Italian luxury yacht maker Ferretti Group makes its trading debut on Milan's Borsa Italiana on June 27. [Photo/chinatruck news]

Italian luxury yacht maker Ferretti Group - a key subsidiary of China's machinery developer Weichai Group - made its trading debut on Milan's Borsa Italiana on June 27.

As a superyacht manufacturer that underwent strategic restructuring by the Weichai Group in 2012, Ferretti was listed on the main board of the Hong Kong Stock Exchange on March 31, 2022 and has now achieved its dual-listing goal, marking a new chapter for it to expand into Europe and Asia.

"Weichai has developed a full range of high-speed power systems to apply in Ferretti's various yacht brands," said Tan Xuguang, president of Weichai - adding that Weichai and Ferretti would bring higher value returns to investors through their mutual industrial synergies.

The recent listing in Milan raised 292 million euros ($316.73 million) for Ferretti and made it the world's first company to achieve a dual listing in Italy and China's Hong Kong - expanding the liquidity of the capital market and attracting more potential investors from around the world.

Founded in 1968, Ferretti has developed seven major brands: Riva, Wally, Ferretti Yachts, Pershing, Itama, CRN and Custom Line.

Tan Xuguang, president of Weichai, delivers a speech at the event. [Photo/chinatruck news]

Weichai's internationalization

In 2012, Weichai strategically restructured Ferretti by providing 178 million euros in equity investment and a loan quota of 196 million euros. With a total investment of 374 million euros, Weichai obtained a 75 percent controlling stake in Ferretti.

Over the following decade, Weichai has provided complementary and synergistic resources to Ferretti through its strong financial support, high-end manufacturing, digital empowerment and a rich layout of its entire industrial chain. With the joint efforts of both parties, Ferretti's revenue had grown exponentially - from 300 million euros in 2012 to 1.07 billion euros in 2022.

To date, Weichai has eight listed companies in China and abroad, with more than 100,000 employees worldwide and an annual revenue topping 300 billion yuan.

An executive from Weichai said that Ferretti's presence in the Hong Kong capital market had launched a new channel to China and the Asia-Pacific market.

While enhancing the company's global visibility, he said the listing would also strengthen its brand influence in Italy and Europe.