Hong Kong tycoon Henry Cheng shrugs off retirement rumours at Chow Tai Fook results announcement
Net profit at world’s largest listed jeweller by market value amounts to HK$4.1 billion, misses analysts’ forecast of 36.3 per cent
Henry Cheng Kar-shun reassured the public on Thursday that he was still setting the strategy and overall direction at Chow Tai Fook Jewellery. In his first appearance in a year, Cheng, who is the chairman of the jeweller as well as Hong Kong developer New World Development, shrugged off speculation he would retire soon.
“Teamwork is important. The daily operation of the company will mostly be handled by the team,” he said during the announcement of the company’s results.
Cheng is rumoured to have suffered from an illness, said to be a stroke, last year. And when he was asked about his son Adrian Cheng Chi-kong’s progress at the company, Cheng said he was in good health and had no intention of retiring soon, so it was too early to comment on any succession plans.
He said Adrian Cheng had been performing “very well”. “But since he is still young, he needs some time to accumulate experience, which cannot be done overnight,” said Cheng senior. “I hope he can gain experience, and be better and more mature.”
Chow Tai Fook, the world’s largest listed jeweller by market value, reported robust online growth, with its retail sales volume rising by 73.2 per cent, thanks to greater cooperation with major online platforms such as Tmall and JD.com.
