- Kaluga Queen owner moves closer to listing after three failed A-share attempts
- Company expected to begin share sale process in coming weeks
Hangzhou-based caviar producer Xunlong Technology (鲟龙科技) has cleared a key milestone toward a Hong Kong listing, bringing the world’s largest caviar supplier closer to the public market after more than a decade of unsuccessful attempts to list on mainland Chinese exchanges.
The company passed its Hong Kong Stock Exchange hearing on June 14 and updated its post-hearing information pack, with CITIC Securities and China Securities International serving as joint sponsors.
Having completed the hearing stage, Xunlong is expected to proceed with book-building, pricing, share allocation and listing preparations.
Based on the exchange’s typical timetable, the company could debut in Hong Kong within one to two months.
One in three tins sold
The IPO marks a breakthrough for a company whose previous efforts to go public ended in disappointment. Xunlong attempted A-share listings in 2011, 2014 and 2018, but none succeeded.
According to market research firm China Insights Consultancy, the company has ranked as the world’s largest caviar producer by sales volume for 11 consecutive years since 2015.
In 2025, it sold 291.5 tons of caviar, giving it a 36.1% share of the global market, more than four times that of the second-largest producer.
In practical terms, more than one in every three tins of caviar sold globally comes from the company.
An integrated business
Founded in 2003 and headquartered near Qiandao Lake in Hangzhou, Xunlong operates an integrated business spanning sturgeon breeding, aquaculture, caviar processing, sales and branding.
Its flagship brand, Kaluga Queen (卡露伽), is sold in 46 countries and regions across Europe, the Americas and Asia-Pacific.
Following the IPO, the company aims to evolve from the world’s largest caviar farmer into a global consumer brand.
While roughly 80% of revenue has historically come from overseas OEM business, management has increasingly shifted its focus toward China’s domestic retail market.
Expansion plans
The company opened a flagship store in Hangzhou in late April and plans to add eight more retail outlets across China this year, expanding to 20 stores next year.
Its products are also available through e-commerce platforms including Tmall, JD.com and Xiaohongshu.
Financially, revenue rose from 577 million yuan ($85 million) in 2023 to 769 million yuan in 2025, representing a compound annual growth rate of 15.4%.
Lucrative trade
Net profit increased from 270 million yuan to 360 million yuan over the same period, a CAGR of 15.7%.
Adjusted net profit reached 401 million yuan in 2025, up more than 20% year-on-year, while the adjusted net margin exceeded 52%, underscoring the industry’s unusually high profitability.
The company has raised capital from a mix of state-backed and private investors over the years, including CITIC Securities, Zhejiang Daily Media Group, Zhejiang Agricultural Development Group, Cybernaut, Genesis Capital and several venture capital firms.
