Adrian Cheng, executive vice chairman of New World Development, has invested in local parenting website Baby Kingdom, according to Apple Daily.
The registration address of Baby Kingdom is the same as New World Development's wholly owned subsidiary New World Strategic Investment, which Adrian Cheng also chairs.
The group admitted its investment but refused to reveal the amount invested and the holding portion, adding daily operation of Baby Kingdom is controlled by the website's own management.
Baby Kingdom was found by Rainer Sip, who has been the firm's director since 2002. Another director is Flora Chan, who is also executive director of New World Strategic Investment.
The parenting portal said its target users are 25-40 years old, well educated (matriculated and above), female with 1-2 children, and a member of middle class family. It boastsdaily page views of 1.3 million.