A top Hong Kong tycoon family has suddenly dropped a bombshell.

Adrian Cheng, the eldest grandson of the Cheng Yu-tung family—once expected to take over both New World Development and Chow Tai Fook Jewellery—has suddenly announced the establishment of "MetaMerge Holdings Group," signaling a complete farewell to the traditional family business.

This isn’t just a simple business adjustment. He’s betting directly on Web3, blockchain, and digital finance. In his own words: "This step is indeed a bit unconventional."

There’s a story behind the numbers. The Cheng family has a fortune of HK$130 billion, ranking 18th on Hong Kong’s rich list. But New World Development lost HK$17.1 billion last year, making it one of the most indebted real estate companies. In 2024, Adrian Cheng resigned from all executive positions due to performance pressure, and will officially step down in July 2025. He’s handing the family’s traditional businesses to his sister, Sonia Cheng, while he takes the resources and capital to dive into a completely unfamiliar industry.

This second-generation heir, who was sent to the US at 13, majored in East Asian literature at Harvard, and even spent a year as a literary monk in Japan, has always been seen as “unconventional” among Hong Kong’s elite circles. Now it seems he might be among the first to truly understand the Web3 narrative.

While the traditional family clings to real estate and jewelry, he’s chosen decentralized finance and cryptocurrency. This is more than a personal choice—it’s like a generational farewell to the old order. As Hong Kong’s traditional tycoon families begin to migrate towards Web3, the industry may really be on the verge of a structural transformation.