Hong Kong owned Lai Sun Development Company Limited is selling an initial 80 percent stake in leading superyacht services provider Camper & Nicholsons International (C&N), in a transaction valuing the business at €50 million.

The agreement, signed on 28 May 2026, sees the Hong Kong-listed group divest its majority interest for an initial consideration of €40 million, subject to customary post-completion adjustments. The valuation is based on approximately 12 times FY2025 EBITDA, with management EBITDA reported at around €4.1 million.

A Full-Service Platform with Deep Roots

C&N is a long-established player in the global superyacht industry, offering a full range of services including yacht and charter brokerage, yacht and charter management, new build and design supervision, insurance services, corporate support, and crew placement.

“Camper & Nicholsons welcomes this investment as an important milestone in the company’s continued growth. The transaction reflects strong confidence in the brand, its global platform, and the expertise of its team. Working alongside our existing shareholders, Lai Sun Group, we look forward to this next chapter and to continuing to build on our strong foundations.”

— Paolo Casani, CEO, Camper & Nicholsons International

The Buyer: A Boldly Capitalised New Force in Yachting

The buyer, Wave Expandary Limited, will acquire the stake with a guarantee provided by Sea Expandary Limited. The seller retains the remaining interest in the business under a structured shareholders’ arrangement governing future ownership.

Sea Expandary Limited is a newly established yacht-focused industrial platform in China. Led by JD.com founder Richard Liu Qiangdong, the independent yacht brand under the “Sea Expandary” name was launched in February 2026 and is backed by an investment of approximately USD 700 million.

Democratizing the Waves

Richard Liu refers to himself purely as the “Product Manager” for this venture while professional management runs day-to-day operations. His vision centres on two radical paradigms.

Liu intends to apply Chinese automotive-style mass industrialization to the marine sector. He explicitly noted that just as cars evolved from luxury items to everyday commodities, yachts should follow suit. The company is also entering the high-end superyacht sector and is reported to have already secured orders for five 72-meter twin-hull superyachts.

The venture will span R&D, manufacturing, sales, brokerage and after-sales services, with a focus on new-energy propulsion systems and broader yacht industry development in the Guangdong-Hong Kong-Macao Greater Bay Area.

Deal Structure and Completion Timeline

As part of the agreement, both parties have agreed put and call options over the remaining stake, exercisable from 31 December 2027. Each option is estimated at €9.135 million and is linked to the original transaction valuation.

Completion remains subject to customary conditions, including shareholder approvals and regulatory clearances, with a long stop date set at 30 September 2026. Lai Sun said the disposal is part of its strategy to streamline its portfolio, improve liquidity, and support working capital and debt repayment objectives.