# CTF Services Limited

CTF Services Limited is a Private Equity based in Hong Kong, Hong Kong.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Hong Kong, Hong Kong
- **Region:** Asia
- **Address:** Hong Kong, Hong Kong
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** www.nws.com.hk
- **LinkedIn:** https://www.linkedin.com/company/nwsnext

## Regulatory record

- **Reports private funds:** No

## About

CTF Services Limited (formerly NWS Holdings Limited; Hong Kong Stock Code: 659) is a conglomerate listed on The Stock Exchange of Hong Kong Limited with a diversified portfolio of market-leading businesses, predominantly in Hong Kong and Chinese Mainland. The Group's businesses include toll roads, financial services, logistics, construction and facilities management. Through its sustainable business model, it is committed to creating more value for all stakeholders and the community.

## Sectors

- Infrastructure
- Financial Services
- Real Estate
- Logistics
- Construction

## People

- Dr Cheng Kar Shun — Henry, Chairman
- Mr Cheng Chi Ming — Brian, Executive Director and Group Co-Chief Executive Officer
- Mr Ho Gilbert Chi Hang — Executive Director and Group Co-Chief Executive Officer
- Mr. Lam Jim — Executive Director and Group Chief Operating and Financial Officer
- Mr Cheng Chi Leong — Christopher, Executive Director
- Mr William Junior Guilherme Doo — Non-executive Director
- Mr Lam Wai Hon — Patrick, Alternate director to Mr William Junior Guilherme Doo
- Mr Tsang On Yip — Patrick, Non-executive Director
- Mr Shek Lai Him — Abraham, Independent Non-executive Director
- Mr Lee Yiu Kwong — Alan, Independent Non-executive Director
- Mrs Oei Wai Chi Grace Fung — Independent Non-executive Director
- Mr Wong Kwai Huen — Albert, Independent Non-executive Director
- Professor Chan Ka Keung — Ceajer, Independent Non-executive Director
- Ms Ng Yuen Ting — Yolanda, Independent Non-executive Director

## Questions

### How is CTF Services related to the Cheng family and Chow Tai Fook?

CTF Services Limited was rebranded from NWS Holdings and sits within the broader Chow Tai Fook group ecosystem linked to the Cheng family. The firm’s financial services subsidiary, CTF Life, explicitly carries the Chow Tai Fook name, and the Group’s sustainability program references the ecosystem of New World Group, another Cheng-related entity. However, CTF Services itself is a publicly listed company trading independently on the Hong Kong Stock Exchange.

### Does CTF Services operate as a private equity fund or a holding company?

CTF Services functions as a permanent-capital holding company rather than a blind-pool private equity fund. It takes majority or influential equity stakes in operating businesses across toll roads, insurance, logistics, and construction, holding them on its balance sheet indefinitely. There are no announced fund vintages, fee structures, or external limited partners of the type seen in a traditional closed-end PE manager.

### Which sectors does CTF Services explicitly avoid?

The firm does not publish an explicit exclusion list. Observed portfolio activity concentrates on hard-asset infrastructure (toll roads, warehouses, convention centers) and regulated or established service businesses (life insurance, construction). There is no disclosed exposure to early-stage venture capital, software, biotechnology, or other growth-equity sectors.

### What is CTF Services' geographic footprint?

Operations are concentrated in Hong Kong and the Chinese Mainland. The toll road portfolio covers six strategic regions on the Mainland. The logistics division holds warehouse assets in both Hong Kong and the Mainland, while the construction and facilities management segments are almost entirely Hong Kong-focused. The firm has not disclosed a presence in Southeast Asia, Europe, or the Americas.

### How does CTF Services source its investments?

CTF Services does not articulate a third-party sourcing model. Its investments appear to originate through the Chow Tai Fook and New World Group corporate networks, leveraging deep Hong Kong and Mainland relationships to acquire infrastructure assets and operating businesses. The firm does not describe a proprietary deal-sourcing engine or intermediary-led origination program in its public materials.

## Related profiles

- [NWM Advisors](https://altss.com/profile/nwm-advisors)
- [NX Fund](https://altss.com/profile/nx-fund)

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Last updated: 2026-08-11T15:07:41.444Z

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