--- title: "For 11 consecutive years, the global leader in caviar is preparing for an IPO" type: "News" locale: "en" url: "https://longbridge.com/en/news/285660795.md" description: "Hangzhou Qiandao Lake Sturgeon Dragon Technology Co., Ltd. (Sturgeon Dragon Technology) has been the world's number one in caviar sales for 11 consecutive years. Recently, it submitted a prospectus to the Hong Kong Stock Exchange, preparing for an IPO. If successful, it will become the \"first caviar stock on the Hong Kong Stock Exchange.\" Sturgeon Dragon Technology expects its caviar sales to account for 36.1% of the global market by 2025. Founder Wang Bin transitioned from a seafood researcher to an entrepreneur, holding 6.36% of the shares and controlling 34.64% of the voting rights. The company's revenue is expected to be 577 million yuan, 669 million yuan, and 769 million yuan from 2023 to 2025, with a compound annual growth rate of 15.4%" datetime: "2026-05-08T03:16:08.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285660795.md) - [en](https://longbridge.com/en/news/285660795.md) - [zh-HK](https://longbridge.com/zh-HK/news/285660795.md) --- # For 11 consecutive years, the global leader in caviar is preparing for an IPO Author | ManDi Editor | Guan Ju Tu Source | Midjourney Caviar, a high-end ingredient often found in Western fine dining restaurants, has been sold for 11 consecutive years by a Chinese company—Hangzhou Qiandao Lake Sturgeon Dragon Technology Co., Ltd. (referred to as "Sturgeon Dragon Technology"), achieving the highest global sales. Recently, Sturgeon Dragon Technology submitted a prospectus to the Hong Kong Stock Exchange, preparing for an IPO. If successful, it will become the "first caviar stock on the Hong Kong Stock Exchange." As the world's largest caviar company, Sturgeon Dragon Technology is projected to account for 36.1% of global caviar sales in 2025, maintaining over 30% market share for five consecutive years from 2021 to 2025. This means that for every three jars of caviar sold globally, approximately one jar comes from this company. From 2023 to 2025, Sturgeon Dragon Technology is expected to achieve revenues of 577 million yuan, 669 million yuan, and 769 million yuan, with a compound annual growth rate of 15.4%. The founder of Sturgeon Dragon Technology, Wang Bin, was originally the deputy director of the Chinese Academy of Fishery Sciences. Twenty-three years ago, at the age of 33, Wang Bin keenly captured the business opportunity in caviar and ventured into sturgeon farming. From a fishery researcher to the "Caviar King," Wang Bin's caviar has graced Michelin tables around the world. Sturgeon Dragon Technology's 7-Year Sturgeon Caviar Source: Sturgeon Dragon Technology Official Website Before the IPO, founder Wang Bin holds 6.36% of the shares and collectively controls 34.64% of the voting rights through a concerted action agreement. Major institutional shareholders include: Fengshi Investment holding 7.93%, Qiandao Lake Development Group holding 5.59%, Xinganxian Media 4.58%, and CITIC Securities holding 4.18%. Secured Lufthansa The story of Wang Bin, founder of Sturgeon Dragon Technology, is one of a professional deeply engaged in a niche field for twenty years. Now 56 years old, Wang Bin graduated from Dalian Ocean University with a master's degree and a researcher title. In 1992, he worked as a staff member in the Human Resources Department of the Chinese Academy of Fishery Sciences, later promoted to deputy director of the Technology Development Department, and in 1998, he was responsible for establishing the Academy's Sturgeon Breeding Technology Engineering Center, where he served as general manager. Based on the professional knowledge accumulated during his work, he predicted that artificial breeding of sturgeon would have long-term commercial value. To realize the technology transfer, in 2003, at the age of 33, Wang Bin chose to venture out and established a company with the support of his former employer, the Chinese Academy of Fishery Sciences At its establishment, the initial registered capital was 6.6 million yuan, with Wang Bin holding 6%, the Chinese Academy of Fishery Sciences holding 30%, Qiandao Lake Development Group holding 25%, the East China Sea Fisheries Research Institute of the Chinese Academy of Fishery Sciences holding 20%, and the Zhejiang Provincial Fishery Technology Promotion Station holding 10%. The sturgeon farming base was located in Qiandao Lake, Hangzhou, but reality soon doused his hopes with cold water. During the first summer of large-scale farming, due to the hot climate in Jiangnan, the water temperature in the farming nets exceeded the sturgeon's tolerance limit of 28°C, leading to mass deaths among the initial batch of 50,000 sturgeons. As a technical expert, Wang Bin watched helplessly as the fish he had carefully tended turned belly up in large numbers. The daily work of him and the early employees turned into catching fish, transporting fish, and digging pits for disposal. Due to the heavy losses, morale within the company plummeted, and core technical staff left one after another. After reflecting on the situation, Wang Bin decided to root himself at the base and study water temperature control solutions day and night. To cool the delicate sturgeons, he deepened the farming nets to 15 meters and used automatic infusion of deep underground water combined with liquid nitrogen for cooling, effectively building a "summer resort" for sturgeons in the Jiangnan water town. Although this technical breakthrough salvaged some losses, it also made Wang Bin realize that to achieve large-scale production, he must find a more perfect natural cold water source. In 2009, Wang Bin finally found the ideal "natural fishing ground" by the Wu River in Quzhou, Zhejiang. This area is one of the sources of the Qiantang River, with water quality consistently meeting Class I surface water standards. Even better, the bottom flow from the upstream Wu River hydropower station formed a huge natural air-conditioned room, maintaining a stable water temperature of around 22 degrees Celsius even in the height of summer. Here, Wang Bin established Asia's largest caviar processing plant and breeding research center, increasing the survival rate of sturgeons to over 97%. In 2011, Lufthansa held a global tender for caviar suppliers, and an opportunity arose for Wang Bin. However, this rare opportunity was earned by Wang Bin through "knocking on doors time and again." Wang Bin introduces the high-quality water quality of the farming base to Swiss distributors. Source: Zhonggong.com Industry insiders know that Lufthansa has extremely strict requirements for food quality. Wang Bin, with this then "unknown" caviar brand, was naturally looked down upon. However, at the international caviar blind tasting event held by Lufthansa in Germany, professionals tasted the caviar without knowing the brand, bringing new opportunities for Sturgeon Dragon Technology! After two rounds of blind testing, among 25 tender samples, Sturgeon Dragon Technology's "Kaluga Queen" caviar stood out, defeating traditional caviar powerhouses like Russia and France. Subsequently, Lufthansa executives even flew to China for an inspection, and after further blind testing verification, decisively designated Sturgeon Dragon Technology as the exclusive global supplier In 2015, Sturgeon Dragon Technology became the "sales champion" of the global caviar market and has since maintained its position as the world's top seller. The maturation cycle for artificially farmed sturgeon generally takes 7 to 15 years, and eggs can only be harvested after they reach maturity. The backup raw material sturgeon stock needs to be prepared in advance and accumulated over time, which is a key reason why caviar production cannot be rapidly increased. After years of accumulation, Sturgeon Dragon Technology has established a complete and balanced age structure of sturgeon ranging from 1 to 15 years old, possessing the largest and most diverse sturgeon resource pool globally. According to data from ZhiShi Consulting, by the end of 2025, Sturgeon Dragon Technology's total live fish will exceed 14,000 tons, ranking first in global sturgeon reserves, far surpassing the second place. Currently, Sturgeon Dragon Technology has eight breeding bases located in high-quality water areas such as Qiandao Lake and Wuxi River in Zhejiang, Zhelin Lake in Jiangxi, Qingshan Lake in Liaoning, the Weishui River basin in Hunan, and the Xingjing River basin in Sichuan. Diagram of Sturgeon Dragon Technology's ecological net cage farming model Source: Prospectus Over 80% of overseas revenue share Sturgeon Dragon Technology has built a complete industrial chain enterprise covering sturgeon breeding, farming, caviar, and sturgeon product processing and sales. Its products mainly consist of caviar, with sturgeon products and other items as supplements. Caviar contributes over 90% of the revenue. From 2023 to 2025, Sturgeon Dragon Technology's caviar sales are projected to be 219.9 tons, 258.3 tons, and 291.5 tons, respectively, continuously occupying over 30% of the global caviar market and firmly holding the top position in the industry. Revenue composition of Sturgeon Dragon Technology Source: Prospectus In terms of overall revenue, Sturgeon Dragon Technology is expected to achieve revenues of 577 million yuan, 669 million yuan, and 769 million yuan from 2023 to 2025, with a compound annual growth rate of 15.4%; net profits are projected to be 273 million yuan, 324 million yuan, and 365 million yuan, with a compound annual growth rate of 15.7%, and net profit margins exceeding 47% during the same period. As an aquaculture enterprise, Sturgeon Dragon Technology's core assets consist of 14,000 tons and 1.22 million live sturgeons, with a book value reaching 1.749 billion yuan by the end of 2025. These assets are susceptible to natural disasters, diseases, and other factors, which may lead to significant fluctuations in performance Sturgeon Technology Biological Assets Source: Prospectus According to the prospectus, Sturgeon Technology's products are sold to 46 countries and regions, including the United States, Germany, and France. From 2023 to 2025, overseas sales are expected to account for 76.7%, 80.1%, and 83.8% of total sales, respectively. In terms of regional distribution, Sturgeon Technology's overseas business shows a clear regional concentration. The United States is undoubtedly its "cash cow," contributing nearly 30% of revenue for several consecutive years—revenue from the U.S. is projected to account for 25.5%, 27%, and 28% in 2023, 2024, and 2025, respectively. In addition to the United States, Europe is also its core market, with Germany, France, and Belgium being the main contributing countries. Together, the U.S. and these key European countries account for more than half of Sturgeon Technology's production capacity. Sturgeon Technology's Domestic and Overseas Sales Situation Source: Prospectus However, it is worth noting that in Sturgeon Technology's overseas sales, the proportion of third-party brands has been increasing year by year, reaching 68.6% by 2025. This means that most of its caviar is sold under private labels. In the domestic market, Sturgeon Technology insists on using its own brand "KALUGA QUEEN," selling directly to end consumers or high-end restaurants through direct sales, distributors, and e-commerce platforms like Tmall and JD.com. However, in the overseas market, Sturgeon Technology mainly acts as a super supplier, providing caviar in bulk to foreign caviar brand owners, who then label it with their own brand before selling it to local Michelin-starred restaurants or high-end supermarkets. Sturgeon Technology's Third-Party Brand vs. Own Brand Sales Situation Source: Prospectus Since caviar is a high-priced gourmet ingredient with a high threshold for public recognition, Sturgeon Technology uses overseas caviar brands as a springboard to quickly enter local markets. Currently, Sturgeon Technology's products are not only suppliers for first-class cabins of several airlines, including Lufthansa, Singapore Airlines, and Cathay Pacific, but have also entered numerous Michelin-starred restaurants and top cruise lines worldwide. Global High-End Restaurants Awaiting Chinese Caviar Before the 21st century, the global caviar industry mainly relied on wild sturgeon resources, with Russia and Iran along the Caspian Sea being the core production areas for caviar. However, the rapid decline of wild sturgeon resources ultimately led to the withdrawal of wild caviar from the global legal market. Today, caviar produced from farmed sturgeon has become the absolute mainstay of market supply. However, the investment cycle for farmed sturgeon is long and requires significant input. Even if global caviar sales reach 808.4 tons by 2025, it is still far below the historical peak of 1,988 tons in 1977, resulting in a supply-demand imbalance. According to data from the Food and Agriculture Organization of the United Nations, it is expected to reach 1,343.9 tons by 2030, with a compound annual growth rate of 10.7%. As the largest caviar producer in the world, China's caviar sales are expected to reach 436.8 tons by 2025, accounting for 54.0% of the global market. It is projected that by 2030, China's caviar production will reach 898.2 tons, with a compound annual growth rate of 15.5%, accounting for 66.8% of global supply. In recent years, the export price of Chinese caviar has also gradually risen, from RMB 1,613 per kilogram in 2020 to RMB 2,185 per kilogram in 2025, and it is expected to reach RMB 2,736 per kilogram by 2030. Trend of Chinese caviar export prices Source: Prospectus Among these Chinese caviar companies, Sturgeon Dragon Technology, based in Zhejiang, and Run Zhao Fisheries in Sichuan occupy the "first" and "second" positions in the global caviar market, respectively. As a leader in the global caviar market, Sturgeon Dragon Technology is expected to account for 36.1% of global sales by 2025, maintaining over 30% of global market share for five consecutive years from 2021 to 2025, and ranking first in global sales for 11 consecutive years from 2015 to 2025. Following closely is Sichuan Run Zhao Fisheries, established in 2006, which leverages the advantages of cold-water farming in Sichuan and Gansu to secure a place in the international high-end market with its "Fusita" brand, expected to have a market share of about 8% by 2025. In addition to Chinese companies, other caviar enterprises from Europe also show a significant head effect among the top 5 global caviar producers. Ranking third is the Polish company Antonius Caviar, established in 2014, which focuses on the production of Siberian sturgeon and Russian sturgeon caviar, making it an important supplier in the European market Ranking fourth is the Italian old giant Agroittica Lombarda, one of the earliest companies in Europe to engage in sturgeon farming. Since 1992, it has launched the iconic "Calvisius" brand, focusing on high-quality beluga and European sturgeon caviar. In fifth place is the century-old French brand Caviar House & Prunier, which established its own sturgeon farming base in France in the 1990s, continuing the high-end brand gene of traditional European caviar. There is no doubt that caviar production is not a "quick in and out" business. From the continuous eleven-year global sales leader position of Sturgeon Dragon Technology, it can be seen that this track is a comprehensive test that encompasses capital, time, and technology. The road to listing for Sturgeon Dragon Technology has been quite tortuous, having attempted to list on the A-share market three times. It made two attempts to enter the A-share Growth Enterprise Market in 2011 and 2014, both of which were denied. In 2022, it made a third attempt to enter the A-share main board, which was not accepted. In March 2024, it was listed on the New Third Board (873394), but was delisted in August 2025, preparing for a Hong Kong IPO. If this listing goes smoothly, Sturgeon Dragon Technology plans to use the raised funds for capacity expansion, technology upgrades, and global channel development ### Related Stocks - [06715.HK](https://longbridge.com/en/quote/06715.HK.md) - [06030.HK](https://longbridge.com/en/quote/06030.HK.md) - [600030.CN](https://longbridge.com/en/quote/600030.CN.md) - [LHA.DE](https://longbridge.com/en/quote/LHA.DE.md) - [DLAKY.US](https://longbridge.com/en/quote/DLAKY.US.md) - [C6L.SG](https://longbridge.com/en/quote/C6L.SG.md) - [00293.HK](https://longbridge.com/en/quote/00293.HK.md) - [S59.SG](https://longbridge.com/en/quote/S59.SG.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) - [Måsøval and Pure Norwegian Seafood Settle Disputes With Minority Shareholders](https://longbridge.com/en/news/291061329.md) - [Kangda International Wins Strong Shareholder Backing at 2026 AGM](https://longbridge.com/en/news/290917148.md) - [DEE Development Engineers Shareholders Clear Preferential Issue at Extraordinary Meeting](https://longbridge.com/en/news/291040062.md) - [Congyu Intelligent Agricultural Raises HK$67.3 Million Through Share Placing](https://longbridge.com/en/news/290680871.md)