China's First Luxury Cruise Ship "China Merchants Yidon" Listed for Transfer at 2.906 Billion Yuan

Deep News
02/28

The first Chinese-flagged luxury cruise ship, the "China Merchants Yidon," along with its onboard assets, has been officially listed for transfer on the Beijing Equity Exchange. The minimum transfer price is set at 2.906 billion yuan. Public records indicate that the China Merchants Yidon was constructed in 2017, with a length of 228.2 meters and a width of 28.8 meters. The vessel can accommodate up to 930 passengers and is equipped with seven restaurants, four bars, a heated swimming pool, a cinema, and other amenities, with a gross tonnage of approximately 47,000 tons.

In 2021, China Merchants Group and Viking Cruises acquired the ship through a joint venture and renamed it "China Merchants Yidon." According to the listing on the Beijing Equity Exchange, the disclosure period for the asset transfer runs from February 10 to March 16. The assets are free of any mortgage liens, and no rights holders have expressed an intention to exercise preemptive rights. A bid bond of 872 million yuan is required, with the minimum transfer price fixed at 2.906 billion yuan. Media reports indicate that the acquisition price in 2021 was approximately $400 million (about 2.743 billion yuan), making the current minimum transfer price slightly higher.

Currently, the "China Merchants Yidon" is owned by China Merchants Viking Cruises Co., Ltd. Corporate records show that the company's shareholders are China Merchants Cruises Co., Ltd. (holding a 90% stake) and Viking China Investments Ltd. (holding a 10% stake).

Following the completion of the transaction, the transferred assets must cease using any logos, brands, or names associated with China Merchants Group and its subsidiaries, including but not limited to "China Merchants," "China Merchants Group," and related identifiers. Additionally, certain intellectual property currently used in the ship's operations, such as restaurant names and property management systems, are licensed from Viking River Cruises (Bermuda) Ltd. and are not included in the transfer. Before the removal of these identifiers and intellectual property, the assets cannot be used for commercial activities; otherwise, the buyer assumes full liability for infringement risks.

Since its launch, the "China Merchants Yidon" has operated domestic coastal routes from home ports in Shanghai, Shenzhen, and Tianjin. In 2023, it executed the first international route for a Chinese-flagged cruise ship. It has become a benchmark in the high-end cruise market, offering Chinese-language services, refined experiences, and an all-inclusive pricing model. However, due to factors such as market conditions, operational costs, route structure, and consumer habits, the ship has faced long-term profitability challenges and has not achieved expected operational results.

Inquiries to the project manager of the trading institution regarding the reasons for the transfer and whether any parties have submitted bid bonds were met with no comment, citing a lack of information and confidentiality.

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