No small fry: China group’s bid to dominate seafood

Huang Xiangmo’s Yuhu Group had grand plans to become king of the Australian lobster export industry until the billionaire became enmeshed in Sam Dastyari’s political scandal.

Yuhu chairman Huang Xiangmo at the Sydney Opera House. Picture: Renee Nowytarger

Chinese billionaire Huang Xiangmo’s Yuhu Group had grand plans to become king of the Australian lobster export industry.

“They had this grand vision,” said one source familiar with the developer’s aspirations. “It sounded feasible.”

Yuhu would bring together its deep pockets and connections in mainland China with veterans of the Australian lobster industry.

Those plans, however, appeared to come to an abrupt halt after the 51-year-old became enmeshed in a domestic political scandal over former Labor senator Sam Dastyari — then an Australian Security Intelligence Organisation investigation and an unresolved stoush with tax authorities.

But Yuhu’s lobster play was still far enough advanced that it describes itself as “one the largest fishing quota holders in Australia” on its Hong Kong website.

In 2015 — months before the Australia-China Free Trade Agreement was signed — Yuhu bought licences to catch lobsters in Tasmania and South Australia under the Jade Fisheries brand.

It also bought a small processing centre in Margate, a fishing town 20km south of Hobart.

All up, Yuhu says it has spent $30m on its seafood acquisitions, small change for a man whose wealth was last year valued at $10bn.

Those assets are still held by the Huang family in company vehicles owned by Mr Huang’s 26-year son Jiquan “Jimmy” Huang, who now runs Yuhu Group Australia, and Mr Huang’s 33-year-old son-in-law Xiaozhi “Evan” Luo.

Yuhu declined an interview request, but sources familiar with their modest Margate seafood operation — Hai Loong Seafood Export — confirmed it has been unable to export lobster to China since the November ban.

Hai Loong is now only processing abalone, which is still getting into the Chinese market.

In late 2018, Mr Huang relocated from his trophy home in Sydney’s Hunters Hill to Hong Kong after his permanent Australian residency was cancelled. He has since bought a $95.7m residence there.

While his son Jimmy, an Australian citizen, runs the Sydney-headquartered operations, Mr Huang is pursuing new projects in mainland China.

Yuhu has also begun work on government-approved cold chain trading centres in China’s south and west after successful meetings between Mr Huang and officials in Guangdong and Sichuan.