HS Group (Hong Kong)

HS Group manages capital for Dr. Allan Zeman and his family. Zeman is the founder and majority owner of Lan Kwai Fong Holdings, the developer and operator of Hong Kong's premier nightlife and dining district. He also served as chairman of Ocean Park Hong Kong and is known regionally as a prominent entrepreneur and dealmaker (per public record).

HS Group pursues a multi-asset investment approach covering venture capital, growth equity, real estate, and special situations. The family office leverages its operating experience in hospitality and real estate to target consumer-facing and property-adjacent sectors. Investments are concentrated in Greater China and Southeast Asia, with the firm acting as both a direct investor and an LP in regional funds.

Lan Kwai Fong Holdings remains the Zeman family's core operating asset, generating the wealth that HS Group manages as a separate entity. The two share a merchant-family relationship: the operating business provides deal flow, market intelligence, and co-investment capacity, while the family office pursues financial investments independent of the property and hospitality operations.

HS Group is structured primarily as a single family office managing Zeman family wealth, but its investment activities sometimes involve co-investment structures that can include family office peers and institutional partners — a common model among Asian multi-family offices that operate with deal-by-deal flexibility (per the firm's public profile).

The firm concentrates on Hong Kong, mainland China, and Southeast Asia as core markets. Offices in Hong Kong and Singapore reflect this dual-hub strategy, enabling coverage of both Greater China deal flow and the expanding venture capital and real estate ecosystems across ASEAN economies.