Hong Kong FTLife Insurance Announced Name Change to Chow Tai Fook Life Insurance with New Brand Launch in 2024 Q3, FTLife is Subsidiary of Hong Kong NWS Holdings Which is Majority Owned by Hong Kong Billionaire Henry Cheng Private Investment Holding Group Chow Tai Fook Enterprises, Henry Cheng Family Fortune at $22 Billion
5th May 2024 | Hong Kong
Hong Kong FTLife Insurance has announced company name change to Chow Tai Fook Life Insurance, with the new brand launch to be in 2024 Q3. FTLife is a wholly-owned subsidiary of Hong Kong NWS Holdings which is majority owned by Hong Kong billionaire Henry Cheng private investment holding group Chow Tai Fook Enterprises. Henry Cheng family is one of the richest family in Hong Kong with around $22 billion family fortune. Announcement (29/4/24): “ FTLife Insurance Company Limited (“FTLife”) announced today that it will change its company name to Chow Tai Fook Life Insurance Company Limited (“CTF Life”) and launch the new brand in the third quarter of this year, strengthening FTLife’s collaboration with the diverse conglomerate of Chow Tai Fook Enterprises Limited (“the Group”). With the new brand, FTLife will further leverage the Group’s robust financial strength and strategic investments across the globe. With its unique positioning, FTLife is committed to creating value beyond insurance for customers and their loved ones by navigating life’s journey with personalised planning solutions, lifelong protection and diverse lifestyle experiences … … FTLife’s business operations remain consistent. The forthcoming name change and brand elevation will not affect the collaboration model with business partners and day-to-day management and operation of existing policies, including protection, benefits, fees and returns. FTLife will gradually roll out brand refresh promotions and will announce the details of the new trademark and brand story in due time.”
“ Hong Kong FTLife Insurance Announced Name Change to Chow Tai Fook Life Insurance with New Brand Launch in 2024 Q3, FTLife is Subsidiary of Hong Kong NWS Holdings Which is Majority Owned by Hong Kong Billionaire Henry Cheng Private Investment Holding Group Chow Tai Fook Enterprises, Henry Cheng Family Fortune at $22 Billion “
Man Kit Ip, CEO of FTLife: “The Group is a trusted and highly recognised brand with strong financial standing. The upcoming name change to FTLife signifies the close association with the ‘Chow Tai Fook’ brand, further bolstering customer confidence and solidifying our reliable brand image. With the launch of the new brand in the third quarter, we aspire to harness our refreshed corporate identity to open up more strategic collaboration opportunities within and beyond the Group. This move is set to create more opportunities for our Life Artisans, business partners, and the Group as a whole, as well as unlock greater potential for development, fuel business growth, and offer more quality products to serve diverse customers while continuously creating value beyond insurance.”
Hong Kong FTLife Insurance Announced Name Change to Chow Tai Fook Life Insurance with New Brand Launch in 2024 Q3, FTLife is Subsidiary of Hong Kong NWS Holdings Which is Majority Owned by Hong Kong Billionaire Henry Cheng Private Investment Holding Group Chow Tai Fook Enterprises, Henry Cheng Family Fortune at $22 Billion
About Chow Tai Fook Enterprises Limited
Chow Tai Fook Enterprises Limited (“CTFE”) is the flagship private investment holding company of the Cheng Family and is part of the “Chow Tai Fook” group of companies founded by the Cheng Family in 1929. CTFE is a premier family investor with strategic investments in energy, infrastructure, healthcare, insurance, education and media; marquee investments in prime real estate and hospitality services; private equity investments in quality growth companies mainly in the technology sector and a liquid portfolio of equities and bonds. CTFE, together with its subsidiaries and jointly controlled entities, has operations in 27 countries globally.
About FTLife Insurance Company Limited
FTLife Insurance Company Limited (Incorporated in Bermuda with limited liability; “FTLife”) is a wholly-owned subsidiary of NWS Holdings Limited (Hong Kong Stock Code: 659). With a heritage of providing insurance services in Hong Kong for more than 30 years, FTLife’s Life Artisans leverage the Group’s ecosystem to curate life chapters of customers and their loved ones with comprehensive planning solutions and lifelong protection, embracing wealth management and succession, health and well-being, and quality of life. Backed by the Group’s financial strength and advanced customer-focused digital technology, FTLife aspires to become the leading insurance brand in the Greater Bay Area, while also maximising shared value beyond traditional insurance for a sustainable future.
$422 Million Giordano International CEO Peter Lau Voted to be Removed as Chairman & CEO with 66.07% Voting for His Removal & 33.93% Voting Against, Ex-General Manager of Adidas APAC & Greater China Colin Currie Appointed as CEO, Hong Kong Billionaire Henry Cheng Family & Largest Shareholder with 24.06% Shareholding Had Proposed to Remove CEO Peter Lau & Appoints Colin Currie as CEO, Attempted Failed Takeover in 2022 for HKD 2.6 Billion, Giordano Founded by Hong Kong Jailed Billionaire Jimmy Lai in 1981
6th April 2024 – Giordano International (5/4/24: $422 million market value) CEO Peter Lau had been voted to be removed (EGM, Extraordinary General Meeting) as Chairman & CEO with 66.07% of shareholders voting for his removal & 33.93% voting against, with the ex-General Manager of Adidas APAC & Greater China Colin Currie had been appointed as CEO. In the EGM, Sonia Cheng (2nd child of Henry Cheng, Vice-Chairman of Chow Tai Fook Jewellery, CEO of Rosewood Hotel Group), and Christopher Cheng (4th child of Henry Cheng) had been voted to be appointed as Non-Executive Directors. In 2024 February, Hong Kong billionaire Henry Cheng family & largest shareholder of Giordano International with 24.1% shareholding (Sino Wealth International) had proposed to remove CEO Peter Lau and to appoint Colin Currie as CEO (Hong Kong Exchange Filing 5/2/24). In 2022, Henry Cheng family had attempted a failed takeover of Giordano International for HKD 2.6 billion ($332 million). Giordano was founded by Hong Kong currently jailed billionaire Jimmy Lai in 1981. In 2023 November, Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises bought NWS Holdings for $4.5 billion (HKD 35.5 billion) to take the company private, with 99.35% of NWD shareholders voting to approve the NWS Holdings sale. More info below:
Established in 1981, Giordano is one of the best known and established apparel retailers in the Asia Pacific region, employing approximately 5,900 friendly staff with around 2,100 shops operating in more than 30 territories worldwide. Giordano embodies today’s contemporary lifestyle choices – simplicity in design and quality in substance. Our total commitment to superior service and outstanding quality and value has enabled the company to successfully grow the brands Giordano, Giordano Ladies, Giordano Junior, BSX, and Beau Monde. The essence of Giordano is to provide relevant, essential and timeless fashion for all; and to develop apparel for everyone regardless of ethnicity, nationality or culture, truly illustrating our brand value “World Without Strangers”.
Hong Kong Billionaire Henry Cheng Family & Largest Shareholder of $407 Million Giordano International with 24.1% Shareholding Proposed to Remove CEO Peter Lau & Appoints Colin Currie as CEO, Attempted Failed Takeover in 2022 for HKD 2.6 Billion, Giordano Founded by Hong Kong Jailed Billionaire Jimmy Lai in 1981
10th February 2024 – Hong Kong billionaire Henry Cheng family & largest shareholder of Giordano International with 24.1% shareholding has proposed to remove CEO Peter Lau and appoints Colin Currie as CEO (Hong Kong Exchange Filing 5/2/24). Giordano International has a current market value of $407 million (9/2/24: HKD 3.19 billion). In 2022, Henry Cheng family had attempted a failed takeover of Giordano International for HKD 2.6 billion ($332 million). Giordano was founded by Hong Kong currently jailed billionaire Jimmy Lai in 1981. In 2023 November, Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises bought NWS Holdings for $4.5 billion (HKD 35.5 billion) to take the company private, with 99.35% of NWD shareholders voting to approve the NWS Holdings sale. More info below:
Hong Kong Billionaire Henry Cheng Chow Tai Fook Enterprises to Buy NWS Holdings for $4.5 Billion to Take the Company Private at 14.5% Premium Over Last Closing Price, 99.35% NWD Shareholders Voted to Approve NWS Holdings Sale
4th November 2023 – Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises will be buying NWS Holdings for $4.5 billion (HKD 35.5 billion) to take the company private, with 99.35% of NWD shareholders voting to approve the NWS Holdings sale. The price represents a 14.5% premium over last closing price (Closing Price HKD7.99, Offer Price HKD 9.15, 27/6/23. New World Development: “New World Development (“NWD,” “the Company,” Stock Code: 0017) announced that at its Extraordinary General Meeting (“EGM”) held today, its independent shareholders approved the resolution regarding the disposal of all NWD’s shares in NWS Holdings Limited (“NWS”) (the “Disposal”) and the related resolution in respect of the revision of annual caps of certain continuing connected transactions. The Disposal was approved by approximately 99.35% of the votes cast. Upon completion, the Disposal will provide NWD with cash proceeds of approximately HK$21,754.3 million, which will immediately strengthen the Company’s financial position. NWD will use a portion of the proceeds to pay a special dividend of approximately four billion Hong Kong dollars (equivalent to HKD1.59 per NWD share), allowing shareholders to immediately realize part of the value from their shareholdings in the company. The Disposal is a continuation of NWD’s ongoing strategy to proactively explore corporate actions and strategic options to unlock shareholder value. It generates immediate value for shareholders, repositions the company around its property businesses, and supports its broader efforts to reduce leverage in the expectation of persistently high interest rates. This transaction will streamline NWD’s business and asset portfolio, bringing its future earnings and cash flow profile into greater alignment with its property businesses.” More info below:
Hong Kong Billionaire Henry Cheng Chow Tai Fook Enterprises to Buy NWS Holdings for $4.5 Billion to Take the Company Private at 14.5% Premium Over Last Closing Price
2nd November 2023 – New World Development (“NWD,” “the Company,” Stock Code: 0017) announced that at its Extraordinary General Meeting (“EGM”) held today, its independent shareholders approved the resolution regarding the disposal of all NWD’s shares in NWS Holdings Limited (“NWS”) (the “Disposal”) and the related resolution in respect of the revision of annual caps of certain continuing connected transactions. The Disposal was approved by approximately 99.35% of the votes cast.
Upon completion, the Disposal will provide NWD with cash proceeds of approximately HK$21,754.3 million, which will immediately strengthen the Company’s financial position. NWD will use a portion of the proceeds to pay a special dividend of approximately four billion Hong Kong dollars (equivalent to HKD1.59 per NWD share), allowing shareholders to immediately realize part of the value from their shareholdings in the company.
The Disposal is a continuation of NWD’s ongoing strategy to proactively explore corporate actions and strategic options to unlock shareholder value. It generates immediate value for shareholders, repositions the company around its property businesses, and supports its broader efforts to reduce leverage in the expectation of persistently high interest rates. This transaction will streamline NWD’s business and asset portfolio, bringing its future earnings and cash flow profile into greater alignment with its property businesses.
As disclosed in NWD’s circular dated 13 October 2023, assuming the NWS share offer becomes or is declared unconditional in all respects on 9 November 2023, the payment for the Disposal is expected to be received by NWD by Monday, 20 November 2023. The special dividend is expected to be distributed on Wednesday, 20 December 2023 to all shareholders whose names appear in the register of members of the company at the close of business on Friday, 24 November 2023.
Hong Kong Billionaire Henry Cheng Chow Tai Fook Enterprises Offers to Buy NWS Holdings for $4.5 Billion to Take the Company Private, 14.5% Premium Over Last Closing Price
29th June 2023 – Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises has announced to buy NWS Holdings for $4.5 billion (HKD 35.5 billion) to take the company private, representing 14.5% premium over last closing price (Closing Price HKD7.99, Offer Price HKD 9.15, 27/6/23). Henry Cheng family is one of the richest family in Hong Kong with estimated fortune of $25 billion to $30 billion. NWS Holdings is the diversified industries flagship of New World Development Company. NWS Holdings invests and operates a wide range of businesses predominantly in Hong Kong and the Mainland, with core business includes toll roads, construction and insurance, and manage a strategic portfolio spanning sectors from logistics to facilities management.
Hong Kong Billionaire Henry Cheng Chow Tai Fook Enterprises Offers to Buy NWS Holdings for $4.5 Billion to Take the Company Private, 14.5% Premium Over Last Closing Price
Dr Cheng Kar Shun, Henry
Dr Cheng, aged 76, was appointed as Executive Director in March 2000 and became the Chairman from March 2001. He is also the Chairman of the Executive Committee and the Nomination Committee of the Company. Dr Cheng is the Chairman and an executive director of New World Development Company Limited, a substantial shareholder of the Company, and Chow Tai Fook Jewellery Group Limited, the Chairman and a non-executive director of FSE Lifestyle Services Limited and i-CABLE Communications Limited, all being listed public companies in Hong Kong. He was a non-executive director of DTXS Silk Road Investment Holdings Company Limited (resigned on 19 March 2021), as well as the Chairman and a non-executive director of New World Department Store China Limited (resigned on 13 May 2021), both being listed public companies in Hong Kong. Dr Cheng is also a director and the Honorary Chairman of New World China Land Limited and a director of several substantial shareholders of the Company, namely Cheng Yu Tung Family (Holdings) Limited, Cheng Yu Tung Family (Holdings II) Limited, Chow Tai Fook Capital Limited, Chow Tai Fook (Holding) Limited, Chow Tai Fook Enterprises Limited and Mombasa Limited. Dr Cheng is the Chairman of the Advisory Council for The Better Hong Kong Foundation. He was a Standing Committee Member of the Twelfth Chinese People’s Political Consultative Conference of the People’s Republic of China. Dr Cheng was awarded the Gold Bauhinia Star and the Grand Bauhinia Medal in 2001 and 2017 respectively by the Government of the HKSAR. Dr Cheng is the father of Dr Cheng Chi Kong, Adrian, Mr Cheng Chi Ming, Brian and Mr Cheng Chi Leong, Christopher, and the uncle of Mr William Junior Guilherme Doo.
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