SHENZHEN’S Qianhai is set to become a domestic leader in the yacht industry, as Sea Expandary — a new venture backed by JD.com founder Richard Liu — establishes its China headquarters in the region.

The new venture, backed by a 5-billion-yuan (US$700 million) personal investment from Richard Liu, marks the largest full-value-chain yacht project in the country — from R&D and manufacturing to sales, operations, leasing, brokerage, and after-sales services.

On Tuesday in Guangzhou, the Shenzhen Municipal Bureau of Ocean Development and the Qianhai Authority signed a strategic cooperation agreement with Sea Expandary. The ceremony took place just after the Guangdong Provincial High-Quality Development Conference and was witnessed by Liu and Shenzhen Party chief Meng Fanli.

The new Qianhai headquarters will focus on R&D and design, sales and operations, supply chain management, and cultural tourism, creating a comprehensive industry ecosystem. Sea Expandary plans to leverage Shenzhen’s expertise in lithium batteries, AI, and robotics to drive innovation in yacht design and manufacturing. The partnership also includes developing marinas and related infrastructure, establishing domestic and international yacht tourism routes, and cultivating the consumer market.

The company is focusing on green and intelligent yachts powered by new energy, aiming to deliver yachts that are safer, smarter, quieter, and more environmentally friendly. Liu envisions redefining yachts as a future mass-market product, targeting a price point of around US$15,000 to make ownership accessible to everyday households — much like cars today. He also intends for the brand to compete with established European and U.S. players.

According to Liu, the company has already secured overseas orders for five large twin-hull yachts.

The initiative seeks to advance China’s yacht industry into a new era of green and smart manufacturing, filling a gap in the civilian shipbuilding sector. It is also expected to bolster Guangdong’s marine economy and support Shenzhen’s ambition to build a distinctive, high-end marine industry.

Shenzhen has set its sights on becoming a global ocean economy hub, releasing a three-year (2025-2027) development plan for the yacht industry in January last year.

According to transport ministry data, yachting has seen rapid growth in China, with the number of yachts rising from around 4,500 in 2022 to nearly 10,000 by 2025. (Li Dan)