The Mega Arts and Cultural Events Committee - or Mega Events Committee - was formed as part of Chief Executive John Lee Ka-chiu's policy address pledge to set up a fund dedicated to bringing in more arts and cultural events and making Hong Kong a center for cultural and artistic exchanges.

Appointing Cheng as the chairman, the government said the committee will advise on strategies in attracting events and on how the fund is to be used.

The committee will vet fund applications for government approval.

Cheng has over 10 years of experience in arts and culture. He also created the K11 brand in 2018 to incorporate art elements in business projects.

Cheng said he will be guided by three principles - innovation, down to earth and sustainability - and invite participation from local performing arts, and cultural and creative sectors.

"The events will not be one-off, but will evolve into annual events that will develop Hong Kong further into a hub promoting cultural exchanges between China and overseas while developing the local cultural industry," he said.

Cheng said the first event will also help revitalizing the local economy emerging from the pandemic.

Eight members were appointed to the committee for two years from February 1, 2023. They include vice chairwoman Helen Chan, renowned architect Eric Yim Chi-ming and former Emperor Entertainment Group chief executive officer Ng Sui-wan.

Member Wesley Ng Pui-san, a co-founder and chief executive of CASETiFY, which specializes in international trendy brands and celebrities collaboration with the likes of Moncler, Saint Laurent, Kylie Jenner, Pharrell Williams, Taylor Swift and BTS.

Others members are West Kowloon Cultural District Authority board member Yolanda Ng Yuen-ting, Ann Au Chor-kwan, Winnie Chiu Wing-kwan and Paul Yeung Kwok-leung.