Dr Cheng is Chairman of NWS Holdings Limited, Chairman and Non-Executive Director of New World Department Store China Limited and Newton Resources Limited, Chairman and Executive Director of Chow Tai Fook Jewellery Group Limited and the Chairman of International Entertainment Corporation. He is also an Independent Non-Executive Director of HKR International Limited, and a Non-Executive Director of Lifestyle International Holdings Limited, all publicly listed Hong Kong companies. 

Dr Cheng is also Chairman of New World Hotels (Holdings) Limited and a Director of Chow Tai Fook Enterprises Limited. He is Chairman of the Advisory Council for The Better Hong Kong Foundation and a Standing Committee Member of the Twelfth Chinese People's Political Consultative Conference of the People's Republic of China. In 2001, he was awarded a Gold Bauhinia Star by the Government of the Hong Kong Special Administrative Region.