWS Holdings. Its indirect holding in Companhia de Electricidade de Macau (CEM) was divested in 2014.

By 2018, New World Development owned sixteen hotels, many managed by Rosewood Hotel Group—a private enterprise under Chow Tai Fook Enterprises’ ownership. The company also partnered with CTFE on redevelopment initiatives such as acquiring a 90% stake in Kut Cheong Mansion located in North Point during the 2010s; CTFE sold a 40% share to NWD for HK$1.779 billion in 2015.

Together, Chow Tai Fook and New World Development are recognized among Hong Kong’s leading real estate dynasties and are frequently cited as one of the city’s four major tycoon families.

NWS Transport Services

NWS Holdings, through its subsidiary NWS Transport Services, controlled two major franchised bus operators: Citybus and New World First Bus. These companies primarily served routes across Hong Kong Island and certain cross-harbour connections.

Citybus was under the ownership of the British Stagecoach Group until 2003, when Chow Tai Fook Enterprises acquired it for HK$1,646 million, along with an additional HK$554 million to refinance its debt. In 2004, control of Citybus was transferred to NWS Transport Services, a joint venture between the publicly listed NWS Holdings and Chow Tai Fook Enterprises. Alongside Citybus, NWS Transport Services also held stakes in New World First Bus and New World First Ferry. In December 2016, NWS Holdings bought out Chow Tai Fook Enterprises’ remaining 50% interest for HK$1.38 billion, thereby gaining complete ownership and indirectly listing the bus operations.

Goshawk Aviation

Goshawk Aviation operates as a joint venture equally owned by Chow Tai Fook Enterprises and NWS Holdings.

In June 2018, Goshawk expanded its portfolio by acquiring Sky Aviation Leasing International, an Irish aircraft leasing company. The following month, it placed orders for 20 Airbus A320neo and 20 Boeing 737 MAX planes, with a total contract value near US$4.5 billion. Brian Cheng, son of Henry Cheng and grandson of founder Cheng Yu-tung, holds the position of chairman at Goshawk Aviation.

Hotel divisions

Apart from New World Development’s involvement in hotel ownership and management, Chow Tai Fook Enterprises (CTFE) has independently invested in the hospitality sector.

In 1990, CTFE collaborated with New World Development to privatize New World Hotels (Holdings), a subsidiary dedicated to hotel assets. CTFE held a 36% interest through Beames Holdings, while New World Development retained the remaining 64%.

By July 1997, New World Development divested several hotels from this portfolio to CTF Holdings, which was then controlled by Henry Cheng and William Doo Wai-hoi. By 2018, CTF Holdings had become a fully owned subsidiary of CTFE.

In November 2015, CTFE sold its 36% stake in Beames Holdings back to New World Development. Earlier that year in April, ownership of two hotels—the Grand Hyatt Hong Kong and Renaissance Harbour View—was transferred to a joint venture equally shared between New World Development and Abu Dhabi Investment Authority.

In July 2015, New World China Land divested the Rosewood Hotel Group—the hotel management arm overseeing brands such as penta, New World, and Rosewood—to CTFE. Notably, Rosewood had acquired pentahotels from CTF Holdings in December 2013.

As of 2018, several hotels under New World Development continued to be managed by Rosewood Hotel Group.

In 2016, CTFE purchased the Baha Mar resort complex located in Nassau, Bahamas. The resort’s three hotels are operated respectively by Rosewood, Grand Hyatt, and SLS Hotels.

Rosewood Hotel Group is led by Sonia Cheng, daughter of Henry Cheng and granddaughter of the late Cheng Yu-tung—prominent figures behind CTFE and New World Development.

Other investments

Chow Tai Fook Capital has held equity positions in various publicly traded companies including Giordano, Hsin Chong, Integrated Waste Solutions Group Holdings, Mongolia Energy Corporation, New Times Energy, and Shengjing Bank since 2015. These shares were originally owned personally by Cheng Yu-tung, the family patriarch of Chow Tai Fook group. As of 2018, Chow Tai Fook Capital—through Chow Tai Fook Nominee—controlled an effective total of 173.30% of issued shares in Mongolia Energy Corporation when accounting for underlying interests. By the end of 2017, Chow Tai Fook Nominee held 11.65% of Shengjing Bank’s H shares, representing approximately 3.10% of its overall share capital.

In 2013, Chow Tai Fook Nominee collaborated with Credit China Holdings (a listed firm) and VMS Investment to establish a private equity fund specializing in collateral-backed lending within China. Additionally, the nominee acquired 272 million H shares of Ping An Insurance in 2011.

Back in 1990, Chow Tai Fook Enterprises formed a joint venture in Singapore with an equal ownership split aimed at investments across Southeast Asia.

In 2017, Chow Tai Fook Enterprises purchased Australia-based Alinta Energy from a private equity fund for AU$4 billion and subsequently acquired the Loy Yang B power station from French multinational Engie for AU$1.2 billion. This transaction was partly funded through loans provided by seven financial institutions including Bank of China (Hong Kong).

In March 2018, Chow Tai Fook subscribed to new shares issued by Star Entertainment Group. During the same year, it also acquired a 30% stake in Yunnan Jinggu Forestry—a company listed on the Shanghai Stock Exchange—via a subsidiary.

International Entertainment Corporation (IEC), a listed entity regarded as a second-tier subsidiary of Chow Tai Fook Enterprises, was majority-owned at 74.78% through Mediastar International as of March 2014; however, this holding declined to 4.89% by April 2018.

In 1999, allegations emerged that Tai Fook Securities—part of the group—had lowered commission fees beneath the minimum standards set by the Stock Exchange of Hong Kong through a promotional scheme involving Chow Tai Fook Jewellery and New World Telephone.

Links to Organized Crime

In 2015, Queensland authorities sanctioned Chow Tai Fook's participation in the $3.5 billion Queen's Wharf Brisbane casino project through their stake in Star Entertainment Group. A 2022 investigative report disclosed that regulators approved the transaction despite being aware of alleged affiliations between Chow Tai Fook and Triad organizations. Subsequent inquiries by ABC News corroborated that Chow Tai Fook Enterprises (CTFE) maintains longstanding connections with Chinese criminal syndicates, although officials asserted they were unaware of these ties during the approval process. Chow Tai Fook has collaborated in gambling enterprises with prominent individuals such as Ho Hung Sun, Wan Kuok-koi, and Alvin Chau—both Wan and Chau are reputed senior figures within the 14K Triad. Following a money laundering investigation, the Queensland government declared Star Entertainment unfit to hold a casino license and mandated a comprehensive review into CTFE’s links to organized crime as well as the licensing approval procedures.

Organization chart

Namesakes

See also

Further reading

External links

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