Lai Sun sells 98% of Camper & Nicholsons for HK$450m, buyer linked to JD's Richard Liu Qiangdong

Lai Sun Garment International and its subsidiary Lai Sun Development have agreed to sell about 98.27% of Camper & Nicholsons International for €49.135 million (roughly HK$450 million). The buyer is Sea Expandary Holding Limited, a name closely resembling Sea Expandary, a private venture controlled by JD.com chairman Richard Liu Qiangdong. If confirmed as Liu-affiliated, the deal would mark a second transaction involving Liu or JD.com within six months, following JD.com's December stake in Central's CCB Tower. Lai Sun said the sale offers an attractive multiple, about 12 times the EBITDA forecast for 2025, and will boost Lai Sun Development's liquidity and working capital. Camper & Nicholsons, founded more than 240 years ago, spans yacht brokerage, management, new-build and design management, insurance solutions, and crew placement. In February, Liu launched the independent yacht brand Sea Expandary, outlining plans to build a full-chain yacht business and pledging RMB 5 billion of personal investment in Guangdong. He described the project as a personal venture, with no direct day-to-day management role beyond acting as a product manager.