JD.com founder, Richard Liu, has announced the launch of a new yachting venture, Sea Expandary, marking his entry into the marine industry.
The project is understood to involve a US $700 million investment in Guangdong, South China, spanning the entire value chain including R&D, manufacturing, sales, operations, leasing, brokerage, and after-sales services.
Sea Expandary is understood to have signed cooperation agreements with the Zhuhai Municipal Government, the Shenzhen Marine Development Bureau, and the Qianhai Authority.
Under the cooperation plan, Sea Expandary will build a modern, intelligent yacht manufacturing base in Zhuhai. This will focus on core areas such as new-energy propulsion, intelligent navigation systems, advanced materials, and interior design.
Supply-chain coordination
According to local media reports, the goal is to establish a yacht industry demonstration hub rooted in the Guangdong-Hong Kong-Macao Greater Bay Area which will have global reach.
The company will set up its China headquarters in Shenzhen to oversee domestic operations, brand management, supply-chain coordination, and international market expansion.
The company will also participate in the construction and operation of multiple marinas and supporting facilities.
Sea Expandary is said to be planning to establish R&D and innovation centres, yacht operations and service centers, and bonded maintenance hubs across the Greater Bay Area, in addition to building three marinas each in Shenzhen and Zhuhai, forming a comprehensive industry service ecosystem.
Intelligent yacht brand
Sea Expandary will be positioned as a leading green and intelligent yacht brand, with the aim of building a ‘full-chain industry system’ encompassing R&D, design, manufacturing, sales, yacht club services, and marine research services.
“Only by doing this can we truly compete with the world’s top yacht manufacturers in Europe and the United States,” explained Liu to local media, adding that his primary focus will remain on JD.com and he would not be involved in day-to-day operations.
And he drew a comparison to the early days of the automobile industry, noting that just as cars were once unaffordable for ordinary consumers, yachts will become more widely accessible in the future.
And he said his vision was to build yachts which will enable working-class families to enjoy yachting and to bring yachts into households in a similar way to cars.
Twin-hull superyachts
The new Sea Expandary yachts will incorporate artificial intelligence and robotics technologies and will be entirely powered by new energy such as wind generation and solar charging and electric propulsion.
The yachts will also provide a fully intelligent, end-to-end user experience with advanced smart self-rescue systems to ensure survival in extreme conditions;
So far orders have been secured for 72-metre twin-hull superyachts, with Liu stating that the company is planning long-term commitment with the aim of earning global recognition through quality, technology, and sustainability.
A domestic supply-chain ecosystem will be developed to reduce reliance on imports.
