Who’s consuming caviar priced at ¥180,000 per kilogram?
A favored tasting method among gourmets—spreading a spoonful of caviar on the back of the hand near the thumb, allowing body heat to release its aroma before savoring—has become a common sight in first-class cabins and Michelin-starred restaurants.
Now, the allure of caviar has reached the capital markets. Recently, Hangzhou Qiandao Lake Xunlong Technology Co., Ltd. (referred to as "Xunlong Technology"), dubbed the "Caviar King" in the industry, officially submitted its prospectus to the Hong Kong Stock Exchange (HKEX), marking the start of its journey toward a Hong Kong IPO.
According to the prospectus, the company reported 2024 revenue of ¥669 million and a net profit of ¥324 million, with a global market share exceeding 35%, making it the world’s largest caviar producer.
Its client roster is nothing short of elite: long-term exclusive supplier to first-class cabins of airlines like Lufthansa, Singapore Airlines, and Cathay Pacific, with products gracing Michelin-starred restaurants worldwide and even appearing at the Oscars banquet.
However, this is not the company’s first attempt at an IPO. Xunlong Technology previously made multiple unsuccessful bids for an A-share listing and briefly listed on China’s New Third Board before delisting in August this year. Will this pivot to Hong Kong fulfill its IPO dream?
### From A-Share Setbacks to a Hong Kong IPO: Margins Rivaling Hermès
Xunlong Technology’s IPO journey began in 2011, spanning 14 years.
In October 2011, the company first applied for a ChiNext listing but was rejected due to related-party transaction concerns. In September 2014, it tried again but faced suspension after disputes with shareholder Zixing Liangmei exposed fabricated inventory records. A third attempt in April 2016 was vetoed by regulators over overseas sales, inventory levels, and equity structure issues.
After a six-year hiatus, Xunlong Technology revived its IPO plans in December 2022, targeting the Shenzhen Main Board, but failed to gain approval.
To fulfill a bet agreement with China Securities Investment and Jinshi Kunxiang, the company listed on the New Third Board in March 2024, meeting the agreement’s conditions. After delisting in August, it promptly filed for a Hong Kong IPO.
The company’s confidence stems from its dominance in the global caviar market. With wild sturgeon resources dwindling, farmed caviar has become mainstream, and Xunlong Technology commands a 35% global share.
Its product lineup includes hybrid sturgeon caviar at ¥16,000/kg, Russian sturgeon caviar at ¥18,000/kg, kaluga caviar at ¥43,000/kg, and premium beluga caviar priced as high as ¥180,000/kg. Beyond core products, the company innovates with caviar-infused ice cream, chocolate, mooncakes, and cakes.
As of June 2025, Xunlong Technology operates eight aquaculture bases in premium water sources like Qiandao Lake and Zhelin Lake, with a total breeding capacity of 14,000 tons, leading the industry.
Its proprietary brand, "Kaluga Queen," has penetrated high-end global markets, supplying airlines, Michelin restaurants, and high-profile events like the Oscars. The brand has also garnered accolades from media outlets like *People’s Daily* and *The Wall Street Journal*.
Financially, the company shines: revenue grew from ¥491 million in 2022 to ¥669 million in 2024, while net profit rose from ¥233 million to ¥324 million. Gross margins remained above 65%, peaking at 71.3% in H1 2025—surpassing Hermès’ 70.67%. Net profit margins also outperformed, reaching 60% in H1 2025, higher than Kweichow Moutai’s 51.58%.
Global expansion underpins this success, with exports to 46 countries and regions. Overseas sales accounted for over 76% of revenue from 2022–2024, climbing to 80.9% in H1 2025. However, Kaluga Queen’s overseas revenue dipped from ¥41.98 million in H1 2024 to ¥36.44 million in H1 2025.
Notably, profits are sensitive to fair value changes in biological assets. In 2024, floods at subsidiary Liaoning Xunlong caused ¥24.88 million in losses from sturgeon deaths, dragging gross margin to -2.9%.
IPO proceeds will fund aquaculture expansion, tech upgrades, branding, R&D, and strategic acquisitions.
### Founder’s Scientific Roots, Backed by Industry Titans
The story behind this caviar giant begins with a scientist-turned-entrepreneur.
Wang Bin, a 1992 graduate in aquaculture from Dalian Ocean University, worked at the Chinese Academy of Fishery Sciences before founding Xunlong Technology in 2003. A heatwave in Qiandao Lake that year wiped out half his 50,000 sturgeon stock, prompting innovations like temperature-controlled pools and liquid nitrogen cooling.
By 2006, the company produced China’s first internationally compliant caviar, achieving its first export. By 2015, it became the global sales leader, now supplying one in three caviar tins worldwide.
The team retains strong R&D DNA, with executives hailing from fisheries research backgrounds. Founder Wang Bin holds 34.64% voting rights, while external investors include Chen Xiaxin (12.67%), chairman of elevator conglomerate Xizi International, and Rao Kangda’s Youshi Investment (7.93%).
Other shareholders include Qianfa Group (5.59%) and CITIC Securities affiliates (2.09% each).
From Qiandao Lake’s pools to global fine dining, Xunlong Technology has reshaped the caviar industry in 22 years. After repeated A-share setbacks, will HKEX be its final answer?
Have you tried caviar? Share your experience in the comments!
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