/ 
On February 25, 2026, Richard Liu, founder of the online shopping platform JD.com, made official the creation of Sea Expandary, a new player in the shipbuilding industry based in Guangdong province. The announced investment amounts to 5 billion yuan, or around $700 million, with a clear ambition: to create an industrial player capable of producing electric yachts incorporating artificial intelligence and advanced automation.
A substantial industrial base, supported by the government
Sea Expandary plans to have its headquarters in Shenzhen and an industrial base in Zhuhai. This geographical choice is not neutral. The Pearl River Delta already boasts a dense industrial fabric, a structured electronics supply chain and direct access to export markets.
The project includes highly automated production, using artificial intelligence and robotics on the assembly lines. The aim is twofold: to reduce unit costs and standardize quality on larger volumes than those traditionally seen in the yachting industry.
On the day of the announcement, cooperation agreements were signed with the Zhuhai municipal government, the Shenzhen Marine Development Bureau and the Qianhai Authority. Local institutional support confirms the authorities' determination to structure an integrated nautical industry.
Towards more accessible yachting
Richard Liu has a clear vision: to make boats as affordable as automobiles have become in China over the past few decades. Eventually, he is talking about units priced at around 100,000 yuan, or around 13,000 euros. A very vague figure,
From an industrial point of view, this objective implies a breakthrough in design and manufacturing methods. Today, the yacht remains a labor-intensive product, with long cycles and extensive customization. To achieve a more affordable positioning, Sea Expandary will have to industrialize more, limit variants and optimize the supply chain.
The technological promise is based on so-called "new energy" engines, integrating electric propulsion, solar generation and possibly wind assistance. What remains to be done is to specify battery capacities, real range and performance under load, all of which are decisive parameters for credible yachting applications.
A growing Chinese market
The initiative comes against a backdrop of growth in the domestic market. The number of yachts registered in China is said to have risen from around 4,500 to almost 10,000 units in three years. The global yachting market, including infrastructures and marinas, is estimated to be worth around 1.5 billion dollars by 2025, with annual growth forecast to exceed 8% until 2034.
Hainan province, which has become a free trade zone, is playing a leading role with the abolition of import taxes on ships intended for tourism in 2025. This regulatory framework encourages the development of local supply and attracts investment.
For Sea Expandary, the challenge will be to go beyond the domestic market and win over Europe and North America, where the incumbents retain a strong technological lead and a consolidated brand image.
A dancer for Richard Liu?
At 52, Richard Liu has no plans to become involved in the day-to-day running of Sea Expandary, as his core business remains JD.com. The project is a strategic diversification into a sector that is still relatively unstructured in China.
The example of the partial takeover of Italy's Ferretti by a Chinese player in 2012 showed that access to European patents and know-how is an important lever. Its commitment to the Italian shipyard has since been scaled back. Sea Expandary takes a different approach, creating an integrated brand from the outset, with a strong technological positioning.
For European manufacturers, this initiative deserves attention. If Sea Expandary succeeds in industrializing the electric yacht on a large scale, pressure on the entry- and mid-range segments could intensify in the coming years.
In a sector long dominated by artisanal or semi-industrial production, the arrival of a tech player with significant financial capabilities and a digital industrial culture could alter the competitive balance. It remains to be seen whether the promise of accessible, electrified yachting will translate into delivered units and market share.
