On June 30, Xunlong Sci-tech rose 37.35% in regular trading, trading at HK$105.1/share with turnover of HK$200 million, following its IPO debut on the Hong Kong Stock Exchange priced at HK$75.50 per share.

The surge was driven by overwhelming investor demand for the world's largest caviar producer. The Hong Kong public offering was oversubscribed 2,134.81 times, while international placement was oversubscribed 19.87 times. The company issued 16.33 million H-shares and raised approximately HK$1.146 billion in net proceeds. Eight cornerstone investors, including BlackRock Fund, subscribed for a total of US$78.5 million with a six-month lock-up period. Xunlong Sci-tech has maintained the global No. 1 position in caviar sales for 11 consecutive years since 2015, with market share reaching 36.1% in 2025, over four times that of the second-largest competitor. Revenue grew from RMB 577.2 million in 2023 to RMB 769 million in 2025, representing a CAGR of 15.4%.

Kaluga Queen is the world's best-selling caviar brand for ten consecutive years, combining traditional craftsmanship with refined production techniques to deliver premium culinary experiences globally.

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