Accrelist appoints CEO as China aesthetics strategy takes shape

Derek Cheong will lead the Xiamen clinic plan under the proposed 51% deal structure.

Accrelist Ltd has appointed Derek Cheong Sheng Ze as CEO with effect from 16 June, according to an SGXNet filing, after he held senior roles in consumer-facing and franchise businesses in Malaysia.

Most recently, he served as chief strategy officer at Thong World Sdn. Bhd., where he advised on growth and expansion plans.

He previously served as managing director of Collab Working Lifestyle Sdn. Bhd., the Malaysia master franchisee of Xing Fu Tang, overseeing business strategy, financial management and franchise network development.

He has also held board and project roles in healthcare-adjacent and consumer services companies. 

Separately, Accrelist said it has entered into a non-binding term sheet with Zhou, Zan for a proposed acquisition of a 51% stake in a target company to be incorporated in China.

The target company will establish or acquire aesthetic businesses in China, including operations currently controlled by the vendor.

Accrelist said the A.M Aesthetics brand will be licensed to the target company on a royalty-free basis for use in the China operations ahead of completion.

The group said the structure allows for early brand deployment in the market, whilst the proposed transaction includes performance-linked valuation terms and provides visibility on the underlying business before completion.

Accrelist said the initiative represents the first strategic move under Cheong’s leadership and forms part of the group’s continued focus on expanding its aesthetics retail business.

The group added that it will continue to grow its A.M Aesthetics clinics in Singapore and Malaysia whilst pursuing expansion into new regional markets.

It also said it will review its broader investment portfolio, including its 52.5% stake in Jubilee Industries Holdings Ltd and its 27.34% stake in MClean Technologies Berhad, as part of ongoing capital allocation considerations.

Cheong said the aesthetics sector offers growth opportunities across the region and described the Xiamen collaboration as a structured entry into China.