JD.com Founder Richard Liu's Yacht Affiliate Acquires 240-Year-Old Yacht Company from Hong Kong's Lai Sun Development
On May 28, Hong Kong-listed Lai Sun Development Company Limited issued an official announcement to sell its 81.4% stake in superyacht service company Camper & Nicholsons for EUR 49.14 million, valuing the company at EUR 50 million.
According to the agreement, the buyer is Wave Expandary Limited, wholly owned by Sea Expandary Limited. The latter also provides guarantees for the transaction and is an affiliate of the independent yacht brand "Sea Expandary" founded by JD.com founder Richard Liu.
In February this year, Richard Liu announced a personal investment of RMB 5 billion to enter the yacht industry and launched the Sea Expandary brand, while signing strategic cooperation agreements with governments in Shenzhen, Zhuhai and other cities, initiating a full industry chain layout in the Guangdong-Hong Kong-Macao Greater Bay Area. In March, the Sea Expandary brand officially signed with the Dalian government, planning to invest RMB 15 billion to build a Sea Expandary yacht manufacturing base and yacht operation project.
For information on Richard Liu's yacht company, please see Orange Bay Sports historical reports:
- Six Key Facts About Richard Liu's Yacht Brand: Personal Investment of RMB 5 Billion, Existing Clients, Creating Affordable Yachts, Based in the Greater Bay Area...
- Richard Liu's Yacht Brand Officially Settles in Dalian, Base Total Investment RMB 15 Billion
Camper & Nicholsons is one of the world's oldest yacht companies, with over 240 years of continuous operation. The company offers superyacht services including yacht and charter brokerage, yacht and charter management, new build and design supervision, insurance services, corporate support, and crew placement.
In 2016, Lai Sun Development acquired 49.92% of Camper & Nicholsons for EUR 13.08 million. Over subsequent years, Lai Sun Development increased its stake to 98.27% through call options. Lai Sun Development is a member of Hong Kong's Lai Sun Group, founded by Hong Kong entrepreneur Peter Lam's father Lim Por-yen, with Peter Lam currently serving as Group Chairman.
Notably, this is not the first transaction between Richard Liu and Peter Lam. In December 2025, JD.com announced that Lai Sun Development sold approximately 11,000 square meters of China Construction Bank Tower in Central, Hong Kong to an investment entity related to JD.com.
The transaction is expected to close on September 30, 2026. After completion, Lai Sun Development will retain only about 20% of the remaining equity. The agreement also stipulates that of the five board seats at Camper & Nicholsons, Wave Expandary is entitled to nominate four, with the remaining seat nominated by Lai Sun Development.
In the latest fiscal year ended July 31, 2025, Camper & Nicholsons reported revenue of HKD 270.7 million (USD 34.54 million), pre-tax profit of HKD 20.2 million (USD 2.58 million), and after-tax profit of HKD 13.1 million (USD 1.67 million).
Camper & Nicholsons CEO Paolo Casani said:
"This is an important milestone in the company's development, reflecting strong confidence in the brand. The company will continue to operate without disruption, maintaining full continuity across its leadership and suite of yachting services."
| Sources: Official announcements, marineindustrynews, superyachtinvestor
| Image sources: Official announcements, company website