Weichai’s influence over Ferretti Group has strengthened after the Chinese state-controlled investor secured eight of nine seats on the Italian yacht maker’s board, raising fresh legal and national security concerns.
Weichai, which owns a 39.5% stake in Ferretti Group, reinforced its position in May when shareholders backed its board slate with 52% of the vote.
The outcome also led to the departure of long-serving chief executive Alberto Galassi. Smaller shareholders with links to Beijing, including Bank of China, supported Weichai’s slate in the vote.
Ferretti’s second-largest shareholder, KKCG Maritime, has challenged the vote in Bologna. The company, owned by Czech billionaire Karel Komárek, alleges Weichai failed to meet disclosure requirements under Italy’s “golden power” rules.
Security concerns centre on Ferretti’s maritime technology and customer information. Former Italian general Vincenzo Camporini warned that Weichai’s control could expose sensitive know-how and data to a Chinese state-controlled group.
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Chinese media previously described technology transfers from Ferretti to a marine manufacturing hub in Qingdao. Ferretti also produces patrol vessels alongside luxury yachts.
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Ferretti is also facing weaker business conditions. First-half order intake fell by more than 25%, forcing the company to lower its full-year revenue and profit guidance.
