CTF Holdings

Chow Tai Fook
Company typePrivate
IndustryConglomerate
Founded
  • 1929; 95 years ago (1929) in Guangzhou
  • 1961 in Hong Kong (as Chow Tai Fook Jewellery Co., Ltd.)
  • 10 August 1966 (1966-08-10) in Hong Kong (as Chow Tai Fook Enterprises)[1]
FounderChow Chi-yuen
Headquarters38/F, New World Tower,
Hong Kong
Area served
mainland China, Hong Kong, Japan, Macau, Malaysia, Singapore, South Korea, Taiwan, United States, Canada[2]
Key people
Henry Cheng
Products
  • jewellery
  • real estate
BrandsCTF
Services
  • transportation
  • telecommunications
OwnerCheng Yu-tung family
Subsidiaries
  • Chow Tai Fook (Holding)
  • Chow Tai Fook Enterprises
  • CTF Holdings
  • Chow Tai Fook Nominee
  • Chow Tai Fook Jewellery
  • New World Development
Chinese name
Traditional Chinese周大福
Simplified Chinese周大福
Jyutpingzau1 daai6 fuk1
Cantonese Yalejāu daaih fūk
Hanyu PinyinZhōu Dà Fú
Literal meaningZhou – good luck / good fortune[3]
Chow Tai Fook Enterprises Limited
Traditional Chinese周大福企業有限公司
Simplified Chinese周大福企业有限公司
Jyutpingzau1 daai6 fuk1 kei5 jip6 jau5 haan6 gung1 si1
Hanyu PinyinZhōu Dà Fú Qǐyè Yǒuxiàngōngsī
Chow Tai Fook group
Traditional Chinese周大福集團
Websitewww.chowtaifook.com Edit this on Wikidata

Chow Tai Fook group is a Hong Kong–based, privately-owned conglomerate with holdings in the jewellery, property development, hotel, department store, transportation, energy, telecommunications, port,[citation needed] casino, and other businesses. Despite the holding companies of the group, namely Chow Tai Fook Capital Limited, Chow Tai Fook (Holding) Limited, Chow Tai Fook Enterprises Limited, etc. being privately owned, the group has been partially listed on the stock market via associate company New World Development (SEHK: 17, listed since 1972) and subsidiary Chow Tai Fook Jewellery Group Limited (SEHK: 1929, listed since 2011). As of 31 December 2018, New World Development was ranked as the 47th-largest company by market capitalization on the Stock Exchange of Hong Kong, which was HK$105.68061 billion.[4]

However, the size of the unlisted portion of the Chow Tai Fook business empire is unclear. The Financial Times quoted one banker of the Cheng Yu-tung family, who said, "You can't look at [Cheng] YT without looking at the private side of the business and his ability to spot early investment opportunities".[5] Notable unlisted businesses of the group include Rosewood Hotel Group, as well as Australia-based Alinta Energy and the Loy Yang B power station, which were acquired in 2017.

Chow Tai Fook Capital is owned by the descendants of the late Chow Tai Fook Jewellery founder Chow Chi-yuen (Chinese: 周至元) and his son-in-law, the late Cheng Yu-tung, which includes the current Chow Tai Fook Jewellery Group chairman, Chow Tai Fook (Holding) director Henry Cheng.[6]

History

The Chow Tai Fook group began with the Chow Tai Fook jewellery store, founded by Chow Chi-yuen in 1929 in Guangzhou, China. The store shifted its business to Portuguese Macau in 1940[5] (some say 1931[7]) and then to British Hong Kong after the breakout of the Second Sino-Japanese War[7] in the 1930s and the establishment of the People's Republic of China in 1949. The group returned to mainland China after the market reforms of the 1980s, notably as New World Department Store China and former listed company New World China Land.

Cheng Yu-tung took over the business empire from his father-in-law Chow Chi-yuen in 1956.[5] Other sons of Chow emigrated after the outbreak of Hong Kong 1967 leftist riots, such as Stephen Chow Shue-tong (周樹堂), an architect who emigrated to Canada.[8] Stephen Chow also involved in the founding of the real estate division of Chow Tai Fook group in the 1960s.[8] Cheng transformed the group into a diversified empire, with interests in jewellery retailing, real estate, hotels, transportation, public utilities, and other businesses. In 1961, Chow Tai Fook Jewellery built a residential building at 265–275 Tai Nan Street, Sham Shui Po, Kowloon. The building was also named after Tai Fook (大福唐樓).[9] The real estate division became the listed company New World Development in 1972; the group, via Chow Tai Fook Enterprises, also made private investments in real estate and hotels.

One of the main holding companies of the group, Chow Tai Fook Enterprises Limited, was incorporated on 10 August 1966 in British Hong Kong,[10] while the flagship listed company New World Development Company Limited was incorporated in 1970 in British Hong Kong.[11][5] The jewellery store chain was incorporated as Chow Tai Fook Jewellery Company Limited in 1961 in British Hong Kong,[12] and a new holding company for the jewellery division was incorporated in the Cayman Islands and listed in the Hong Kong S.A.R., now part of China, as Chow Tai Fook Jewellery Group Limited in 2011.

As of 2018, the group also consists of two more parent companies in the group structure, namely Chow Tai Fook Capital Limited and its subsidiary Chow Tai Fook (Holding) Limited. They were incorporated in the British Virgin Islands. Chow Tai Fook (Holding) is the parent company of Chow Tai Fook Enterprises and Chow Tai Fook Jewellery Group.[13]: 155 

Subsidiaries and affiliates

The Chow Tai Fook group, via Chow Tai Fook (Holding) Limited (incorporated in the British Virgin Islands) and Chow Tai Fook Enterprises Limited (incorporated in Hong Kong),[14] owned two listed companies as the significant shareholder: Chow Tai Fook Jewellery Group Limited (周大福珠寶集團有限公司, incorporated in the Cayman Islands; 89.3%) and New World Development Company Limited (新世界發展有限公司; 44.39%).[13] New World Development also owned a few listed second-tier subsidiaries (with regard to Chow Tai Fook Enterprises), such as New World Department Store China,[13] NWS Holdings,[6] etc. New World China Land, another second-tier subsidiary, was a listed company until its privatization by New World Development in 2016.[15] The privatization of listed second-tier subsidiary New World Department Store China by New World Development was not approved by the minority shareholders in 2017.[16] Another second-tier listed subsidiary, New World Hotels (Holdings), was privatized by New World Development and Chow Tai Fook Enterprises in 1990.

New World Development is a constituent of the Hong Kong blue-chip Hang Seng Index. Chow Tai Fook Jewellery Group, as of 13 October 2016, was the world's second-largest jeweller by [total] market capitalization.[17]

Chow Tai Fook Jewellery Group

Chow Tai Fook Jewellery is a jewellery store and gold shop (Chinese: 珠寶金行 金行; 'gold shop') founded by Chow Chi-yuen in 1929 in Guangzhou, China. His son-in-law Cheng Yu-tung took over the business in 1956[18] and their descendants continue to own the business today. Chow Tai Fook Jewellery Company Limited (周大福珠寶金行有限公司) was the core company of the store chain.[18] It was incorporated in British Hong Kong in 1961.[19] The brand is popular in the Chinese-speaking world, according to a research by CLSA.[3] The store has retail outlets in several countries, including over 6,800[citation needed] retail outlets in mainland China.

Cheng invented gold with 99.99% purity as a product of Chow Tai Fook Jewellery,[20] which became a standard for industry peers in Hong Kong.[7] In 1964, Chow Tai Fook Jewellery acquired a license for purchasing diamonds from De Beers, the monopoly supplier at that time.[7][20][21] It was reported that 30% of diamond imports into Hong Kong in the 1970s were purchased by Chow Tai Fook.[7]

In 1960s, Chow Tai Fook established another brand (Chinese: 萬年珠寶公司; lit. 'Ten thousand year jewellery company') in a building of the same name (Manning House [zh], in Chinese: 萬年大廈) in Central.[22] Manning House became one of the rental properties of the jeweller's sister company New World Development's portfolio in the 1970s.[23]

In 1971, Chow Tai Fook Jewellery introduced ornaments made of vitreous enamel. It was credited as a new industry of Hong Kong at that time.[24]

In 1989, Chow Tai Fook Jewellery broke the record for the highest price paid for a rough diamond. The company paid US$10 million for a diamond weighing 255.61 carats.[25]

By September 2010, the company had 1,000 chain stores in mainland China, including franchisees and its own outlets; it also set an objective of opening 2,000 chain stores in mainland China by the year of 2020. Chow Tai Fook Jewellery has played a leading role in its market segment since it foundation, especially in the period since 1997. For 5 continuous years since 2005, it held the no. 1 market share position in its industry segment.[26][unreliable source?]

In 2010, Chow Tai Fook Jewellery purchased Cullinan Heritage, a 507-carat diamond, for US$35.3 million, setting a new record for the highest price paid for a rough diamond.[7][27]

On 15 December 2011, the jewellery division of Chow Tai Fook group, under new holding company Chow Tai Fook Jewellery Group Limited, was listed on the Stock Exchange of Hong Kong at a price of HK$15 per share[28] under the stock code (ticker symbol) 1929, the year of establishment of the chain.

On 4 April 2017, according to Sotheby's, Chow Tai Fook (the press release claimed it was jeweller Chow Tai Fook but Financial Times, quoting Sotheby's tweet, reported it as Chow Tai Fook Enterprises) acquired the Pink Star diamond at an auction in Hong Kong for US$71.2 million (HK$553 million).[29][30]

On 23 May 2018, the Gemological Institute of America (GIA) partnered with Chow Tai Fook on a pilot program that will use blockchain to deliver digital diamond-grading reports.[31]

On 17 January 2020, Chow Tai Fook Jewellery Group acquired the natural-coloured gem specialist ENZO.[32]

As at 31 December 2023, the group had 7,885 points of sale in total, including 7,731 POS in mainland China and 154 combined in Hong Kong & Macau of China and other markets. The Group added a net of 47 POS during the 3Q of FY2024. *"shop-in-shop"/"counter-in-shop” excluded[33]

Incidents

Chow Tai Fook Jewellery has fallen victim to major crime a number of times. In 1966, diamonds worth HK$1.23 million at that time, were stolen during transport from South Africa.[34] In 1974, diamonds worth HK$250,000 were stolen from the staff of Chow Tai Fook Jewellery in Manning House, Central, Hong Kong.[35] In 1980[36] and 1981, the Kowloon City branch was hit twice by armed robberies. The thieves also injured a staff member of the jewellery store and a student walking nearby in the second robbery.[37][38] In 1985, in front of the Kowloon City branch, a gunfight broke out between the Royal Hong Kong Police and the robbers, in which a policeman was injured. On the same day, a man with a gunshot wound arrived at the hospital, who was suspected to be one of the robbers.[39] In 1989, armed robbers disguised as customers stole luxury watches from the Causeway Bay Plaza [zh] branch. It was reported the watches had a worth of HK$5 million at that time.[40] In 1991, the Kowloon City branch suffered another armed robbery,[41] followed by the robbery of the China Building [zh] branch in Central in September[42] and again in October 1991.[43] In 1998 another branch in Paterson Street, Causeway Bay was robbed by Kwai Ping-hung [zh].[44] Kwai Ping-hung, who was also involved in other crime where he was deemed Hong Kong's most wanted man.[45]

In recent years, however, the company has seldom experienced armed robberies. Notorious robbers Yip Kai Foon and Kwai Ping-hung were arrested in 1996 and 2003, respectively.

New World Development

Main articles: New World Development, NWS Holdings, and New World Department Store China

New World Development is one of the leading property developers based in Hong Kong. It has been listed on the Hong Kong stock exchange since 23 November 1972.[46] The initial public offering price was HK$2, issuing about 96.75 million of new shares.[47] The shares were initially traded in 3 out of the 4 exchanges of Hong Kong, namely the Hong Kong Stock Exchange, Far East Exchange [zh] and Kam Ngan Stock Exchange,[48] the predecessors of the current Stock Exchange of Hong Kong.

As of 2018, New World Development is the parent company of listed companies NWS Holdings (SEHK: 659, listed since 1997), New World Department Store China (SEHK: 825, listed since 2007) and former listed companies New World Hotels (Holdings) (acquired in 1976, privatized in 1990), and New World China Land (listed in 1999, privatized in 2016). New World Development also owned former listed companies NW China Investment (listed in Ireland, privatized), New World Infrastructure (listed in 1995, privatized as New World TMT), and Renaissance Hotel Group (listed in 1995,[49]: 21  sold in 1997).

As of 1986, Chow Tai Fook Enterprises (CTFE) owned 466,927,948 shares in New World Development,[50] or about 43% of the issued share capital. As of 2018, CTFE still owned 44.41% shares of NWD, or 4,535,634,444 shares.[51]: 94 

New World Development started its expansion in the 1970s with the acquisition of numerous properties and companies. The flagship property, New World Centre was built on the former site of Holt's Wharf, a former godown terminal that was owned by British companies Swire Group and Blue Funnel Line. In the first financial year after the initial public offering in November 1972, NWD had acquired 23 sites by paying HK$110 million in cash, and about 101 million new shares with a par value of HK$1 each.[52]: 6, 11  The issue of new shares and the acquisitions of the holding companies of properties such as Kowloon Town Development Company Limited (not to be confused with Kowloon Development Company) were completed in the 1973–74 financial year.[53] The company also formed joint ventures with fellow developer Sun Hung Kai Properties (SHK) and non-profit organisation Tung Wah Group of Hospitals.[52]: 7  Kwok Tak-seng, patriarch of SHK, also served as a director of New World Development from the 1970s[52]: 3  until his death in 1990.[54]: 16 

One of the initial rental holdings of NWD, Manning House, was in fact developed by Kin Kiu Enterprises (建僑企業) in 1965.[55] It was reported that Cheng Yu-tung, patriarch of Chow Tai Fook Jewellery, was one of the directors of Kin Kiu Enterprises at that time.[55] Both Kin Kiu Enterprises and Manning House were part of NWD's initial wholly-owned subsidiaries and portfolio in 1973.[52]: 16, 18  The 11th floor of Manning House also served as the headquarters of NWD.[52]: 3  According to the news report, the known directors of Kin Kiu Enterprises were Young Chi-wan[55] (楊志雲; notable for King Fook Jewellery and Hotel Miramar), as well as K.W. Yue[55] (余基溫, notable for Hotel Miramar), who also served as the chairman of the company.[55] As of 1973, Young and his son Albert Yeung Bing-ching (楊秉正) were the directors of NWD, of which Young also served as one of the two vice-chairmen.[52] As of 1986, Albert Yeung and his brother Howard Yeung Ping-leung (楊秉樑) still served as members of the board of NWD.[50]: 2  Albert also owned a small personal stake in NWD in 1986.[50]: 7 

New World Hotels (Holdings), formerly Kai Tak Land Investment, was incorporated in 1957 and was acquired by New World Development in October 1976.[56]: 10, 32 [57]: 30  Kai Tak Land Investment's Kai Tak Commercial Building was added to NWD's rental portfolio.[57]: 15  In October 1976, NWD also acquired privately owned Timely Enterprises.[56]: 10, 32 [57]: 30  Timely Enterprises was the company that owned the American International Tower (友邦行; named after AIA Group), which was renamed New World Tower [zh] (now New World Tower, tower 1) in 1980.[58]: 4  It was the headquarters of New World Development[58]: 4  and Chow Tai Fook Enterprises. Construction companies, such as Hip Hing Construction, Vibro (Hong Kong) [zh], and others were acquired by NWD circa 1973.[52]: 7 

In the past, NWD also owned New World Telecommunications, one of Hong Kong's major telecommunication companies. However, the sale of NWD to competitor HKBN in 2016 was described by Financial Times as part of "the process of succession planning [of the largest tycoon families of Hong Kong] as the founders reach retirement age or pass away.".[59] NWD also previously owned a minority stake in CSL New World Mobility. The stake was sold to the PCCW group in 2013. One-third of the share capital of Asia Television (ATV) was acquired in 1988,[60] but the stake was sold in the 1990s.

In the nearby enclave of Portuguese Macau, NWD [sic] once owned an 85% stake of Macao Water (also known as Sociedade de Abastecimento de Águas de Macau) via a joint venture with French company Suez Lyonnaise des Eaux as of 1987.[61] The stake of the intermediate parent company of Macao Water was transferred to listed subsidiary New World Infrastructure in 1997.[62]: 41–42  The same French company had attempted to acquire Companhia de Electricidade de Macau (CEM)[61] from Sociedade de Turismo e Diversões de Macau in 1987, by forming a joint venture with a company owned by Cheng Yu-tung [sic].[63] The stake of the aforementioned water and electricity joint venture, Sino-French Holdings (Hong Kong), held by Chow Tai Fook Enterpriese (CTFE), was sold to the listed second-tier subsidiary of CTFE, New World Infrastructure, in 1997 for HK$1 billion[62]: 41, 70  The stake in Sino-French Holdings (Hong Kong) was then transferred to another listed subsidiary NWS Holdings. The indirect stake in CEM was sold in 2014.

As of 2018, New World Development owned 16 hotels,[64] but most of them have been closely associated with a hotel management unit, Rosewood Hotel Group, that was privately owned by Chow Tai Fook Enterprises.

On top of using its own resources, New World Development also partnered with parent company Chow Tai Fook group on a number of redevelopment projects, such as the acquisition of a 90% stake in Kut Cheong Mansion (吉祥大廈) in North Point in the 2010s.[65] Chow Tai Fook Enterprises, via Sunbig Limited, sold a 40% stake in the aforementioned Kut Cheong Mansion to New World Development for HK$1.779 billion in January 2015.[66]: 22 

In 2010, the Chinese translation of a book, Land and the Ruling Class in Hong Kong, popularized the term 地產霸權; 'real estate hegemony' to describe Hong Kong's real estate tycoon families. The combined Chow Tai Fook–New World Development group was one of the families described in the book.[67] The owners of the Chow Tai Fook–New World Development group, the Cheng Yu-tung family, has been sometimes considered one of the four big tycoon families of Hong Kong.[68][69]

NWS Transport Services

NWS Holdings, via NWS Transport Services, owned Citybus and New World First Bus, two of the franchised bus service providers in Hong Kong.[70] The two companies operate as a monopoly on the bus routes of Hong Kong Island, as well as some of the cross-harbour routes.

In the past, Citybus was owned by British company Stagecoach Group. In 2003 Chow Tai Fook Enterprises, via wholly-owned subsidiary Delta Pearl Limited, acquired the bus company for HK$1,646 million, plus the refurbishment of Citybus' debt to third parties which amounted to HK$554 million.[71] In 2004, ownership was transferred to NWS Transport Services, a joint venture between listed portion (NWS Holdings) and the unlisted portion of Chow Tai Fook Enterprises. NWS Transport Services also owned New World First Bus and New World First Ferry. In December 2016, NWS Holdings acquired the remaining 50% share of NWS Transport Services from parent company Chow Tai Fook Enterprises, floating the bus businesses indirectly on the stock exchange.[72] The price was HK$1.38 billion.[73]

Goshawk Aviation

Goshawk Aviation was a 50–50 joint venture of Chow Tai Fook Enterprises and associate company NWS Holdings.

In June 2018, Goshawk Aviation acquired Irish-based Sky Aviation Leasing International, an aviation leasing company.[74][75][76] The company also ordered 20 A320neo from Airbus in July 2018.[77] In a separate deal, Goshawk Aviation ordered 20 Boeing 737 MAXs.[78] The combined price of the two deals was estimated at US$4.5 billion.[79]

Brian Cheng, son of Henry Cheng and grandson of Cheng Yu-tung, is the chairman of Goshawk Aviation.[78]

Hotel divisions

See also: New World Hotels (Holdings) and Rosewood Hotel Group

On top of New World Development's investments in hotel properties and hotel management, Chow Tai Fook Enterprises (CTFE) also made direct investments in these areas.

In 1990, Chow Tai Fook Enterprises partnered with associate company New World Development to privatize New World Hotels (Holdings), a sub-holding listed company of New World Development in the hotel business. Chow Tai Fook Enterprises owned a 36% stake (indirectly, via Beames Holdings) in New World Hotels (Holdings) after the deal, while New World Development owned the remaining 64% indirectly.[80]

In July 1997, some of the hotels from the former New World Hotels (Holdings) portfolio were sold by New World Development to CTF Holdings, which was owned by Henry Cheng and his employee and brother-in-law William Doo Wai-hoi at that time.[81][82]: 70  As of 2018, CTF Holdings is a wholly-owned subsidiary of Chow Tai Fook Enterprises.[51]: 96 

However, CTFE's 36% stake in Beames Holdings (and its subsidiaries such as New World Hotels (Holdings)) was sold back to New World Development in November 2015. Two hotels from the former New World Hotels (Holdings), the Grand Hyatt Hong Kong and Renaissance Harbour View, changed ownership from Beames Holdings to New World Development (via Beames Holdings) and Abu Dhabi Investment Authority in a 50–50 split in April 2015.[66]: 38, 69 [83][84]

In July 2015, New World China Land, another second-tier listed subsidiary of Chow Tai Fook Enterprises, sold the hotel management unit Rosewood Hotel Group to Chow Tai Fook Enterprises. Rosewood Hotel Group owned three brands: penta, New World, and Rosewood.[85][86] The pentahotels unit was acquired by Rosewood Hotel Group from aforementioned CTF Holdings in December 2013.[87]

Some of the hotels of New World Development, as of 2018, were still managed by Rosewood Hotel Group.[64]

In 2016, CTFE acquired Baha Mar Resort, a mega-resort project in Nassau, Bahamas.[88][89] The 3 hotels of Baha Mar Resort were then managed by Rosewood, Grand Hyatt, and SLS Hotels, respectively.[90]

Rosewood Hotel Group was headed by Sonia Cheng, daughter of Henry Cheng and granddaughter of the late Cheng Yu-tung, patriarchs of CTFE and NWD.[91]

Other investments

Chow Tai Fook Capital owned shares of listed companies Giordano, Hsin Chong, Integrated Waste Solutions Group Holdings, Mongolia Energy Corporation, New Times Energy, and Shengjing Bank since 2015. These shares were personally owned by Cheng Yu-tung, patriarch of the Chow Tai Fook group, in the past.[92] If counting underlying shares, as of 2018, Chow Tai Fook Capital, via Chow Tai Fook Nominee, owned 173.30% of issued shares of Mongolia Energy Corporation, as the denominator did not count underlying shares.[93] Chow Tai Fook Nominee, as of 31 December 2017, owned 11.65% of the H shares of Shengjing Bank, equivalent to 3.10% of total share capital.[94]

Chow Tai Fook Nominee also formed a private equity fund with listed company Credit China Holdings and VMS Investment, for "investing in collateral-backed lending transaction" in China in 2013.[95] Chow Tai Fook Nominee acquired 272 million H shares of Ping An Insurance in 2011.[96]

In 1990, it was reported that Chow Tai Fook Enterprises had formed a joint venture (Chinese: 新力投資) in Singapore, in which Chow Tai Fook Enterprises owned a 50% stake. The joint venture would invest in South East Asia.[97]

In 2017, Chow Tai Fook Enterprises acquired Australia-based Alinta Energy from a private equity fund for AU$4 billion,[98][99] as well as Loy Yang B power station from French multi-national company Engie for [AU]$1.2 billion.[100][101] It was reported that the deal was partially financed by loans from 7 financial institutions, including the Bank of China (Hong Kong).[102]

In March 2018, Chow Tai Fook [sic] acquired new shares in the Star Entertainment Group.[103]

In 2018, Chow Tai Fook Enterprises, via a subsidiary (Chinese: 周大福投资), acquired a 30% share in Yunnan Jinggu Forestry, listed on the Shanghai Stock Exchange.[104]

Listed company International Entertainment Corporation (IEC) was a second-tier subsidiary of Chow Tai Fook Enterprises. Chow Tai Fook Enterprises, via Mediastar International, owned 74.78% shares of IEC as of 31 March 2014.[105] However, Chow Tai Fook Enterprises decreased its holdings to 4.89% as of April 2018.[106]

In 1999, it was alleged that the Chow Tai Fook group's Tai Fook Securities division had lowered its commission rate below the Stock Exchange of Hong Kong's minimum, through a gift scheme from Chow Tai Fook Jewellery and New World Telephone.[107]

Links to Organized Crime

In 2015, the Queensland government regulators approved Chow Tai Fook's involvement with the $3.5 billion Queen's Wharf, Brisbane casino through their investment in Star Entertainment Group; in 2022, a The Weekend Australian's investigative report wrote they had found that the officials let them win the deal despite being aware of Chow Tai Fook's likely links to triad groups, [108] the ABC News (Australia) then looked into it further, reporting that Chow Tai Fook Enterprises (CTFE) has been linked to Chinese organized crime for decades, but the officials they had reached claimed that they were not aware of this at the time of the afore-mentioned approval.[109] According to those news reports, Chow Tai Fook ran various joint ventures in the gambling industry with high profile figures Ho Hung Sun, Wan Kuok Koi and Chau Cheok Wa, where Wan and Chau were both boss characters of the Chinese gangster group 14K - the ones in Macau would hire members of not only 14K, but also those of Sun Yee On, to collect debts. The Queensland government subsequently found Star unsuitable to hold a casino license following an investigation into money laundering, and ordered further investigation into CTFE's ties to organized crime and how they were approved for a casino license.[110]

Organization chart

Namesakes

See also

References

  1. ^ Data in Hong Kong Companies Registry
  2. ^ "Retail Network". Chow Tai Fook Jewellery. Retrieved 4 July 2018.
  3. ^ a b "Luxury jeweller Chow Tai Fook in mega Hong Kong listing". BBC News. 23 November 2011. Retrieved 9 November 2018.
  4. ^ "50 leading companies in market capitalisation". 2018 HKEX Factbook (PDF). Hong Kong Exchanges and Clearing. 2019. p. 23. Retrieved 21 March 2019.
  5. ^ a b c d Hughes, Jennifer (1 October 2016). "Cheng Yu-tung, Hong Kong tycoon, 1925-2016". Financial Times (obituary). Additional reporting by Ma Nan in Shanghai and Gloria Cheung in Hong Kong. London. Archived from the original on 12 December 2022. Retrieved 9 November 2018.
  6. ^ a b "Report of the Directors". 2018 Annual Report (PDF). NWS Holdings. 15 October 2018. pp. 99–100. Retrieved 8 November 2018 – via Hong Kong Exchanges and Clearing.
  7. ^ a b c d e f 周大福珠寶金飾先驅. East Week (in Chinese (Hong Kong)). Hong Kong: Sing Tao News Corporation. 25 May 2010. Retrieved 9 November 2018.
  8. ^ a b 周大福後人 與珠寶業「分手」揭秘. Hong Kong Economic Times (in Chinese (Hong Kong)). 10 August 2016.
  9. ^ 大福唐樓定購者衆. Wah Kiu Yat Po (in Chinese (Hong Kong)). Hong Kong. 30 September 1961. p. 9.
  10. ^ "Chow Tai Fook Enterprises Limited :: Hong Kong :: OpenCorporates".
  11. ^ "NEW WORLD DEVELOPMENT COMPANY LIMITED :: Hong Kong :: OpenCorporates".
  12. ^ "CHOW TAI FOOK JEWELLERY COMPANY LIMITED :: Hong Kong :: OpenCorporates".
  13. ^ a b c "Directors' Report". 2018 Annual Report (PDF). Chow Tai Fook Jewellery Group. 14 June 2018. p. 155. Retrieved 8 November 2018 – via Hong Kong Exchanges and Clearing.
  14. ^ "CONTINUING CONNECTED TRANSACTION RENEWAL OF ANNUAL CAPS FOR CTFE TENANCY FRAMEWORK AGREEMENT" (PDF) (Press release). Hong Kong: Chow Tai Fook Jewellery Group. 22 March 2017. Retrieved 8 November 2018 – via Hong Kong Exchanges and Clearing website.
  15. ^ Nishizawa, Kana (21 March 2016). "New World China Gets Approval to Privatize, Shares Surge". Bloomberg. Retrieved 9 November 2018.
  16. ^ "New World Department Store's privatisation plan fails to garner required support from shareholders". South China Morning Post. Hong Kong. 29 August 2017. Retrieved 9 November 2018.
  17. ^ Lo, Jennifer (20 October 2016). "Can Cheng Yu-tung's business empire thrive without him?". Nikkei Asian Review. Retrieved 9 November 2018.
  18. ^ a b 周大福的2015全年销售额高居全球第四 (in Chinese (China)). Xinhua News Agency. 15 September 2015. Archived from the original on 8 November 2018. Retrieved 8 November 2018.
  19. ^ "CHOW TAI FOOK JEWELLERY COMPANY LIMITED". opencorporates.com. 3 March 2020. Retrieved 26 January 2021.
  20. ^ a b 【彤叔離世】周大福集團及新世界創辦人鄭裕彤生平簡述（一） (in Chinese (Hong Kong)). Hong Kong Economic Times Holdings. 30 September 2016. Retrieved 10 November 2018.
  21. ^ 外父提攜成珠寶大王 轉戰地產變大亨獲封「沙膽彤」. Next Magazine (in Chinese (Hong Kong)). Hong Kong: Next Digital. 30 September 2016. Retrieved 9 November 2018.
  22. ^ 鄭裕彤成功背後的女人 外父為周大福創辦人 [The woman behind the success of Cheng Yu-tung; father-in-law was the founder of Chow Tai Fook]. Topick (in Chinese (Hong Kong)). Hong Kong Economic Times Holdings. 30 September 2016. Retrieved 10 November 2018.
  23. ^ "Property Portfolio". 1973 Annual Report (PDF) (in English and Chinese (Hong Kong)). Hong Kong: New World Development. 1973. p. 16. Retrieved 19 November 2018.
  24. ^ 本港出現新興工業 琺瑯飾物勢必流行. Wah Kiu Yat Po (in Chinese (Hong Kong)). Hong Kong. 1 May 1971. p. 13.
  25. ^ 周大福珠寶高價奪得 千萬美元巨鑽 創未經打磨鑽石紀錄 [Chow Tai Fook Jewellery acquired diamond for US$10 million, break the record for rough diamond]. Wah Kiu Yat Po (in Chinese (Hong Kong)). Reuters. 3 March 1989. p. 5.
  26. ^ "Apps – Access My Library – Gale". accessmylibrary.com. Archived from the original on 19 October 2012. Retrieved 4 November 2016.
  27. ^ "Petra sells massive diamond for record $35.3m". mineweb.com. Reuters. 26 February 2010. Archived from the original on 27 April 2014. Retrieved 9 November 2018.
  28. ^ 周大福香港招股集资19亿美元 [Chow Tai Fook Hong Kong initial public offering of US$1.9 billion]. BBC News 中文 (in Simplified Chinese). London: British Broadcasting Corporation. 14 December 2011. Retrieved 8 November 2018.
  29. ^ Sheppard, David (4 April 2017). ""Pink Star" diamond dazzles at Sotheby's auction, selling for record $71m". Financial Times. Archived from the original on 12 December 2022. Retrieved 4 April 2017.
  30. ^ "The Pink Star: One Of The World's Great Natural Treasures" (Press release). Sotheby's. 4 April 2017. Retrieved 9 November 2018.
  31. ^ "Diamonds.net – GIA, Chow Tai Fook Launch Blockchain Pilot". 23 May 2018. Retrieved 30 May 2018.
  32. ^ "Hong Kong's Chow Tai Fook, world's second-largest jewellery retailer, kicks off mainland China expansion with acquisition of gems maker Enzo". 18 January 2020.
  33. ^ "THE UNAUDITED KEY OPERATIONAL DATA FOR THE THREE MONTHS ENDED 31 December 2023" (PDF). 12 January 2024.
  34. ^ 巨批鑽石運港途中失踪案爲周大福金行訂購已照貨值加二投保. The Kung Sheung Evening News (in Chinese (Hong Kong)). Industrial and Commercial Daily Press. 3 June 1966. p. 3.
  35. ^ 三匪在萬年大廈截停電梯劫去廿五萬元鑽石周大福金行一職員被捆綁. The Kung Sheung Evening News (in Chinese (Hong Kong)). Hong Kong. 27 August 1974. p. 8.
  36. ^ 警匪駁火 五賊在逃. The Kung Sheung Evening News (in Chinese (Hong Kong)). Hong Kong. 9 November 1980. p. 2.
  37. ^ 閃電械劫九龍城周大福金舖 匪徒先後開七槍. The Kung Sheung Evening News (in Chinese (Hong Kong)). Hong Kong. 2 April 1981. p. 8.
  38. ^ 季炳雄招兵 疑「細細個」供械. Oriental Daily (in Chinese (Hong Kong)). Hong Kong. 31 July 2002. Retrieved 10 November 2018.
  39. ^ 九龍城周大福被劫金飾值百萬元警匪發生激烈槍戰後一疑匪到院求院被拘扶持中槍受傷疑匪兩男子抵院後匆匆離去. Ta Kung Pao (in Chinese (Hong Kong)). Hong Kong. 14 March 1985. p. 4.
  40. ^ 假扮顧客裏應外合四匪械劫周大福掠金表值五百萬現塲為銅羅灣廣塲新店開業僅一月. Ta Kung Pao. Hong Kong. 13 December 1989. p. 6.
  41. ^ 携手榴彈手槍進襲悍匪掃走百萬金飾擊傷護衛員職員騎劫的士逃去. Wah Kiu Yat Po. Hong Kong. 21 July 1991. p. 1.
  42. ^ 三槍匪携手榴彈劫華人行周大福掠三百萬金飾遁入地鐵站逃去. Wah Kiu Yat Po. Hong Kong. 11 September 1991. p. 4.
  43. ^ 四持槍悍匪劫中區周大福向追捕警員轟四響外籍督察左臂中彈. Wah Kiu Yat Po. Hong Kong. 27 October 1991. p. 1.
  44. ^ 警懸二百萬緝季炳雄. Oriental Daily (in Chinese (Hong Kong)). Hong Kong. 25 December 2003. Retrieved 10 November 2018.
  45. ^ "Raid snares HK's most-wanted man". South China Morning Post. Hong Kong. 25 December 2003. Retrieved 10 November 2018.
  46. ^ "Equities Quote: New World Development". Hong Kong Exchanges and Clearing. Retrieved 19 November 2018.
  47. ^ 新世界發展股票明日起接受申請. The Kung Sheung Evening News (in Chinese (Hong Kong)). Hong Kong: Industrial and Commercial Daily Press. 6 November 1972. p. 8.
  48. ^ 新世界發展認購踴躍 溢利滋長能力 受到各界認識. Wah Kiu Yat Po (in Chinese (Hong Kong)). Hong Kong. 11 November 1972. p. 17.
  49. ^ 1995 Annual Report (PDF). Hong Kong: New World Development. 1995. Retrieved 19 November 2018.
  50. ^ a b c 1986 Annual Report (PDF) (in English and Chinese (Hong Kong)). Hong Kong: New World Development. 1986. pp. 7, 40. Retrieved 19 November 2018.
  51. ^ a b 2018 Annual Report (PDF). Hong Kong: New World Development. 19 October 2018. Retrieved 10 November 2018.
  52. ^ a b c d e f g 1973 Annual Report (PDF) (in English and Chinese (Hong Kong)). Hong Kong: New World Development. October 1973. Retrieved 19 November 2018.
  53. ^ 1974 Annual Report (PDF) (in English and Chinese (Hong Kong)). Hong Kong: New World Development. 1974. Retrieved 19 November 2018.
  54. ^ 1990 Annual Report (PDF). Hong Kong: New World Development. 1990. Retrieved 11 November 2018.
  55. ^ a b c d e 中區萬年大厦 昨舉行奠基典禮. Wah Kiu Yat Po (in Chinese (Hong Kong)). Hong Kong. 8 January 1965. p. 14.
  56. ^ a b 1976 Annual Report (PDF) (in English and Chinese (Hong Kong)). Hong Kong: New World Development. 1976. Retrieved 11 November 2018.
  57. ^ a b c 1977 Annual Report (PDF) (in English and Chinese (Hong Kong)). Hong Kong: New World Development. 1977. Retrieved 19 November 2018.
  58. ^ a b 2003 Annual Report (PDF). Hong Kong: New World Development. 2003. Retrieved 19 November 2018.
  59. ^ Massoudi, Arash; Weinland, Don (31 July 2017). "Li Ka-shing agrees $2bn Hutchison fixed-line business sale". Financial Times. Archived from the original on 12 December 2022. Retrieved 20 November 2017.
  60. ^ 1988 Annual Report (PDF). Hong Kong: New World Development. 1988. p. 14. Retrieved 19 November 2018.
  61. ^ a b 一法國公司宣佈將投資澳門電力詳情將於本星期五公佈. Ta Kung Pao (in Chinese (Hong Kong)). Hong Kong. 25 June 1987. p. 9.
  62. ^ a b 1998 Annual Report (PDF). Hong Kong: New World Development. 1998. Retrieved 19 November 2018.
  63. ^ 澳門電力三成八股權中法能源昨宣佈收購. Ta Kung Pao (in Chinese (Hong Kong)). Hong Kong. 27 June 1987. p. 9.
  64. ^ a b "Home > Corporate > Core Business > Hotels". New World Development. Retrieved 9 November 2018.
  65. ^ 新世界統一 吉祥大廈業權. 地產站 [Property Station] (in Chinese (Hong Kong)). Hong Kong Economic Times Holdings. 27 April 2014. Retrieved 10 November 2018.
  66. ^ a b 2015 Annual Report (PDF). Hong Kong: New World Development. 2015. Retrieved 19 November 2018.
  67. ^ Poon, Alice (2011). "The Ruling Class". Land and the Ruling Class in Hong Kong (hardback) (2nd ed.). Singapore, Hong Kong: Enrich Professional Publishing. pp. 22–23. ISBN 978-981-4339-10-0. In all cases, these property-cum-utility/public services conglomerates are controlled by powerful Hong Kong families: the Lis of the Cheung Kong/Hutchison group, the Kwoks of the Sun Hung Kai Properties group, the Lees of the Henderson group, the Chengs of the New World Development group, the Pao and Woo of the Wharf/Wheelock group and the Kadoories of the CLP Holdings group.
  68. ^ 【2015香港富豪排位】四大家族地位動搖. Orange News (in Chinese (Hong Kong)). Hong Kong. 31 December 2015. Retrieved 18 October 2018.
  69. ^ Sun, Nikki (18 April 2018). "After Li Ka-shing, Hong Kong's property tycoons inherit tough market". Nikkei Asian Review. Retrieved 19 October 2018.
  70. ^ "Citybus & NWFB - Members of NWS Holdings - Company Structure". New World First Bus. Archived from the original on 8 August 2017. Retrieved 8 November 2018.
  71. ^ "Operating review 2003". 2003 Annual Report (PDF). Stagecoach Group. 2004. p. 11. Retrieved 9 November 2018.
  72. ^ "About Citybus and NWFB > History". Hong Kong: NWS Transport Services. Archived from the original on 8 August 2017. Retrieved 9 November 2018.
  73. ^ Chen, Carrie (17 November 2016). "Luxury hotel on track". The Standard. Hong Kong: Sing Tao News Corporation. Retrieved 9 November 2018.
  74. ^ "Hong Kong's NWS Holdings JV to buy Ireland's Sky Aviation". Reuters. 22 June 2018. Retrieved 9 November 2018.
  75. ^ "Goshawk Aviation closes acquisition of SKY Leasing's Irish subsidiary" (Press release). Goshawk Aviation. 17 September 2018. Retrieved 9 November 2018.
  76. ^ Waldron, Greg (22 June 2018). "Goshawk to buy SKY Leasing's 51-aircraft Dublin unit". flightglobal.com. Singapore. Retrieved 9 November 2018.
  77. ^ "Goshawk Aviation Limited orders 20 A320neo" (Press release). Airbus. 16 July 2018. Retrieved 9 November 2018.
  78. ^ a b "Boeing, Goshawk Aviation Announce Order for 20 737 MAXs" (Press release). Farnborough: Boeing. PRNewswire. 16 July 2018. Retrieved 9 November 2018.
  79. ^ Liu Yujing (18 July 2018). "Hong Kong-owned Goshawk Aviation places US$4.5 billion order for 40 jets from Airbus and Boeing". South China Morning Post. Hong Kong: South China Morning Post Publishers (Alibaba Group). Retrieved 9 November 2018.
  80. ^ 新世界與周大福聯手昨建議將新店私有化每股作價六元二角五仙料斥資約九億泰盛持百分九點二新店動向惹人矚目. Ta Kung Pao (in Chinese (Hong Kong)). Hong Kong. 23 March 1990. p. 21.
  81. ^ Sito, Peggy (28 July 1997). "New World in US$80m hotels deal". South China Morning Post. Hong Kong. Retrieved 10 November 2018.
  82. ^ 1998 Annual Report (PDF). Hong Kong: New World Development. 1998. Retrieved 11 November 2018.
  83. ^ "DISCLOSEABLE TRANSACTION - FORMATION OF JOINT VENTURE COMPANY FOR THE ACQUISITION, CONTROL AND MANAGEMENT OF CERTAIN OF THE GROUP'S HOTELS" (PDF) (Press release). New World Development. 30 April 2015. Retrieved 9 November 2018 – via Hong Kong Exchanges and Clearing website.
  84. ^ "CONNECTED TRANSACTION ACQUISITION OF 36% INTEREST IN BEAMES HOLDINGS LIMITED" (PDF) (Press release). Hong Kong: New World Development. 20 November 2015. Retrieved 10 November 2018 – via Hong Kong Exchanges and Clearing website.
  85. ^ "JOINT ANNOUNCEMENT" (PDF). Hong Kong: New World Development; New World China Land. 3 July 2015. Retrieved 9 November 2018 – via Hong Kong Exchanges and Clearing website.
  86. ^ Sito, Peggy (3 July 2015). "New World China Land sells hotel management unit to parent Chow Tai Fook". South China Morning Post. Hong Kong. Retrieved 9 November 2018.
  87. ^ "CONNECTED TRANSACTION ACQUISITION OF A HOTEL MANAGEMENT COMPANY" (PDF) (Press release). Hong Kong: New World Development; New World China Land. 16 December 2013. Retrieved 11 November 2018 – via Hong Kong Exchanges and Clearing.
  88. ^ Austin, Jonathan (14 December 2016). "Chinese firm with BVI links buys Nassau mega-resort". Virgin Islands Daily News. Retrieved 9 November 2018.
  89. ^ "Chow Tai Fook Enterprises Limited to own and operate Baha Mar Resort" (Press release). Chow Tai Fook Enterprises. PR Newswire. 12 December 2016. Retrieved 5 June 2018.
  90. ^ "In the Bahamas, a Long-Awaited Opening for Baha Mar Resort". New York Times. 17 April 2017. Retrieved 9 November 2018.
  91. ^ Gluckman, Ron (August 2017). "Next Tycoon: Hong Kong's Sonia Cheng Opens New World Hotels For The Family Empire". Forbes Asia. Retrieved 9 November 2018.
  92. ^ Chan, Oswald (30 December 2015). "Tycoon Cheng Yu-tung transfers HK$3.8b shares to family firm". China Daily (Hong Kong edition). Bloomberg. Retrieved 8 November 2018.
  93. ^ "Director's report". 2018 Annual Report (PDF). Mongolia Energy Corporation. 18 July 2018. p. 46. Retrieved 9 November 2018 – via Hong Kong Exchanges and Clearing website.
  94. ^ "INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS AND OTHER PERSONS". 2017 Annual Report (PDF). Shengjing Bank. 15 April 2018. p. 75. Retrieved 9 November 2018 – via Hong Kong Exchanges and Clearing website.
  95. ^ "Credit China Co-operates with Chow Tai Fook Nominee Limited and VMS Investment Group Limited In a Private Fund" (PDF) (Press release). Hong Kong: Credit China Holdings. Strategic Financial Relations. 28 June 2013. Archived from the original (PDF) on 9 November 2018. Retrieved 9 November 2018.
  96. ^ Law, Fiona (14 March 2011). "Ping An to Sell $2.5 Billion Stake to Chow Tai Fook". Wall Street Journal. New York City. Retrieved 9 November 2018.
  97. ^ 多名港商合作投資東南亞新力投資昨在星成立資本額四億五周大福佔五成股權. Ta Kung Pao (in Chinese (Hong Kong)). Hong Kong. 13 December 1990. p. 22.
  98. ^ Ng, Eric (16 March 2017). "Hong Kong's Chow Tai Fook buys Australia's Alinta Energy for US$3.1bn". South China Morning Post. Hong Kong. Retrieved 10 November 2018.
  99. ^ Thompson, Sarah; Macdonald, Anthony; Moullakis, Joyce (16 March 2017). "Alinta Energy sold to Hong Kong's Chow Tai Fook Enterprises for $4 billion-plus". The Australian Financial Review. Fairfax Media. Retrieved 9 November 2018.
  100. ^ Ogden, Melinda (23 November 2017). "Coal-fired Loy Yang B power station sold to Alinta Energy's owners Chow Tai Fook Enterprises". Australian Broadcasting Corporation. Retrieved 9 November 2018.
  101. ^ "Loy Yang B Power Station Acquisition" (Press release). Alinta Energy. 24 November 2017. Retrieved 9 November 2018. Alinta Energy's owner, Chow Tai Fook Enterprises (CTFE), has today entered into a conditional binding agreement to acquire the Loy Yang B power station.
  102. ^ Gong, Fang (龚芳), ed. (29 August 2017). 香港周大福筹措170亿港元贷款，以收购澳洲Alinta--TRLPC. 路透基点 (in Simplified Chinese). Reuters. Retrieved 10 November 2018.
  103. ^ Gardner, Jessica (29 March 2018). "The Star raises $490m from Chow Tai Fook, Far East, promises dividend boost". Australian Financial Review. Retrieved 14 November 2018.
  104. ^ Zheng, Yuxin (郑淯心) (7 July 2018). 香港豪门郑裕彤家族罕见现身A股 周大福高溢价接手的ST公司连续涨停！. 经济观察报 (in Chinese (China)). Retrieved 9 November 2018.
  105. ^ "Report of the Directors". 2013–14 Annual Report (PDF). Hong Kong: International Entertainment Corporation. 18 July 2014. p. 17. Retrieved 12 November 2018.
  106. ^ 周大福鄭氏家族減持國際娛樂(1009) 5100萬股，每股2元. etnet.com.hk (in Chinese (Hong Kong)). Hong Kong Economic Times Holdings. 11 April 2018. Retrieved 12 November 2018.
  107. ^ "Tai Fook denies gift scheme breaks rule on commission rate". South China Morning Post. Hong Kong. 29 June 1999. Retrieved 8 November 2018.
  108. ^ Red flags raised on casino bid The Australian (subscription required)
  109. ^ "Queensland government endorsed Star casino stake for Hong Kong company with Chinese Triad links". abc.net.au. ABC News (Australia). 21 August 2022. Retrieved 5 October 2022.
  110. ^ "Star Entertainment Group unsuitable to hold casino licence in Queensland, attorney-general finds". abc.net.au. ABC News (Australia). 6 October 2022. Retrieved 6 October 2022.
  111. ^ a b c "Hong Kong's NWS says to sell $612 million Macau power stake to Beijing". Reuters. 16 May 2014. Retrieved 1 July 2018.
  112. ^ "NWS Holdings disposes of its interest in Macau Power" (PDF) (Press release). NWS Holdings. 16 May 2014. Retrieved 15 November 2018.
  113. ^ "About us". Macao Water. Retrieved 19 November 2018.[permanent dead link]
  114. ^ 中區周大福大廈地下至五樓交行購得五層樓宇昨與美漢達成此項億餘元交易. Ta Kung Pao. Hong Kong. 27 July 1980. p. 4.

Further reading

External links

Wikimedia Commons has media related to Chow Tai Fook.