Key facts
- Hangzhou Qiandaohu Xunlong Sci-Tech, known for its Kaluga Queen brand, has become the world's first publicly listed caviar company.
- The company raised HK$1.2 billion ($153 million) in its initial public offering on the Hong Kong Stock Exchange.
- Its shares opened 36.4% higher on their trading debut.
- Xunlong Sci-Tech holds a 36.1% share of the global caviar market and has been the top producer for 11 consecutive years.
- In 2025, the company reported revenue of 769 million yuan ($112.9 million) and a net profit of 365 million yuan, with caviar gross margins at 72.4%.
Hangzhou Qiandaohu Xunlong Sci-Tech, the world's largest caviar producer, has successfully listed on the Hong Kong Stock Exchange, raising HK$1.2 billion ($153 million) in its initial public offering. The company's shares opened 36.4% higher on their trading debut.
Operating under the Kaluga Queen brand, the Hangzhou-based firm has been a dominant force in the global caviar market for 11 consecutive years, holding a 36.1% market share in 2025. Its premium caviar is supplied to over 40 countries and regions, served in Michelin-starred restaurants and the first-class cabins of major airlines.
Xunlong Sci-Tech has developed an integrated sturgeon farming and caviar production chain over two decades, leveraging the pristine waters of Qiandao Lake. In 2025, the company reported revenue of 769 million yuan ($112.9 million) and a net profit of 365 million yuan, with caviar gross margins reaching 72.4%.
The company's success highlights a different facet of Hangzhou's innovation, focusing on biotechnology and premium manufacturing rather than AI and robotics. Despite its strong financial performance, Xunlong Sci-Tech faces challenges including a concentrated product mix (over 90% caviar revenue), heavy reliance on overseas markets (83.8% of sales in 2025), and the significant valuation of its biological assets (83.1% of net asset value). This marks the company's first successful listing after three prior attempts on mainland China's A-share market.