The world's largest caviar producer, Hangzhou Qiandaohu Xunlong Technology Co. ("Xunlong Tech"), has filed for a Hong Kong IPO after multiple failed attempts to list on mainland exchanges.
With caviar priced up to ¥180,000 per kilogram, Xunlong Tech dominates 35% of the global market. Its premium brand "Kaluga Queen" supplies first-class cabins of Lufthansa, Singapore Airlines, and Cathay Pacific, while gracing tables at Michelin-starred restaurants worldwide - even appearing at the Oscars banquet.
Financial highlights reveal impressive growth: - Revenue grew from ¥491 million (2022) to ¥669 million (2024) - Net profit increased from ¥233 million to ¥324 million during the same period - Gross margins consistently above 65%, peaking at 71.3% in H1 2025 - surpassing Hermes International SA's 70.67% - Net profit margin reached 60% in H1 2025, exceeding Kweichow Moutai's 51.58%
The company's journey hasn't been smooth. After four failed A-share listing attempts since 2011 due to regulatory concerns about related-party transactions and data authenticity issues, Xunlong Tech briefly listed on China's New Third Board before delisting in August 2024 to pursue its Hong Kong IPO.
Founded in 2003 by Wang Bin, a marine biology researcher, Xunlong Tech overcame early challenges including massive fish die-offs during extreme heat. The company now operates eight aquaculture bases across China with 14,000 tons of sturgeon inventory.
Major shareholders include: - Founder Wang Bin (34.64% voting rights) - Chen Xiaxin (12.67%), elevator magnate and chairman of Xizi International - Youshi Investment (7.93%) controlled by veteran banker Rao Kangda - CITIC Securities affiliates (4.18% combined)
Proceeds will fund expansion, R&D, and potential acquisitions. However, risks remain - a 2024 flood caused ¥24.9 million in biological asset losses, temporarily pushing gross margin to -2.9%.
From temperature-controlled pools in Qiandao Lake to global luxury markets, Xunlong Tech's 22-year odyssey now faces its ultimate test: Can Hong Kong's markets embrace the "Caviar King" where mainland exchanges did not?