Speaking of caviar, everyone thinks of it as a high-end delicacy found in Michelin restaurants and first-class cabins on airplanes. However, for every three cans of caviar consumed globally, one can comes from a company in Hangzhou, China—Hangzhou Qiandao Lake Sturgeon Dragon Technology Co., Ltd.

On May 4th, the Hong Kong Stock Exchange disclosed that Sturgeon Dragon Technology has submitted a listing application again, intending to be listed on the main board of the Hong Kong Stock Exchange, aiming to become the "first caviar stock in Hong Kong." Since its first attempt to enter the A-share market in 2011, and now with its second application to the Hong Kong Stock Exchange, this company has experienced four failures in the capital market, the most recent being its first submission to Hong Kong last year.

Caviar, along with foie gras and black truffles, is known as one of the world's three top delicacies and is also referred to as "black gold." In the past, if we wanted to eat caviar, we had to rely on imports from abroad, but Sturgeon Dragon Technology has completely changed this situation.

The story begins in 2003 when Wang Bin, who resigned from his position as deputy director of the Development Department at the Chinese Academy of Fishery Sciences, took 6.6 million yuan and went to the picturesque Qiandao Lake to farm sturgeon. In 2006, the first can of artificially farmed caviar in China successfully rolled off the production line; in 2009, the company overcame the artificial egg collection technology for sturgeon, allowing Chinese consumers to no longer rely entirely on imported caviar.

Wang Bin

Through step-by-step cultivation, Sturgeon Dragon Technology has gradually moved towards the global market: becoming the caviar supplier for Lufthansa's first-class cabin, appearing on the state banquet table of the G20 Hangzhou Summit, and entering the Oscar dinner and high-end weddings in the Middle East. Today, its products are sold in 46 countries and regions worldwide, with over 100 overseas clients.

Sturgeon Dragon Technology's caviar products supply Lufthansa's first-class cabin Source: Sturgeon Dragon Technology official website

With its excellent quality and scale, this Chinese company has firmly established itself as a global leader. Data shows that from 2015 to 2025, Sturgeon Dragon Technology has maintained the title of the world's number one caviar seller for 11 consecutive years. By 2025, the company's global market share of caviar will reach 36.1%, more than four times that of the second-largest company in the world, solidifying its position as an industry leader.

Achieving such a significant advantage is due to the unique "slow business" barrier in the industry. Farming sturgeon is not a quick process; it takes 7 to 15 years for a female sturgeon to grow from a fry to one that can lay eggs for caviar, equivalent to a generation's time. With high initial investment and long cycles, it is extremely difficult for other companies to catch up, making it hard to shake Sturgeon Dragon Technology's leading position

Hybrid sturgeon cultivated by Sturgeon Technology Source: Sturgeon Technology official website

In addition, with the decreasing number of wild sturgeon globally, the trade of wild caviar has been banned since 2010, and farmed caviar has completely replaced wild products, leading to rapid industry growth. From 2020 to 2025, global sales of farmed caviar nearly doubled, and Sturgeon Technology has also rapidly grown alongside the industry boom, currently owning 8 breeding bases and 2 processing bases, with both sturgeon farming volume and reserves ranking first in the world.

Sturgeon Technology breeding base Source: Sturgeon Technology official website

In terms of profitability, Sturgeon Technology's performance is impressive, with total revenue reaching 769 million yuan in 2025. Moreover, about 80% of the company's revenue comes from overseas markets, with overseas revenue increasing from 443 million yuan to 644 million yuan from 2023 to 2025, accounting for 83.8%, making it a genuine "overseas hit" enterprise.

The company has created its own brand, Kaluga, supplying international high-end airlines and Michelin-starred restaurants, as well as providing OEM and raw material supply for overseas food brands. The full industry chain layout has made the business increasingly stable. Industry insiders expect that the global caviar market will continue to grow over the next decade, and as the industry leader, Sturgeon Technology will also benefit from more industry dividends.

Although expanding into overseas markets has been smooth sailing, Sturgeon Technology has repeatedly faced setbacks in the capital market.

In 2011, it submitted its first application for listing on the Growth Enterprise Market, which was abruptly halted due to a related transaction.

In 2014, it submitted its second application for listing on the Growth Enterprise Market, but the review committee raised questions about the company's overseas sales, inventory levels, and the then-current equity structure, leading to another termination.

Afterward, it attempted to switch to the Shenzhen main board but was not accepted by the China Securities Regulatory Commission.

In October 2025, Sturgeon Technology submitted its first application to the Hong Kong Stock Exchange, which automatically expired after failing to receive a hearing within six months. Five days after the expiration, it submitted the application again, marking the start of its fifth listing attempt.

【Source: Urban Express】

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