- Shares soar after HK$1.15 billion IPO draws heavy retail demand
- Zhejiang-based company aims to build a global luxury consumer brand
The world’s largest caviar producer Xunlong Technology (鲟龙科技) surged on its Hong Kong trading debut on June 30 after raising about HK$1.15 billion ($146 million) in an initial public offering, underscoring investor appetite for premium consumer brands despite a subdued listing market.
Shares of the Zhejiang-based company, which trades under stock code 06715, closed at HK$114, up 51% from the IPO price of HK$75.5, giving it a market capitalization of about HK$12.4 billion.
The company sold 16.33 million H shares in the offering, which was oversubscribed more than 2,100 times by retail investors and nearly 20 times by institutional buyers.
Cornerstone investors included global asset managers and insurers such as BlackRock, Barings, Taikang Life and Greenwoods Asset Management.
Largest producer by sales volume
Founded in 2003 and headquartered in Hangzhou, Xunlong has built an integrated business spanning sturgeon breeding and farming, caviar processing, distribution and brand management. Its flagship Kaluga Queen (卡露伽) brand is sold in 46 countries and regions.
According to consultancy China Insights Consultancy, the company has ranked as the world’s largest caviar producer by sales volume for 11 consecutive years since 2015.
It accounted for 36.1% of global caviar sales in 2025, more than four times the market share of the second-largest producer.
Solid financials
Financial performance has remained steady. Revenue rose from 577 million yuan in 2023 to 769 million yuan in 2025, representing a compound annual growth rate of 15.4%.
Net profit increased from 273 million yuan to 365 million yuan over the same period, growing at an annualized rate of 15.7%.
The Hong Kong listing follows several unsuccessful attempts to go public on mainland China’s A-share market.
Domestic ambitions
After listing on China’s National Equities Exchange and Quotations in March 2024, the company delisted little more than a year later to pursue a Hong Kong flotation.
With fresh capital from the IPO, Xunlong said it plans to evolve from the world’s largest caviar producer into a global luxury consumer brand, shifting greater focus toward China’s domestic retail market as it seeks to broaden consumption beyond fine-dining and export channels.
