--- title: "Sturgeon Dragon Technology rushes to the Hong Kong stock market: annual revenue of 770 million from selling caviar, Wang Bin controls 35% equity" type: "News" locale: "en" url: "https://longbridge.com/en/news/285297178.md" description: "Sturgeon Dragon Technology recently submitted a prospectus and plans to list on the Hong Kong Stock Exchange. The company's annual revenue reaches 770 million, primarily profiting from the sale of caviar and sturgeon meat products. Its high-end brand Kaluga has entered Michelin restaurants in multiple countries and has reached a cooperation agreement with Haidilao. Revenue is expected to reach 769 million by 2025, with 90.8% coming from caviar. The company's equity is controlled by Wang Bin, who holds 35%" datetime: "2026-05-06T02:00:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285297178.md) - [en](https://longbridge.com/en/news/285297178.md) - [zh-HK](https://longbridge.com/zh-HK/news/285297178.md) --- # Sturgeon Dragon Technology rushes to the Hong Kong stock market: annual revenue of 770 million from selling caviar, Wang Bin controls 35% equity ![1.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/ae849db62984ff406fd27f9b9faacba2.jpeg?x-oss-process=style/lg) LeiDi Network, Lei Jianping, May 6 Hangzhou QianDaoHu Sturgeon Dragon Technology Co., Ltd. (referred to as "Sturgeon Dragon Technology") recently submitted its prospectus, preparing to list on the Hong Kong Stock Exchange. Annual revenue of 770 million Sturgeon Dragon Technology is a joint-stock enterprise that integrates breeding, farming, processing, marketing, and cultural promotion. Leveraging the high-quality water resources of QianDaoHu, it nurtures the "living fossil" in the water - sturgeon, processes luxurious gourmet food - caviar, and produces high-quality sturgeon meat products. ![2.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/b8d5fbc84f2ca8fc3de0a3c84c9dc555.jpeg?x-oss-process=style/lg) The caviar brand under Sturgeon Dragon Technology, Caluga, selects high-quality sturgeon roe, lightly salted to retain its fragrance. The sturgeon meat and by-product series, QianDao XunLong, develops precious sturgeon into delicious dishes. Sturgeon Dragon Technology products use a full cold chain transportation system, and Caluga caviar is flown directly to tables around the world. ![3.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/84e495c100dc5cb92b7aa22b95786eb6.jpeg?x-oss-process=style/lg) The high-end brand Caluga under Sturgeon Dragon Technology has entered multiple countries and regions, serving as selected ingredients for several Michelin three-star restaurants in Paris and New York, and providing food for Lufthansa's first class, Cathay Pacific, and Singapore Airlines. QianDao XunLong has also reached a deep cooperation with Haidilao. The prospectus shows that Sturgeon Dragon Technology's revenues for 2023, 2024, and 2025 are projected to be 577 million, 669 million, and 769 million yuan respectively; operating profits are projected to be 336 million, 395 million, and 428 million yuan respectively; and net profits are projected to be 273 million, 324 million, and 365 million yuan respectively. ![4.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/2c8cfb7faea8f35ef82c23ef328e8f53.jpeg?x-oss-process=style/lg) In 2025, Sturgeon Dragon Technology's revenue from caviar is expected to reach 700 million, accounting for 90.8% of total revenue; among which, revenue from hybrid sturgeon caviar is 218 million, accounting for 28.4%; revenue from Russian sturgeon caviar is 413 million, accounting for 53.7%; and revenue from Da Yu caviar is 32.98 million, accounting for 4.3% ![5.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/5fa04bd8f1a8744e2952384db4d99e6d.jpeg?x-oss-process=style/lg) Sturgeon Technology's revenue from sturgeon products in 2025 is expected to be 65.62 million yuan, accounting for 8.5% of total revenue. ![6.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/56b6a140d532ae06cc8ff705bb4dd9ae.jpeg?x-oss-process=style/lg) In terms of revenue sources, Sturgeon Technology's revenue from the United States in 2025 is expected to be 216 million yuan, accounting for 28%; revenue from China is expected to be 124 million yuan, accounting for 16.2%; Sturgeon Technology's revenue from Germany in 2025 is expected to be 91.1 million yuan, accounting for 11.8%; revenue from France is expected to be 69.84 million yuan, accounting for 8.9%; revenue from Belgium is expected to be 46.9 million yuan, accounting for 6.1%. ![7.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/21d51a83a498a222ee85928d8d95e2f6.jpeg?x-oss-process=style/lg) Sturgeon Technology's adjusted net profits for 2023, 2024, and 2025 are expected to be 313 million, 334 million, and 400 million yuan, respectively; EBITDA is expected to be 400 million, 441 million, and 515 million yuan, respectively. ![8.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/add36b9792d08becfeabb4afbe1df43d.jpeg?x-oss-process=style/lg) As of December 31, 2025, Sturgeon Technology holds cash and cash equivalents of 784 million yuan. Wang Bin controls 34.64% of the shares. The executive directors of Sturgeon Technology are Wang Bin, Xia Yongtao, Han Lei, and Wang Zhigang; the non-executive directors are Dong Zhendong and Kong Derun; the independent non-executive directors are Dr. Sun Song, Ms. Fan Xinpeng, and Ms. Song Xiumei. ![9.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/81dd774bba5bd2b8f37bb1b2d2c8f619.jpeg?x-oss-process=style/lg) Before the IPO, Wang Bin directly held 6.36% of the shares, Chun'an Kaluga held 21.14%, Hangzhou Kaluga held 4.64%, and Hangzhou Sturgeon held 2.5%, giving Wang Bin a total control of 34.64% of the shares ![10.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/88c691dde638a04d2c9973c3d806cfb9.jpeg?x-oss-process=style/lg) Qianfa Group holds 5.59%, Xinganxian Media holds 4.58%, Zhejiang Seed Industry holds 1.29%; CITIC Securities Investment Co., Ltd. and Jinshikunxiang hold 2.09% each; Chen Xiaxin holds 12.67%, Fengshi Jinghe holds 7.93%, Zhou Junliang holds 5.15%, Gaojing Luoke holds 3.69%, Zixing Liangmei holds 2.88%, Qihui Runjin holds 2.65%, Qiu Shenlin holds 2.41%, Zhouyang Chuangtou holds 2.36%, Liu Yu holds 1.78%, Tianchao Aquaculture holds 1.35%; ![11.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/b3020dbbaf5565d767f8ed1bdb7af5cd.jpeg?x-oss-process=style/lg) Guo Quanqing holds 1.27%, Yuan Sheng Jiahao holds 1.24%, Shiyue Chuangtou holds 1.08%, Fengshi Hechuang holds 0.92%, Ruan Xinhong holds 0.4%, Shen Huifen holds 0.38%, Hangzhou Lingfeng Saibole Venture Capital Partnership (Limited Partnership) holds 0.36%, Dong Zhendong, Qian Huilong, Chen Chunmei, and Wu Nanping each hold 0.3%, and Fu Haiying holds 0.02%. —————————————————— ### Related Stocks - [06715.HK](https://longbridge.com/en/quote/06715.HK.md) ## Related News & Research - [The Value Chain Dynamics of the Hong Kong Market: From Commoditized Infrastructure to Global Aggregators](https://longbridge.com/en/news/291029512.md) - [World's largest particle smasher halts for upgrade to boost hunt for dark matter](https://longbridge.com/en/news/291039585.md) - [Direxion Daily LMT Bull 2X ETF declares quarterly distribution of $0.2282](https://longbridge.com/en/news/290596968.md) - [Kiwi plant journey: Watch 128 days of growth from seed to vine | Time-lapse](https://longbridge.com/en/news/291031309.md) - [Questerre Energy holds shareholder meeting, backs 1-for-10 Series 2 preferred share consolidation](https://longbridge.com/en/news/290609327.md)