On July 14, Shenzhen Tanhai Yacht Industry Development Co., Ltd. (hereinafter referred to as “Tanhai Company”) officially completed its business registration, becoming the first branch in China for the high-end yacht brand Sea Expandary.
According to business registration records, Fu Chuanyu heads the Qingdao branch of Sea Expandary. The branch’s operations span a comprehensive value chain, including the sales of recreational and sports vessels, ship and yacht leasing, non-vessel operating common carrier (NVOCC) services, port-related maritime support, marine leisure services, and the rental of specialized equipment and machinery. The company will fully assume Sea Expandary’s core functions—such as yacht leasing, client operations, and maritime support services—within the Bohai Rim region, leveraging Qingdao’s port facilities and cultural tourism resources to tap into the mass-market consumer sector for recreational boating in Northern China.
The establishment of Qingdao branch of Sea Expandary marks the latest move by Liu Qiangdong to expand his yacht business.
Previously, on May 15, Sea Expandary registered a wholly-owned subsidiary named “Dalian Tanhai Yacht Co., Ltd.”
Shenzhen Tanhai Yacht Industry Development Co., Ltd. established a wholly-owned subsidiary on May 15, 2026. The new company is named Dalian Tanhai Yacht Co., Ltd., with a registered capital of 100 million yuan. The legal representative is Zhang Ran, and the registered address is Jinpu New Area, Dalian City, Liaoning Province. The company operates in the railway, shipbuilding, aerospace, and other transportation equipment manufacturing sector. Its business scope includes the manufacture and sale of recreational and sports boats, the manufacture of marine auxiliary equipment, the sale and leasing of vessels, and the R&D, manufacture, and sale of marine engineering equipment.
Notably, in contrast to the heavy-asset manufacturing model found in Dalian, the Qingdao branch of Sea Expandary focuses on an asset-light operational model. Its business scope encompasses yacht leasing, vessel sales, and maritime vessel management. By tapping into the coastal cultural tourism market of the Bohai Rim, the branch enables customers in Northern China to experience domestically produced electric yachts locally, thereby completing the full value chain that integrates “high-end manufacturing” with “mass-market consumer experiences.”
It is reported that Liu Qiangdong initially announced in February 2026 a personal investment of 5 billion yuan to enter the yacht industry and established an independent yacht brand, Sea Expandary. At the time, Liu revealed that he had “received orders for five large yachts—72-meter catamarans selling for an average of 60 million euros each”—stating that these orders were placed by “friends from abroad based on their personal trust” in him.
Tanhai Company, backed by investor Liu Qiangdong, is an affiliate of Sea Expandary. Established in February 2026 with a registered capital of US$10.88 million and Zhang Ran as its legal representative, the company is wholly owned by Future Expandray. Its core business encompasses the entire yacht industry value chain, including R&D and design, intelligent manufacturing, global sales, high-end yacht club operations, and comprehensive marine scientific research services.
In March 2026, the Dalian Municipal Government signed a strategic cooperation agreement with Tanhai Company, marking the official establishment of the Tanhai yacht manufacturing base and yacht operations project in Dalian; Liu Qiangdong attended the signing ceremony. With a total investment of RMB 15 billion, the project plans to construct a production line for high-end, customized yachts in Dalian, focusing primarily on the R&D, design, and manufacturing of large yachts and components, as well as the operation of an urban yachting “living room” and a comprehensive service homeport, ultimately creating a yacht service hub.
In addition, Sea Expandary has signed strategic cooperation agreements with governments in locations such as Shenzhen and Zhuhai. Under these plans, Zhuhai will invest in the construction of a yacht manufacturing base, while Shenzhen will establish its China headquarters for yacht operations and participate in the development and management of multiple marinas and supporting facilities. Furthermore, a range of supporting entities—including an R&D innovation center, a yacht operations and service center, and a bonded maintenance center—will be established in the Greater Bay Area, creating a comprehensive yacht industry ecosystem.