Liu Qiangdong officially announces "Second Business," invests 5 billion yuan to enter the high-end yacht industry, "has received orders, with an average price of about 60 million euros"

This article is from Times Finance, written by Zhou Jiabao.

“I think individuals should do more of what they enjoy.”

On February 24, the first day of work in the Year of the Horse according to the lunar calendar, 52-year-old Liu Qiangdong officially announced his own yacht brand, Sea Expandary, in Guangzhou. On the same day, Sea Expandary signed strategic cooperation agreements with governments in Shenzhen, Zhuhai, and other regions. Liu Qiangdong has long been involved in the yacht industry; this is his first public announcement, and he told Times Finance and other media outlets that yachts are his “second career” besides JD.com.

Liu Qiangdong interviewed by the media

“My brand aims to be the most high-end and top-tier globally.” Liu Qiangdong positions Sea Expandary this way. This high-end positioning also differentiates Sea Expandary from other domestic yacht manufacturers. Liu Qiangdong revealed, “Yachts are capital- and technology-intensive industries. We have invested 5 billion yuan to be able to compete with the world’s top yacht manufacturers in Europe and America.”

Times Finance learned on-site that Sea Expandary focuses on new energy intelligent yachts, utilizing AI and robotics technology to create safer, smarter, quieter, environmentally friendly, and more comfortable yachts. The products are mainly exported to markets in Europe and America.

From Sea Expandary’s layout, it’s clear that Liu Qiangdong’s interest in the yacht industry is not a sudden decision.

Before this public announcement, Sea Expandary had already established multiple companies involved in R&D, manufacturing, sales, and operations, covering the entire upstream and downstream supply chain of yachts. Additionally, Sea Expandary’s official website and corporate email are now online.

According to plans, Sea Expandary will invest in building a yacht manufacturing base in Zhuhai, establish its Chinese headquarters for yachts in Shenzhen, and participate in the construction and operation of several docks and supporting facilities in Shenzhen. The brand will also set up R&D innovation centers, yacht operation service centers, bonded maintenance centers, and other supporting institutions in the Greater Bay Area.

When asked about the reasons for entering the yacht industry, Liu Qiangdong firmly believes that China has the opportunity to develop high-end yacht brands. “I think yachts align with the country’s high-quality development goals. The yacht industry is the last high-end gap in our industrial sector. Currently, European and American brands hold over 90% of the global yacht market.”

He also pointed out that China’s car ownership has surpassed the United States, but the U.S. has 13 million yachts, while China only has 12,000, indicating huge growth potential for China’s yacht industry. “It might also be related to my family background—my family has been boatmen for over 100 years, so I have a special connection to boats. Even today, my best sleep is always on a boat.”

Behind Liu Qiangdong’s investment in yachts is the booming development potential of China’s yacht industry.

According to China’s Ministry of Transport in February this year, the number of yachts in China has grown rapidly over the past three years, with about 54.7% of the total yachts newly registered. By the end of 2025, China is expected to have a total of 9,850 registered yachts, and this growth trend is expected to continue during the 14th Five-Year Plan period.

As early as November 2024, the General Office of Guangdong Provincial Government issued the “Guangdong Province Action Plan for Promoting High-Quality Development of the Yacht Industry (2024–2027),” which clearly states that by 2027, the yacht manufacturing industry chain in the province will be continuously upgraded, the industrial structure will be further optimized, and a complete industry chain integrating R&D, design, manufacturing, maintenance, and servicing will be formed. The number of yacht registrations in the province will reach over 4,000, and the scale of the yacht and related industries will exceed 100 billion yuan.

Despite the broad space for China’s yacht industry, it still lags behind developed countries in domestic manufacturing. Liu Qiangdong said that China’s yacht output value is only over 100 billion yuan, with low industry concentration. The small, scattered, and weak industry structure prevents companies from making large-scale investments in R&D, design, and global marketing.

As an important part of high-end consumption, it is not easy for Chinese manufacturing to leap ahead in the yacht industry chain.

Therefore, Liu Qiangdong views yachts as a long-term career. “Manufacturing is different from the internet; it takes ten years or even longer for global consumers to recognize it. From what I know, to make high-end yachts, 90% of the parts need to be imported from Europe and America, which is one of the reasons why Chinese yacht brands are not very competitive. I hope that Sea Expandary will lead the way in developing China’s local (yacht) supply chain and promote the growth of many mid- and low-end domestic yacht brands.”

Liu Qiangdong revealed that Sea Expandary has already received five yacht orders, with an average price of about 60 million euros per vessel.