Liu Qiangdong, founder and Chairman of the Board of JD.com, is accelerating his personal foray into the yacht manufacturing sector by establishing two yacht companies in Jiangsu province.
Business registration records show that on October 26, Sea Expandary (Jiangsu) Co., Ltd. was established in Wuxi, Jiangsu, with a registered capital of 100 million yuan. Zhang Ran serves as its legal representative, and the company is wholly owned by Shenzhen Sea Expandary Yacht Industry Development Co., Ltd. The following day (October 27), Sea Expandary (Nantong) Co., Ltd., a wholly-owned subsidiary of Sea Expandary (Jiangsu) Co., Ltd., was incorporated with a registered capital of 100 million yuan as well, and Zhang Ran also serves as its legal representative.
The two companies have highly similar scopes of business, both covering the manufacture of recreational and sports boats; the manufacture of marine equipment; the R&D, manufacture, and sale of offshore engineering equipment; as well as ship leasing, ship design, shipbuilding, ship refitting, ship repair, and ship dismantling—essentially encompassing the entire ship lifecycle. The establishment of two companies in just two days indicates that Tanhai Yachts’ industrial layout in Jiangsu has entered a phase of substantive implementation.
The two companies have highly overlapping business scopes, both encompassing the manufacturing of recreational and sports vessels, marine auxiliary equipment, and offshore engineering gear; as well as vessel leasing, design, construction, conversion, repair, and dismantling—covering virtually the entire lifecycle of a vessel. The establishment of two new entities within just two days signals that Sea Expandary Yachts’s industrial footprint in Jiangsu has entered a phase of substantive implementation.
The establishment of two companies in Jiangsu marks Liu Qiangdong’s latest move to enter the yacht industry.
In February 2026, Liu Qiangdong announced a personal investment of 5 billion yuan to enter the yacht industry, establishing an independent yacht brand called “Sea Expandary.” At the time, Liu revealed that he had “already secured orders for five large yachts—72-meter catamarans, with an average price of 60 million euros each”—adding that these orders were placed by “friends from abroad” based on their personal trust in him.
Shortly thereafter, Sea Expandary signed strategic cooperation agreements with local governments in cities including Shenzhen and Zhuhai. According to the plans, Zhuhai will invest in the construction of a yacht manufacturing base, while Shenzhen will host the company’s China headquarters and participate in the development and operation of several marinas and supporting facilities. The Greater Bay Area will also see the establishment of various auxiliary institutions—such as an R&D and innovation center, a yacht operations and service center, and a bonded maintenance center—collectively forming a comprehensive ecosystem for the yachting industry.
In March 2026, the Dalian Municipal Government signed a strategic cooperation agreement with Sea Expandary, marking the establishment of a yacht manufacturing base and yacht operations project in Dalian. Liu Qiangdong attended the signing ceremony. With a total investment of 15 billion yuan, the project includes the development of a production line for high-end, customized yachts in Dalian—focusing on the R&D, design, and manufacturing of large yachts and their components—as well as the operation of an urban yachting “reception hall” and a comprehensive service homeport, ultimately creating a hub for yachting services.
In May, Dalian Sea Expandary Yacht Co., Ltd. was established with a registered capital of 100 million yuan. Its business scope encompasses the manufacturing and sales of recreational and sports vessels, the production of marine auxiliary equipment, the sale and leasing of ships, and the R&D, manufacturing, and sales of offshore engineering equipment.
In July, a Qingdao branch of Sea Expandary Yacht was registered. Its operations span a full-chain service portfolio—including the sale of recreational and sports vessels, ship and yacht leasing, non-vessel operating common carrier (NVOCC) services, port-related marine support, and marine leisure services. This branch will take on core functions for the company in the Bohai Rim region, such as yacht leasing, client management, and maritime support services, leveraging Qingdao’s port infrastructure and cultural tourism resources to tap into the mass-market demand for recreational boating in Northern China.
Beyond establishing new entities in coastal provinces and cities, Liu Qiangdong has also been aggressively acquiring existing yacht brands, successfully completing two such acquisitions within a six-month period.
In August, Sea Expandary announced the acquisition of an 80% stake in OceanWalker. This strategic move is designed to expand production capacity, fill gaps in the company’s product portfolio, and shorten delivery lead times. The expanded lineup now encompasses a diverse range of vessels, including superyachts, medium-to-large yachts, sailboats, and support vessels. Leveraging proprietary core technologies—such as solid-state batteries, AI, and surface/underwater robotics—the company aims to create intelligent, quiet, and eco-friendly yachts. These vessels come standard with features like autonomous docking and undocking, intelligent collision avoidance, and comprehensive voice-control systems, catering to the varied needs of yacht owners worldwide.
From a market perspective, Liu Qiangdong’s entry into the yacht industry coincides with a period of rapid growth in the domestic Chinese market. By the end of 2025, the number of registered, active yachts in China is projected to reach 9,850, with growth expected to continue throughout the 15th Five-Year Plan period (2026–2030). Furthermore, the Chinese government has identified yacht consumption as a new growth driver for the service sector, encouraging a transition toward more accessible, mass-market consumption and large-scale industrial development—a shift that is set to further stimulate market demand.
However, despite the positive outlook for market demand, China’s yacht manufacturing industry remains relatively underdeveloped. In 2024, the total output value of the domestic yacht manufacturing sector stood at only 12.8 billion yuan, with exports totaling approximately 600 million USD—representing less than 4% of the global market share. This lags significantly behind traditional yacht-manufacturing powerhouses like Italy, the Netherlands, and Germany, and stands in stark contrast to the robust competitiveness China demonstrates in the broader shipbuilding sector, particularly in the construction of large commercial vessels such as oil tankers, container ships, and bulk carriers. Liu Qiangdong’s significant capital investment in the yacht industry may well inject fresh momentum into its future development.