---
title: "XUNLONG SCITECH's 16-year IPO marathon finally passes, but certainty still needs to be released"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/290918485.md"
description: "XUNLONG SCITECH's Hong Kong stock IPO has passed the hearing, ending a 16-year listing journey. The company is the world's largest caviar producer, with sales ranking first globally for 11 consecutive years and a market share of 36.1%. Its brand, Kaluga, has entered 46 countries and regions worldwide, serving multiple Michelin three-star restaurants and airlines. From 2022 to 2025, revenue is expected to maintain double-digit growth, and net profit is steadily increasing, but the capital market still focuses on its long-term certainty factors"
datetime: "2026-06-26T05:27:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/290918485.md)
  - [en](https://longbridge.com/en/news/290918485.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/290918485.md)
---

# XUNLONG SCITECH's 16-year IPO marathon finally passes, but certainty still needs to be released

The global caviar market is still growing, and XUNLONG SCITECH has indeed achieved "global number one," but the capital market looks not only at "number one," but also at product attributes, product structure, brand influence, market layout, and other factors that constitute long-term certainty. As it is about to become the "first caviar stock," what kind of compelling story can XUNLONG SCITECH tell in the Hong Kong stock market?

**"King of Caviar" Hangzhou Qiandao Lake XUNLONG SCITECH Co., Ltd. (referred to as "XUNLONG SCITECH") has finally passed its IPO.**

Recently, XUNLONG SCITECH updated its post-hearing information package, indicating that its Hong Kong IPO has passed the hearing.

Since 2011, XUNLONG SCITECH has attempted to enter the A-share market three times and the Hong Kong stock market twice, and after a 16-year IPO journey, it has finally achieved its goal.

XUNLONG SCITECH is the world's largest caviar company, with sales ranking first globally for 11 consecutive years, holding a market share of 36.1%.

**Selling caviar to become number one in the world**

By selling caviar, XUNLONG SCITECH has made money.

Founded in April 2003, XUNLONG SCITECH leverages the high-quality water resources of Hangzhou Qiandao Lake to cultivate the "living fossil" in the water—sturgeon, processing luxurious gourmet food—caviar, and producing high-quality sturgeon products.

XUNLONG SCITECH claims that its caviar brand, Kaluga, selects high-quality sturgeon roe, lightly salted to preserve its fragrance. The sturgeon meat and by-products series—"Qiandao Xunlong," develops precious sturgeon into delicious dishes.

According to the prospectus, Kaluga has entered 46 countries and regions worldwide, is a selected ingredient for several Michelin three-star restaurants in Paris and New York, and provides food for Lufthansa's first class, Cathay Pacific, and Singapore Airlines. "Qiandao Xunlong" has reached a deep cooperation with Haidilao.

According to data from ZhiShi Consulting, XUNLONG SCITECH has achieved the highest caviar sales globally for 11 consecutive years since 2015.

From 2021 to 2025, XUNLONG SCITECH's caviar sales will continue to occupy more than 30% of the global market, reaching 36.1% by 2025. In that year, the second-largest company's market share was 8%, making XUNLONG SCITECH's global market share 4.5 times that of the second place.

XUNLONG SCITECH has been profitable. From 2022 to 2025, the company's operating revenues were 491 million yuan, 577 million yuan, 669 million yuan, and 769 million yuan, with a stable year-on-year growth rate in double digits. During the same period, the net profit attributable to the parent company was 230 million yuan, 270 million yuan, 308 million yuan, and 363 million yuan, maintaining double-digit growth.

XUNLONG SCITECH has a high net profit margin. From 2022 to 2025, the company's net profit margins were 47.54%, 47.28%, 48.43%, and 47.47%, stabilizing around 47% In the A-share market, among the food sector, only Kweichow Moutai has an annual net profit margin exceeding 47%. From this indicator, XUNLONG SCITECH's profitability is on par with Kweichow Moutai.

**Outstanding performance cannot hide multiple hidden dangers**

With the IPO approved and impressive performance, these cannot conceal the hidden dangers of XUNLONG SCITECH.

XUNLONG SCITECH's product structure is overly singular. From 2023 to 2025, the company's revenue from caviar products is projected to be 523 million yuan, 614 million yuan, and 698 million yuan, accounting for 90.6%, 91.8%, and 90.8% of the company's revenue, respectively.

The caviar single product contributes over 90% of the revenue, indicating that the company's survival and development are heavily reliant on a single product.

From a branding perspective, XUNLONG SCITECH's self-owned brand "Kaluga" has limited global recognition and weak market influence. By 2025, the sales revenue from the company's own brand is expected to account for only 31.4%.

XUNLONG SCITECH's product sales are highly dependent on overseas markets. From 2023 to 2025, the company's overseas sales revenue is expected to increase from 443 million yuan to 644 million yuan, with the proportion of total revenue rising from 76.7% to 83.8%.

The United States is XUNLONG SCITECH's largest single market, contributing 216 million yuan in revenue by 2025, accounting for 28.0%; European countries such as Germany, France, and Russia collectively account for about 29.8%.

In overseas markets, XUNLONG SCITECH primarily relies on third-party brands, meaning it engages in private label sales. By 2025, the revenue from overseas sales under its own brand is expected to account for only 15.2%, while revenue from third-party brand sales will account for 68.6%.

Although XUNLONG SCITECH's caviar sales firmly hold the top position globally, the reliance on private label sales in overseas markets indicates that the company plays the role of a supplier in the international market rather than a brand leader, thus lacking pricing power.

Compared to its continuous expansion in overseas markets, XUNLONG SCITECH's performance in the domestic market has been unsatisfactory, with revenue from the domestic market continuously declining, dropping from 23.3% in 2023 to 16.2% in 2025.

Han Lei, Executive Director and Deputy General Manager of XUNLONG SCITECH, has admitted that the potential of the Chinese caviar market is significant, but first, it is necessary to break consumers' inherent impression of caviar as a luxury product to truly enter the C-end market.

**What is the certainty of biological assets?**

XUNLONG SCITECH's core competitiveness lies in its 1.7 billion yuan sturgeon assets.

According to the prospectus, XUNLONG SCITECH's strong market position is built on three points: first, an irreplaceable resource pool; the sturgeon breeding cycle lasts 7 to 15 years, and XUNLONG SCITECH possesses the world's largest sturgeon germplasm resource library and a complete age structure of 1-15 years, which creates a "time barrier" that makes it difficult for competitors to replicate in the short term. Second, vertical integration of the entire industry chain, from breeding, farming to processing and sales, the company has built a complete industry chain. Third, global sales channels, with access to top channels such as Michelin restaurants XUNLONG SCITECH's assets mainly consist of biological assets such as live sturgeon, and by the end of 2025, the company's biological assets are expected to reach 1.749 billion yuan.

Zhangzi Island, listed on the A-share market, once staged the bizarre tale of "the scallops ran away," which obscured the truth of its financial fraud and once triggered market and regulatory attention.

XUNLONG SCITECH once faced a crisis. In July 2024, the Qingshan Lake breeding base of XUNLONG SCITECH encountered summer floods, resulting in approximately 2,000 sturgeons being lost in the flood, accounting for 0.18% of the total sturgeon stock at that time.

Regarding the pricing of sturgeon, XUNLONG SCITECH measures it at fair value less selling costs. Due to the lack of observable market prices for different sturgeon species, the fair value measurement of biological assets is mostly unobservable. Therefore, there is subjectivity in the pricing of this biological asset.

It is worth mentioning that during the A-share IPO impact, the China Securities Regulatory Commission raised questions about the authenticity of XUNLONG SCITECH's overseas sales and the scale of its inventory.

After experiencing "the scallops ran away" and "sturgeons lost in the flood," investors have become skittish about biological assets, making it difficult to form a definitive understanding of the sturgeon assets worth up to 1.7 billion yuan.

Turning to the Hong Kong stock market, XUNLONG SCITECH's intentions go beyond financing; it also aims to leverage Hong Kong as an international financial center to connect with global capital and business resources, enhancing brand recognition in the international market.

The global caviar market is still growing, and XUNLONG SCITECH has indeed achieved "global number one," but the capital market looks beyond just "number one" to factors that constitute long-term certainty, such as product attributes, product structure, brand influence, and market layout. As XUNLONG SCITECH is about to become the "first stock of caviar," what compelling story can it tell in the Hong Kong stock market?

Disclaimer: This article is for knowledge sharing only and aims to convey more information! This article does not constitute any investment advice, and anyone making investment decisions based on it does so at their own risk

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