Wave Expandary buys stake in Camper & Nicholsons
Sea Expandary, linked to Chinese billionaire Richard Liu, operates in the Hong Kong area.
Hong Kong-listed Lai Sun Development (LSD) has agreed to sell an 80% stake in luxury superyacht services firm Camper & Nicholsons International for €40m (approximately HK$368m, or about $47m), valuing the entire business at €50m.
The deal, announced on May 28th, 2026, was struck with Wave Expandary Limited, a British Virgin Islands-incorporated investment vehicle ultimately controlled by an independent trust.
Wave Expandary is wholly owned by Sea Expandary Limited, which is linked to a new yacht-industry platform associated with Chinese billionaire Richard Liu Qiangdong, founder of ecommerce and logistics giant JD.com.
Sea Expandary is focused on yacht construction, brokerage, marina and service infrastructure and new energy yachts in China.
Luxembourg-incorporated Camper & Nicholsons provides yacht and charter brokerage, yacht management, new build and design management, insurance and crew placement services for international superyachts.
The company’s CEO Paolo Casani said it was an “important milestone” in its growth, 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. Clients and partners can expect the same high standards of service and commitment that have long defined Camper & Nicholsons,” he said in a statement.
The total implied valuation of approximately 12 times the company’s 2025 EBITDA was described by LSD’s board as attractive and in line with comparable publicly traded companies.
LSD and its parent, Lai Sun Garment International (LSG), each expect to book a gain of roughly HK$91–92m (approximately $11.6–11.7m) on the transaction after costs, based on the target’s net asset value as of January 2026.
Under a separate shareholders agreement, LSD retains a put option, exercisable from December 31st, 2027, allowing it to sell its remaining stake to the buyer at the same per-share price. The buyer holds a corresponding call option on the same terms.
Camper & Nicholsons posted revenue of HK$270.7m (about $34.5m) in the year to July 2025, with post-tax profit of $13.1m (about $1.67m).
The transaction remains subject to shareholder approval. LSG will put the deal to a general meeting on June 29th, 2026, while LSD has already obtained written approval from majority shareholders.
Completion is targeted before September 30th, 2026.
Lai Sun Development acquired a 50% stake in Camper & Nicholsons International in October 2016.
*The exchange rates used are at the time of writing the article.
