--- title: "Sturgeon Dragon Technology pushes for Hong Kong stocks again: overseas revenue accounts for over 90%, domestic revenue contraction draws attention" type: "News" locale: "en" url: "https://longbridge.com/en/news/285692642.md" description: "Sturgeon Technology has once again submitted a listing application to the Hong Kong Stock Exchange, becoming the world's largest producer of caviar. Despite continuous revenue growth and over 90% of its market share coming from overseas, domestic revenue is shrinking, facing exchange rate fluctuations and geopolitical risks. The prospectus shows that from 2023 to 2025, both revenue and net profit of Sturgeon Technology are expected to maintain growth, with caviar as its core product" datetime: "2026-05-08T02:54:14.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285692642.md) - [en](https://longbridge.com/en/news/285692642.md) - [zh-HK](https://longbridge.com/zh-HK/news/285692642.md) --- # Sturgeon Dragon Technology pushes for Hong Kong stocks again: overseas revenue accounts for over 90%, domestic revenue contraction draws attention Less than a year later, the world's largest caviar production company—Hangzhou Qiandao Lake Sturgeon Dragon Technology Co., Ltd. (hereinafter referred to as "Sturgeon Dragon Technology")—has once again submitted a listing application to the Hong Kong Stock Exchange. It is reported that this is the fifth time Sturgeon Dragon Technology has knocked on the door of the capital market, having previously attempted to list on the Growth Enterprise Market, New Third Board, and Hong Kong Stock Exchange since 2011. Despite being dubbed the "King of Global Caviar" by the market and maintaining revenue growth in recent years, Sturgeon Dragon Technology's prospectus reveals a structural issue: its revenue is highly concentrated in overseas markets, while contributions from domestic channels are continuously shrinking. This phenomenon has not only drawn inquiries from the China Securities Regulatory Commission but also led market observers to believe that this revenue model amplifies risks from external uncertainties such as exchange rate fluctuations and geopolitical factors, posing greater challenges to the company's operational resilience. **Sustained Revenue and Profit Growth** **Overseas Revenue Accounts for Over 90%** The prospectus shows that Sturgeon Dragon Technology was formerly known as Hangzhou Qiandao Lake Sturgeon Dragon Technology Development Co., Ltd., established in 2003, and transformed into a joint-stock company in 2010. Its business encompasses sturgeon breeding and farming, caviar processing, sales, and brand marketing, forming a complete industrial chain for sturgeon and caviar. Its core products include caviar, sturgeon products, and other caviar-related products, and it also owns the independently created caviar brand "KALUGA QUEEN." According to data from ZhiShi Consulting, Sturgeon Dragon Technology has been the world's largest caviar company, maintaining the number one position in global caviar sales for 11 consecutive years since 2015. From 2021 to 2025, its caviar sales are expected to account for over 30% of the global market, reaching 36.1% by 2025, which is more than four times that of the second-largest caviar company during the same period. Revenue data shows that from 2023 to 2025, Sturgeon Dragon Technology's revenues are projected to be 577 million yuan, 669 million yuan, and 769 million yuan, with year-on-year growth rates of 15.96% and 14.89%, resulting in a compound annual growth rate of 15.4%. During the same period, net profits are expected to be 273 million yuan, 324 million yuan, and 365 million yuan, with year-on-year growth rates of approximately 18.76% and 12.62%, leading to a compound annual growth rate of 15.7%. From the product structure perspective, caviar is the core source of revenue for Sturgeon Dragon Technology. From 2023 to 2025, its caviar product revenues are projected to be 523 million yuan, 614 million yuan, and 698 million yuan, accounting for 90.6%, 91.8%, and 90.8% of total revenue, respectively, consistently maintaining above 90% Among them, Russian sturgeon caviar and hybrid sturgeon caviar contributed the main share: revenue from Russian sturgeon caviar increased from 273 million yuan in 2023 to 413 million yuan in 2025, with its share rising from 47.2% to 53.7%; revenue from hybrid sturgeon caviar increased from 160 million yuan to 218 million yuan, maintaining a share of around 28%. Overall, the product revenue of Sturgeon Dragon Technology is concentrating on the two core varieties of Russian sturgeon caviar and hybrid sturgeon caviar. From the perspective of sales regions, Sturgeon Dragon Technology's revenue focus is clearly leaning towards overseas markets, with third-party brands accounting for the vast majority of overseas revenue, primarily providing raw materials or OEM services for overseas gourmet food companies and caviar brands. From 2023 to 2025, its overseas sales revenue increased from 443 million yuan to 644 million yuan, with the proportion of total revenue rising from 76.7% to 83.8%. Among them, third-party brands play a core role in Sturgeon Dragon Technology's overseas channels. For example, in 2025, 527 million yuan of its overseas revenue came from third-party brands, accounting for 81.8%; while revenue from its own brands overseas was about 117 million yuan, accounting for only 18.2%. In contrast to the rapid growth in overseas markets, Sturgeon Dragon Technology's domestic market revenue is showing a slow contraction trend. During the same period, domestic revenue slightly declined from 135 million yuan to 125 million yuan, with its share dropping from 23.3% to 16.2%. It is worth noting that all domestic sales are from its own brands, primarily through offline channels, contributing nearly 90% of domestic revenue, while online channels remain in a supportive position. From a regional perspective, the United States is Sturgeon Dragon Technology's largest single market, contributing 216 million yuan in revenue in 2025, accounting for 28.0%; European countries such as Germany, France, and Russia together account for about 29.8%. Overall, Sturgeon Dragon Technology's revenue structure has a distinct outward-oriented characteristic—highly dependent on overseas markets, with third-party brand OEM as the main business model, and its own brand still has significant room for improvement in global brand influence. Regarding Sturgeon Dragon Technology's revenue model, Wu Zewei, a special researcher at SuShang Bank, stated to the media that about 80% of Sturgeon Dragon Technology's revenue comes from overseas markets, deeply embedding it in the global high-end dining and luxury consumption chain. However, the risk lies in the direct impact of global economic cycle fluctuations on consumer willingness, geopolitical games potentially leading to sudden increases in tariff barriers or import restrictions, and exchange rate fluctuations eroding profit margins At the same time, the cost of overseas food safety certification continues to rise, and changes in complex trade policies are enough to impact its high profit margins. Xunlong Technology also mentioned this risk in its prospectus, stating, "Given our reliance on overseas markets, our business and operating performance are to some extent affected by international trade policies, geopolitical developments, protective measures, export controls, and the macroeconomic conditions of the jurisdictions where we operate with our business partners." **A-share listing has faced continuous setbacks** **Transitioning to Hong Kong stocks to raise funds for domestic and international capacity expansion** Xunlong Technology's revenue model has not only attracted widespread market attention but has also been questioned by the China Securities Regulatory Commission due to the high proportion of overseas revenue in its operating income, requiring additional explanations regarding the financial strength of major distributors, sales regions, and accounting consistency. Looking back at Xunlong Technology's multiple attempts to enter the A-share market, since its first application in 2011, compared to its recent performance and market share, this global caviar sales champion has faced a more challenging path in the capital market. In October 2011, Xunlong Technology made its first attempt to list on the Growth Enterprise Market but failed to gain approval due to a transaction with a shareholder. According to the prospectus, at the end of 2010, Xunlong Technology's shareholder Zixing Liangmei completed a capital increase at a price of 3.90 yuan per share, acquiring about 5% of the company's shares before issuance. Less than six months later, Xunlong Technology purchased over 36 million yuan worth of sturgeon from this shareholder. This purchase had a significant impact on Xunlong Technology's financial situation at the time. Data shows that after excluding related transactions, Xunlong Technology's revenue in 2010 dropped from about 71.1 million yuan to about 60.64 million yuan, and its net profit after deductions fell from about 24.81 million yuan to about 21.25 million yuan; a similar decline was observed in 2011. In response, the issuance review committee believed that this transaction had a significant impact on Xunlong Technology's revenue and profit, which did not comply with relevant regulations. The initial setback did not stop Xunlong Technology's progress. In 2014, Xunlong Technology submitted another application for listing on the Growth Enterprise Market and responded to the regulatory authorities' questions. However, in January 2018, the issuance review committee raised a series of concerns after reviewing the application, and Xunlong Technology's listing application was once again hindered. Specifically, the inquiries from the issuance review committee covered multiple dimensions. Given the high proportion of Xunlong Technology's overseas revenue and its reliance on a distribution model, it needed to explain the capabilities of its distributors and the accuracy of accounting; price fluctuations between different products and the same product in different years required an explanation of the pricing logic; the continuous growth of inventory, especially the high proportion of consumable biological assets, needed to clarify the measurement basis; and the situation of Xunlong Technology having no controlling shareholder or actual controller, along with a dispersed equity structure, also required an analysis of its rationality Regarding the issues that previously hindered its A-share listing, Xunlong Technology stated in its latest submitted Hong Kong IPO prospectus that it has fully disclosed and resolved these matters. Concerning the authenticity of overseas sales, Xunlong Technology indicated that it has verified this through business processes, accounting policies, and internal controls, with supporting documents such as export, customs declaration, and logistics for revenue recognition; the measurement of biological assets has been assessed by a third-party valuation, and the relevant assumptions and parameters have been fully disclosed; in terms of equity structure, Xunlong Technology also stated that it has clarified the single largest shareholder, the concerted action arrangement, and the governance framework, with improved equity stability compared to before. After two failed attempts on the Growth Enterprise Market, Xunlong Technology turned to the Shenzhen Stock Exchange's main board to submit a listing application in December 2022, but did not receive a notice of acceptance or feedback from the China Securities Regulatory Commission. In March 2024, Xunlong Technology chose to list on the New Third Board, but just over a year later, in August 2025, it voluntarily delisted from the New Third Board. At that time, Xunlong Technology stated that the reason was to focus more on company management, reduce operating costs, and enhance business decision-making efficiency. However, just two months after delisting, Xunlong Technology turned its attention to the Hong Kong market. On October 30, 2025, Xunlong Technology submitted its IPO prospectus to the Hong Kong Stock Exchange for the first time, but due to not being heard within six months, the prospectus automatically expired on April 30, 2026. Less than a week later, on May 4, Xunlong Technology submitted its prospectus to the Hong Kong Stock Exchange again, with CITIC Securities and CITIC Construction Investment International serving as joint sponsors, officially starting its fifth attempt to list in the capital market. Xunlong Technology stated that its current goal of seeking a listing on the Hong Kong Stock Exchange is mainly due to the consideration that the Hong Kong Stock Exchange can provide the company with a direct route to enter the international capital market, enhance its financing capabilities, broaden financing channels and shareholder base, and strengthen the company's international exposure. From the revenue structure perspective, Xunlong Technology's performance growth is highly dependent on overseas markets, especially under the third-party brand OEM model, which is deeply embedded in the global high-end catering and food supply chain. While this model brings stable orders and considerable profits, it also makes its operating performance particularly sensitive to changes in international trade policies, exchange rate fluctuations, and geopolitical environments. Against this backdrop, Xunlong Technology shifted its listing destination from A-shares to Hong Kong stocks, intending not only to broaden financing channels but also to leverage Hong Kong's status as an international financial center to further connect with global capital and business resources. At the same time, the prospectus shows that the funds raised by Xunlong Technology will mainly be used for domestic and overseas capacity expansion, technology upgrades, and the construction of global sales channels, which also indicates that it may continue to focus strategically on overseas markets in the future. The international platform of the Hong Kong Stock Exchange may help enhance its brand recognition among international clients and partners and provide more convenient capital tools for cross-border mergers and acquisitions and channel expansion. However, the change in listing location cannot directly resolve the inherent structural risks in its business model. Issues such as the increasing proportion of overseas revenue, relatively limited influence of its own brand, and high concentration in a single market will still accompany the company's growth for a considerable period in the future. Whether Xunlong Technology can successfully list on the Hong Kong Stock Exchange and how it will address the risks faced by its overseas business remains to be observed Written by: Nandu · Bay Finance reporter Qiu Kangzheng ### Related Stocks - [06715.HK](https://longbridge.com/en/quote/06715.HK.md) - [600030.CN](https://longbridge.com/en/quote/600030.CN.md) - [06030.HK](https://longbridge.com/en/quote/06030.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) - [Kiwi plant journey: Watch 128 days of growth from seed to vine | Time-lapse](https://longbridge.com/en/news/291031309.md) - [Pakistan Forces Kill Three Militants in Karachi Camp Attack](https://longbridge.com/en/news/291049159.md) - [KULR Technology Group extends ATM pause through Sept. 30, 2026 to preserve liquidity](https://longbridge.com/en/news/291004502.md) - [DEE Development Engineers Shareholders Clear Preferential Issue at Extraordinary Meeting](https://longbridge.com/en/news/291040062.md)