Singapore-listed Accrelist Ltd. has appointed Derek Cheong as CEO, effective 16 June 2026, and announced plans to expand its A.M Aesthetics business into mainland China via a proposed acquisition in Xiamen. The move signals the group's strategic push into Greater China's aesthetic clinic market, offering overseas distributors and clinic buyers a potential new channel for premium aesthetic brand licensing and supply-chain partnerships.
New CEO brings consumer and franchise expertise
Derek Cheong joins Accrelist after building consumer-facing businesses in Malaysia. He most recently served as Chief Strategy Officer of Thong World Sdn. Bhd., advising on growth and expansion. Previously, he was Managing Director of Collab Working Lifestyle Sdn. Bhd., the master franchisee of Xing Fu Tang in Malaysia, where he managed business strategy, financial operations, and franchise network build-out.
Cheong also held board and project director roles in healthcare-adjacent and experiential consumer sectors, including Supreme Falcon Sdn. Bhd. (healthcare) and My Vacation Travel Sdn. Bhd. (event management). He holds a Bachelor of Science in Accounting and Finance from Lancaster University, UK.
First initiative: Entry into Xiamen aesthetic clinic market
Accrelist has signed a non-binding term sheet with Mr. Zhou Zan to acquire a 51% interest in a newly incorporated target company in China. The target will establish or acquire aesthetic businesses, including those where the vendor currently holds a controlling interest. Accrelist will license its A.M Aesthetics brand to the target on a royalty-free basis, allowing Xiamen clinics to operate under the group's flagship brand.
The rationale is twofold: first, the acquisition enhances Accrelist's foothold in China, one of the world's largest aesthetics markets, with a valuation anchored to performance and multi-year visibility. Second, the licensing arrangement builds the A.M Aesthetics brand in China at no cost to the group before completion.
Sharpening focus on aesthetics retail
Under Cheong's leadership, Accrelist will continue growing its A.M Aesthetics business, deepening presence in existing markets and expanding into new ones. The group sees significant headroom to scale a differentiated, premium brand across Southeast Asia and Greater China.
The group will keep its broader portfolio under review, including its 52.5% controlling stake in Catalist-listed Jubilee Industries Holdings Ltd. and its 27.34% strategic stake in Bursa Malaysia-listed MClean Technologies Berhad. Any material developments will be communicated through market announcements.
What buyers should watch
For overseas aesthetic device and consumable suppliers, Accrelist's Xiamen entry signals potential demand for clinic setup equipment, injectables, and skincare products under the A.M Aesthetics brand. The royalty-free licensing model may also offer opportunities for brand partnerships or co-branding with local Chinese clinics. Distributors should monitor Accrelist's regulatory filings on SGXNet for further details on the target company and clinic rollout timeline.
Source: Read the original report | Published: June 18, 2026