On July 6, Xunlong Sci-tech (06715.HK) fell 5.64% in regular trading, trading at HK$81.5/share, with turnover of HK$5.60 million. The stock continues to retrace gains from its strong debut, now down over 30% from its intraday high of HK$120.2 reached on listing day.

The company listed on the Hong Kong Stock Exchange on June 30 at an offer price of HK$75.5 per share, opening 36.42% higher and surging as much as 50% on its first day before closing at HK$114. Since then, selling pressure from short-term profit-takers has driven a sustained correction, with trading volume shrinking significantly from the initial active levels. The public offering tranche was oversubscribed 2,134 times, reflecting intense retail demand that has since faded. The current price is approaching the IPO offer price level.

Xunlong Sci-tech is the world's largest caviar producer. Under its flagship brand KALUGA QUEEN, the company has ranked first globally in caviar sales for 11 consecutive years since 2015, with a 36.1% global market share in 2025. Revenue grew from RMB 577 million in 2023 to RMB 769 million in 2025, representing a compound annual growth rate of 15.4%.

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