In 1981, Cheng left the aviation industry and became an independent market consultant. In 1983, Cheng was lured by the chairwoman of
Sing Tao Holdings,
Sally Aw Sian, to return to Hong Kong to spearhead the Group's advertising, marketing and business development initiatives. He left the company in 1985. After consulting for a Sino-Canadian joint venture on the tender for a
Light Rail Transit system project, Cheng established Capital Communications Corporation in 1986 to publish the Chinese editions of international titles, such as the
Capital,
Playboy and
Forbes magazines, Chinese edition. The company was merged with Paramount Publishing Group in 1991 (a public listed company) to become the largest publishing and printing house in the region. In 1991, Capital Communications Corporation was acquired by Paramount Publishing Group, with Cheng becoming CEO, a position he held until 1994. His entrepreneurship earned him the nickname "
Taipan". Cheng was appointed as consultant for a wide spectrum of key institutions in Hong Kong, including the Land Development Council,
Mass Transit Railway Corporation,
Hong Kong Jockey Club,
Trade Development Council,
PCCW, Futures and Security Commission and
Hong Kong Stock Exchange. Cheng was a board member of the Hong Kong Audit Bureau of Circulation (HKABC). He also served as board member, treasurer, chairman of the Society of Hong Kong Publishers from 1988 to 1990. He has been served as a trustee of the Foundation of Businesses in Support of the Arts since 1990. He was a member of the Securities & Futures Commission's Public Shareholders Group. Cheng also led the Hong Kong Expo' 97 Initiative Committee in 1988. In 1999, Cheng took advantage of the dot-com boom to set up 36.com Holdings Ltd. 36.com later ventured into publishing the weekly Cup magazine. Cheng remains publisher emeritus of the now monthly
Cup magazine. == Political activism ==