We partner with world class operators to build the titans of tomorrow.

New Frontier is a premier investment platform with its roots planted in Greater China. Currently, we have interests across several strategic industries, including healthcare, internet, artificial intelligence, big data, education, and financial services. New Frontier is founded by a team of experienced entrepreneurs and executives, and backed by the region’s most connected and influential investors and partners.

With every one of our investments we are committed in dedicating our knowledge and capital for the long-term wellbeing and prosperity of the region.

Model for Success

We build and transform companies by following our proven model for success.

Industry know-how

Our executives, management and advisory boards are seasoned operators and recognized experts.

Cutting edge technology

Our companies use big data, machine learning and sensory technologies to gain a competitive advantage.

Unrivalled network access

From state leaders to top researchers in advanced fields of science to propel our companies forward.

People and team excellence

Our diverse workforces with global market experience allows us to achieve more as a team.

“New Frontier looks at quality growth not in terms of months or quarters but in terms of decades and generations.”

Carl Wu
CEO -New Frontier

Our Focus

While every engagement is different we have a way of working that helps us maximizes the chances of success.

Industry focus

We focus on a few strategic industries, carrying out in-depth due diligence across the value chain. We partner with industry leaders, research houses and experts in academia to discover new opportunities.

Operation platform

Across our operating companies we employ over 1,200, and top tier executives. Together, they are supported by an integrated support team in HR, Finance, Legal and IT.

Buy and build

We acquire and build companies to accelerate their growth and to reduce the cost of capital. Through the process we can also unlock substantial synergies across the broader platform, designed for growth.

Controlling stake

By taking a majority stake in our portfolio companies, we can best influence and manage their outcomes. And by taking time to understand the challenges faced by our companies, it enables us to be better steward of the investments we make.

Private capital investment

We believe that only by taking a long term view we are able to see how vision come to fruition and create the greatest impact.


We believe that organisations are defined by the people who run them.

Core Team

Since our inception, we have attracted talented professionals across different industries and sectors. Our people are inquisitive by nature, they thrive on solving complex problems and focus on building impactful businesses.

As a team, our collective energy, experience and depth enables us to explore the new frontiers of businesses.

Antony Leung
Antony Leung

Mr. Antony Leung is the Co-founder and Group Chairman of New Frontier Group.

Antony is also Group Chairman & CEO of Nan Fung Group, a regional conglomerate engaging in real estate and investment businesses. Prior to this, Antony was Senior Managing Director, Chairman of Greater China and a member of the Executive Committee of Blackstone.

Antony was the Financial Secretary of Hong Kong from 2001 to 2003. Prior to this appointment, Antony had extensive experience in financial services. He was the Chairman of Asia for JP Morgan Chase; Country Corporate Officer of Citigroup for China and Hong Kong, Regional Treasurer for North Asia, Head of Investment Banking for North and South West Asia and Head of Private Banking for Asia.

Other public service that Antony had engaged in included Non-Official Member of the Executive Council of Hong Kong SAR, Chairman of Education Commission, Chairman of University Grants Committee, Member of Exchange Fund Advisory Committee, Director of Hong Kong Airport Authority and Hong Kong Futures Exchange, Member of the Preparatory Committee and Election Committee for the Hong Kong Special Administrative Region and Hong Kong Affairs Advisors.

Antony was Independent Director of Industrial and Commercial Bank of China, China Mobile (Hong Kong) Limited, and American International Assurance (Hong Kong) Limited; Vice Chairman of China National Bluestar Group and International Advisory Board Member of China Development Bank and European Advisory Group.

Antony is currently an Independent Non-Executive Director of China Merchants Bank, Chairman of Harvard Business School Association of Hong Kong, chairman of charity organizations Heifer International Hong Kong and Food Angel.

Group Chairman & Co-Founder

Carl Wu
Carl Wu

Mr. Carl Wu is the Co-Founder and Chief Executive Officer of New Frontier Group.

Prior to founding New Frontier, Carl was one of the youngest Managing Director at Blackstone and had executed some of Blackstone’s most important investments in China. He was a founding member of Blackstone Asia and was instrumental in establishing Blackstone’s businesses across China. Together with Antony Leung, he set up the first RMB Investment fund in Asia for Blackstone. Prior to moving to Hong Kong, Carl was based in Blackstone’s London office. Before joining Blackstone, he worked at UBS in London.

Carl is a serial entrepreneur and has founded several internet and healthcare businesses. He is the Executive Chairman and Co-founder of Boxful Technology (largest on demand storage service provider in Asia), Toby Technology (online service market place), and YD Care (home healthcare service provider) and is the Chairman of Care Alliance (specialty hospital and clinic operator).

Carl also serves on the Boards of Pactera Technology (largest IT Service company in China) and Chamate (a leading Chinese fast food chain).

Carl earned his Bachelor of Science degree in Economics from the London School of Economics, where he graduated with First Class Honours.

Chief Executive Officer & Co-Founder

Raymond Tam
Raymond Tam

Mr. Raymond Tam GBS,JP is the Chairman of New Frontier Education and Vice Chairman of New Frontier Health since October 2017.

Prior to his appointment to New Frontier Group, Raymond has spent 30 years in the public service. He was Secretary for Constitutional and Mainland Affairs from 2011 to 2017. Before then, he was Director of the Chief Executive’s Office from 2009 to 2011, and Under Secretary for Constitutional and Mainland Affairs from 2008 to 2009. During his earlier years as a career civil servant, Raymond worked in various government departments such as the Financial Secretary’s Office, the Central Policy Unit, and Home Affairs Bureau. Raymond was also posted to the Geneva Economic and Trade Office as a member of the Hong Kong Delegation participating in the global trade negotiations conducted under the World Trade Organization.

Raymond was awarded a Gold Bauhinia Star (GBS) in 2012 and was appointed as a Justices of the Peace (JP) in 2017 by the Hong Kong SAR Government.

Raymond graduated from the University of Hong Kong with a Bachelor of Science degree in electrical engineering.

Chairman of NF Education,
Vice-Chairman of NF Health

Norman Cheung
Norman Cheung

Mr. Norman Cheung is the Co-Founder of New Frontier and Co-Founder & CEO of Boxful Technology.

Norman is a serial entrepreneur who has founded several technology startups in the Greater China Region over the past 6 years. He has co-founded and built Boxful Technology into the largest valet storage & logistics startup in Asia in just 18 months. Norman is also a Co-Founder and serves on the board of Toby Technology, the first service marketplace of its kind in Hong Kong.

Prior to his entrepreneurial pursuits, Mr. Cheung held senior positions in the finance sector, most recently in Investment Banking at UBS in Hong Kong & London, and in Financial Services at PricewaterhouseCoopers in London.

Norman earned his Bachelor of Science degree in Management from the London School of Economics.

Co-Founder - New Frontier,
Co-Founder & CEO - Boxful

Alison Chan
Alison Chan

Ms. Alison Chan is the Managing Director of New Frontier.

Prior to joining New Frontier, Alison joined Gerson Lehrman Group as the Chief Representative in China in 2009 and was last heading the New Markets development in Asia. Prior to that, Alison founded a think-tank financial advisory practice focused on enhancing SME value via strategic planning and restructuring. Alison also worked at JP Morgan Chase in Corporate Finance division in New York focusing on high yield origination. She also worked in the finance and treasury department at GE Capital. She has over 15 years of consulting, corporate finance and operational experience working in the US, Japan, Europe and China.

Born and raised in Hong Kong, Alison graduated from The University of Hong Kong with a Bachelor in Business Administration and subsequently obtained a Master in Business Administration at Harvard Business School.

Alison is the President for the Harvard Business School Association in Hong Kong and a board member of Bring Me A Book.

Managing Director

Harry Chang
Harry Chang

Harry Chang is a Managing Director of New Frontier Capital

Harry has extensive experience across private equity, credit and special situation investments in the US, Europe and China. Prior to joining New Frontier, Harry has managed multiple private equity funds including: China- Israel High Tech Fund and Global Cross-Border Buyout Fund for Everbright Limited and Cross-Border CITIC-Kazyna Investment Fund for CITIC Capital.

Harry has over a decade of investment experience in Europe. Based in London, he was also a founding member of the Lehman Brothers European Special Situation’s Group covering investments across EMEA. Prior to Europe, Harry was at Merrill Lynch’s Leveraged Finance and High Yield Group in New York.

Harry earned his Bachelor of Science degree from the University of Virginia and a Master of Business Administration from the University of Chicago.

Managing Director - New Frontier Capital

Meng Gao
Meng Gao

Mr. Meng Gao is a Partner of New Frontier.

Mr. Meng Gao is also Senior Director of the Group CEO’s Office at Nan Fung Group, a major founding investor of New Frontier. Meng is a representative of Nan Fung on the Board of New Frontier.

Prior to joining Nan Fung, Meng was a Managing Director at Blackstone’s Private Equity Group in Hong Kong. At Blackstone, he was involved in a number of transactions across multiple industries. Before joining Blackstone, Meng was a Senior Vice President at Oaktree Capital Management, where he was involved in sourcing, structuring and executing private equity investments in China. Prior to that, Mr. Gao was an investment banker with Credit Suisse and JPMorgan in New York.

Meng received a Bachelor of Economics degree from Peking University, an M.A. from Yale University and an M.B.A. from the Wharton School of the University of Pennsylvania, where he graduated with Honours.


Brian Siu
Brian Siu

Mr. Brian Siu is the Vice President of New Frontier New Business.

Brian currently helps with the new project development and ventures portfolio management in New Frontier. Brian works closely with the venture team at New Frontier and is involved in formulating deal terms, structuring and execution of investment opportunities.

Before joining New Frontier, Brian spent 6 years in consulting and VC sector. Brian worked in McKinsey & Company, Greater China first as a Business Analyst and an Associate, covering healthcare, financial, internet, consumer goods, logistics industries, etc. After the time at McKinsey, Brian joined Nova Founders Capital as a Venture Manager to manage over 100Mil HKD yearly digital marketing budget for its major portfolio companies.

Brian earned his Bachelor in Business Administration from the Chinese University of Hong Kong.

Vice President, New Business - New Frontier

Hong-Chen Wei
Hong-Chen Wei

Mr. Hong-chen Wei is a Board Member of New Frontier and the Founding Investor of New Frontier and Boxful Technology.

Hong-chen is currently the Executive Director of Master Kong, one of the largest food and beverage companies in Asia. Mr. Wei is also a key leader of TingHsin Group, one of Asia’s largest consumer conglomerate with interests across multiple industries, including Master Kong, FamilyMart China (leading convenience store chain in China), Dicos (the 3rd largest fast food chain in China), Taipei 101 (one of the tallest buildings in the world), Taiwan Star (leading mobile operator in Taiwan), and others.

Before joining Master Kong, Mr. Wei worked at Blackstone’s New York office, PepsiCo Chairperson and CEO office directly under the leadership of Indra Nooyi (PepsiCo Chairperson and CEO) and Asahi Group in Tokyo.

Mr. Wei received his Bachelor degree from Imperial College London, Master’s degree from Waseda University, and MBA from Harvard Business School.

Partner & Founding Investor

Carlos Ng
Carlos Ng

Mr. Carlos Ng is a Partner and the Founding Investor of New Frontier.

Carlos is also the Founding Partner of City Square REI, a regional real estate private equity fund, where he had executed some of the most important Real Estate transactions including Garden Square, a major Grade A skyscraper in the centre of Shanghai. He is the Chief Investment Officer and was instrumental in establishment City Square REI’s Business in Greater China. Carlos is based in Hong Kong and Shanghai. Prior to founding City Square REI, he was also a senior member of DTZ China Investment and Tesco China.

Carlos is also the Founder of Kland Capital, which has invested in different business sectors such as Property Consultant, F&B retail and Healthcare business.

Carlos also serves on the Boards of TingHo Development Group (Ting Hsin’s Real Estate investment vehicle) and Happiness F&B Group (a Leading Chinese Restaurant Chain).

Carlos is a member of Royal Institution of Chartered Surveyors (RICS) and He holds a Master’s Degree from King’s College London University.


Jessica Shum
Jessica Shum

Miss Jessica Shum is the Executive Director of Boxful Technology.

Jessica is a key team member of Boxful, the largest on-demand valet storage service start-up in Hong Kong. Prior to joining Boxful, Jessica was Vice President in the Investments Division at Citi Private Bank, where she was responsible for providing asset allocation strategies and investment product advisory for high-net-worth individuals and institutional clients in the Asia Pacific region.

Jessica holds a Master of Science degree in Finance from Imperial College London and a Bachelor of Science degree in Statistics and Economics from University College London.

Executive Director - Boxful

Arthur Chan
Arthur Chan

Arthur Chan is the Vice President of Boxful Technology, the largest valet storage & logistics startup in Asia.

As a core team member of Boxful, Arthur participated in its Series B fundraising efforts, successfully raising US$18m and currently leads Boxful’s expansion into China, beginning with Shenzhen.

Prior to joining Boxful in 2016, Arthur had cofounded two tech startups in Shanghai. Arthur also has extensive experience in the IP industry within licensing negotiation and research.

Arthur earned his Bachelor of Mathematics at the University of Waterloo.

Vice President - Boxful

Jason Zheng
Jason Zheng


Mr. Jason Zheng is currently an Executive Director at New Frontier and Head of Product at HelloToby.

Jason works closely with the venture team at New Frontier and is involved in the sourcing and execution of investment opportunities. He currently serves as Head of Product at HelloToby – Hong Kong’s leading Marketplace for Services. He also played an instrumental role in the creation of Boxful, Asia’s largest on-demand self-storage company.

Before joining New Frontier, Jason worked in the Investment Banking Division at JPMorgan where he was involved in a number of high-profile equity transactions across Greater Asia.

Jason earned his Master in Financial Economics degree from the University of Oxford and is also an alumnus of University of British Columbia where he earned his Bachelor in Commerce.

Executive Director,
Co-Founder & CEO - HelloToby

Prince Wang
Prince Wang

Prince Wang is the CTO at New Frontier where he leads the long-term technology vision of New Frontier’s various portfolio companies.

Prince currently serves as the CTO for HelloToby, the leading Marketplace for Services in Hong Kong, where he is responsible for overseeing all technical aspects, including the software architecture, information technology and engineering of the company. Prior to his role at HelloToby, Mr. Wang has over 10 years of technical experience serving as the Lead Senior Software Engineer in China’s most prestigious tech companies including AliPay and Dianpin (now Meituan-Dianpin), as well as the Senior System Architect behind one of the leading transportation management software in North America.

Prince graduated from Wuhan University where he received his Master’s in Computer Science and Bachelor in Physics.

CTO - New Frontier,
CTO - HelloToby

Shuai Yuan
Shuai Yuan

Mr. Shuai Yuan is the co-founder and co-CEO of Care Alliance.

Care Alliance operates post-acute rehabilitation hospitals, pediatric rehabilitation centers, geriatric hospitals and long-term nursing facilities. It is committed to promoting modern principles and practices as well as cultivating talents across the rehabilitation and age care continuum in China.

Prior to forming Care Alliance, Mr. Yuan previously worked at Morgan Stanley Private Equity Asia, leading the assessment, execution and management of healthcare investment opportunities in Asia, including privatization of public hospitals and acquisition and set-up of rehabilitation hospitals. Prior to Morgan Stanley Private Equity Asia, Mr. Yuan worked in Morgan Stanley Investment Banking Division, assisting on multiple cross-border M&A transactions in industrial and transportation sectors.

Mr. Yuan received his Bachelor of Arts degree in Economics and Political Science with Distinction from Yale University.

Co-Founder & Co-CEO, Care Alliance

Albert Xu
Albert Xu

Mr. Albert Xu is the co-founder and co-CEO of Care Alliance.

Care Alliance operates post-acute rehabilitation hospitals, pediatric rehabilitation centers, geriatric hospitals and long-term nursing facilities. It is committed to promoting modern principles and practices as well as cultivating talents across the rehabilitation and age care continuum in China.

Prior to founding Care Alliance, Mr. Xu worked at Blackstone’s Private Equity Group in Shanghai and Hong Kong, responsible for the assessment, execution and management of investment opportunities in Greater China. He was a key member executing Blackstone’s first significant healthcare transaction in China – investing over US$150m into one of China’s leading manufacturers of orthopedic implants. Before joining Blackstone, Mr. Xu worked at the investment banking division of Deutsche Bank in New York and executed over US$10B+ of M&A and financing transactions.

Mr. Xu received his Bachelor of Business Administration degree with High Distinction from Stephen M. Ross School of Business at the University of Michigan.

Co-Founder & Co-CEO, Care Alliance

Serena Xie
Serena Xie

Mrs. Serena Xie is the Co-Founder and Chief Executive Officer of YD Care (home healthcare start-up in China), and has 15 years of experience both in China and US in the senior living and healthcare industries.

Serena returned to China in 2010 to lead the China business of global senior living and healthcare conglomerate Emeritus Senior Living and Columbia Hospital, both part of Dan Baty’s global healthcare empire. She successfully set up the first high-end foreign senior living brand and first foreign for-profit senior living facility in China, and also systematically localized the US operating model and training program to the Chinese market.

At the same time, Serena was also responsible for making investing on behalf of Columbia Pacific Healthcare Fund in China. As part of her role, she bought and built a sizable portfolio of hospital and clinic, and successfully executed the phase I strategy in terms of market entrance and operating capabilities. In addition, she was a key member in securing the major capital investment from Singapore Sovereign Fund.

Serena earned his Bachelor degree in Finance from University of Illinois at Chicago.

Co-founder & CEO - YDCare

Sara Li
Sara Li

Mrs. Sara Li is the Co-Founder and Chief Operating Officer of YD Care (home care & home healthcare), and has over 13 years of experiences in hospital, clinic and senior living investment, management, and operations.

Prior to joining YD Care, Mrs. Li was the Director of Investment and Business Development at Columbia China Group. She executed numerous hospital and senior living investment projects, including 1 level-3 specialty hospital and 2 clinic acquisitions, 3 greenfield hospitals and senior facility development projects in Shanghai, Jiangsu and Zhejiang Provinces.

Prior to joining the Columbia China Group, Mrs. Li held senior operations and management roles at several Level-3 public hospitals, foreign hospitals and chain medical facilities in the Yangtze River Delta Region.

Over the years of diversified exposures in the healthcare industry, Mrs. Li has gained in-depth knowledge and experience in analyzing consumer purchasing behavior. In addition, she has developed strong leadership capability as well as good understandings of government policies and regulations in the fields of acquisition, new setup and operation of medical and senior living facilities.

Mrs. Li has a Master Degree with China Pharmaceutical University.

Co-Founder & COO, YDCare

Prof. Xie Rushi
Prof. Xie Rushi

Prof. Xie Rushi is the Executive Director of NF Health and Co-Founder and CEO of Unimed Medical Group.

Before founding Unimed, in the Sixth Affiliated Hospital of Sun Yat-sen University Prof. Xie established the first public hospital comprehensive platform for patients to match suitable doctors as a PHP trial in the governmental medical system, and developed the first independent Image Testing center. He has taken the lead in setting up a private doctor’s sutdio in Guangzhou to explore the multi-site practice policy of doctor.

Professor Xie was the deputy general manager of Sun Yat-sen Medical University industry group in charge of medical related industries. He presided over China’s largest popular science magazine, Family Doctor, and reached its highest level in a single issue, with a monthly circulation of more than 2.47 million copies. He presided over the establishment of family doctors outpatient clinics, Sun Yat-sen medical and pharmaceutical companies, medical equipment companies, Family Doctors website. The company’s total revenue reached nearly 1 billion yuan.

Professor Xie was a Hepatobiliary surgeon and associate professor in the First Affiliated Hospital of Sun Yat-sen University,

Executive Director - NF Health,
CEO & Co-Founder - Unimed

Prof. Lin Feng
Prof. Lin Feng

Prof. Lin Feng is the Executive Director of NF Health and President and Co-Founder of Unimed Medical Group.

Prof. Lin Feng is the Chief Surgeon of the Sixth Affiliated Hospital of Sun Yat-sen University. He is engaged in gastrointestinal surgery for more than 30 years, mainly focusing on gastrointestinal cancer research. He is a well-known expert in the field of gastrointestinal tumor (gastric cancer, colon cancer, rectal cancer, and small intestine cancer).

Prof. Lin has been the vice-chairman of China Cancer Society’s Committee on Gastrointestinal Oncology, member of Standing Committee of the China Cancer Society’s Colorectal Cancer Professional Council, member of Chinese Medical Association Oncology Branch, Vice-chairman of Chinese Medical Association Surgical Nutrition Support Group, deputy director of Guangdong Medical Association, deputy director of Department of Gastroenterology Surgery, expert of Guangdong Provincial Science and technology research group, expert of Guangdong Scientific and Technological Achievements Evaluation, expert of Gastrointestinal cancer treatment norms development experts of Ministry of Health. Prof. Lin also serves as the editorial board member of Chinese Journal of Practical Surgery, Chinese Journal of Gastrointestinal Surgery, Journal of Colorectal Cancer, Journal of Intestinal parenteral nutrition, and Lingnan Journal of Modern Clinical Surgery.

Prof. Lin graduated from Sun Yat-sen University Medical School in 1982 and studied in Japan, USA, UK, Australia and other countries.

Executive Director - NF Health,
Chairman & Co-Founder - Unimed

Evan Qiang
Evan Qiang

Mr Evan Qiang is the Assistant to Group Chairman and CEO at New Frontier. He also serves as the Assistant Manager of the Group CEO Office at Nan Fung Group. His main responsibilities include facilitating mainland relationships, researching and sourcing business opportunities with a primary focus in mainland China.

Before joining the Group, he was an analyst in the private equity division of Blackstone based in Beijing. Prior to that, he worked in the banking industry with Chase and Bank of America in the United States of America.

Mr Evan Qiang received a Bachelor degree from UCLA, majoring in international development.

Assistant to Group Chairman and CEO - New Frontier

Arthur Chen
Arthur Chen

Mr. Arthur Chen is currently an Investment Associate at New Frontier. Arthur primarily focuses on the sourcing and execution of investment opportunities in healthcare and education industries.

Before joining New Frontier, Arthur worked in IDG Capital as a Financial Analyst where he was involved in the post investment financial analysis of hundreds of portfolio companies across the world. Prior to this, he was an Associate in PricewaterhouseCoopers Advisory.

Arthur obtained his Bachelor in Business Administration (Accounting and Finance) from the University of Hong Kong.

Investment Associate

Senior Advisors & Consultants

Our portfolio companies have access to deep domain knowledge and network through our senior advisors and consultants. Their relationships with our portfolio companies often last far beyond their engagements. While they are not employees at New Frontier, they enable us to grow at an accelerated pace.

Prof. Diana Lee, JP

Honorary Advisor

Dr. Joseph Kwok 

Honorary Advisor

Mrs. Kwok Yuen Wai Yee, Victoria, JP

Honorary Advisor

Ms. Ho Yuen Ling, Josephine

Honorary Advisor

Dr. Carrie Willis

Senior Advisor

Dr. Tsang Wing Hong, Hector

Honorary Advisor

Prof. Yuen Kwok Yung

Honorary Advisor

Dr. Leong Che Hung, Edward, GBM, JP

Honorary Advisor

Dr. Ko Wing Man, GBS, JP

Honorary Advisor

Dr. David Ho

Honorary Advisor

Gary Wong

Senior Advisor