New stock news: Sturgeon Technology files for listing on Hong Kong Stock Exchange as the world's largest caviar company.

According to the disclosure by the Hong Kong Stock Exchange on May 4th, Hangzhou Qiandaohu Xunlong Technology Co., Ltd. (referred to as Xunlong Technology) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and China Securities Co., Ltd. International as joint sponsors. It is reported that Xunlong Technology had previously submitted a listing application to the Hong Kong Stock Exchange on October 30, 2025. Company Profile The prospectus shows that Xunlong Technology is the world's largest caviar company. According to information from Zhishizixun, the company has been the world's top caviar seller for 11 consecutive years since 2015. From 2021 to 2025, the company's caviar sales consistently accounted for over 30% of the global market, reaching 36.1% in 2025, more than four times higher than the second largest company globally. The company has successfully built a value chain covering sturgeon breeding and farming, caviar processing, sales, and brand marketing. The company has established the international caviar brand "KALUGAQUEEN". The company's core product is caviar. The company mainly sells caviar products to global corporate clients. The company has also expanded its product portfolio to include sturgeon products and other caviar-related products. The company's customers primarily include overseas caviar companies, gourmet food companies, as well as restaurants, hotels, and supermarkets in China. The company's products are sold in 46 countries and regions across Europe, the Americas, and the Asia-Pacific region. The company's own brand "KALUGAQUEEN" has established an international reputation and gained wide recognition from many customers. In addition to supplying overseas caviar boutiques and gourmet food companies, the company's caviar products are also supplied to first-class cabins of many international airlines and available in top global dining establishments. The company's caviar products have been featured at the Oscar Awards ceremony, showcasing extraordinary quality and unique status. Financial Information Revenue The company recorded revenues of approximately 577 million yuan, 669 million yuan, and 769 million yuan in 2023, 2024, and 2025 respectively. Net Profit The company recorded net profits of approximately 273 million yuan, 324 million yuan, and 365 million yuan in 2023, 2024, and 2025 respectively. Gross Profit The company recorded gross profits of 7.754 million yuan, -1.967 million yuan, and 8.569 million yuan in 2023, 2024, and 2025 respectively. Industry Overview According to the FAO, global sturgeon catch peaked in 1977, with caviar sales worldwide reaching approximately 1,988 tons that year. However, due to resource depletion and conservation efforts, caviar sales sharply declined to 280 tons by 1997. Since the 21st century, the supply of artificially cultivated caviar has gradually increased. Still, due to the long investment cycle and high entry barriers for artificial sturgeon cultivation, global caviar supply remains far below historical highs, with the market in a long-term undersupply state. Global caviar sales reached 808.4 tons in 2025, and are expected to reach 1,343.9 tons by 2030, with a compound annual growth rate of 10.7%, still significantly lower than the 1977 levels, showing a significant supply-demand gap. China is currently the world's largest caviar producing country, with caviar sales reaching 436.8 tons in 2025, accounting for 54.0% of the global market. The main source of global growth in caviar production is China, with caviar production expected to reach 898.2 tons by 2030, with a compound annual growth rate of 15.5%, accounting for 66.8% of global supply. The export price of Chinese caviar has increased from 1,613 yuan per kilogram in 2020 to 2,185 yuan per kilogram in 2025, and is expected to reach 2,736 yuan per kilogram by 2030. In terms of caviar consumption markets, the European Union, the United States, and Russia are traditional caviar consumption markets, with caviar consumption continuing to grow. Caviar sales in the Chinese market have rapidly increased from 10.7 tons in 2020 to 74.5 tons in 2025, with a compound annual growth rate of 47.5% expected to continue growing at a rate of 19.5% per year, reaching an estimated 181.3 tons by 2030. Emerging caviar consumption markets represented by the Middle East, Japan, Southeast Asia, and South America are rapidly expanding their consumption as the economy grows and caviar consumption culture becomes more popular. In the Middle East, conflicts and uncertain circumstances may temporarily weaken demand for caviar and customs clearance efficiency, but given the relatively low total revenue from caviar in the region, overall risks remain manageable. Caviar sales in other regions of the world are expected to have a compound annual growth rate of 13.5% from 2025 to 2030, higher than the global average growth rate, with sales expected to reach approximately 303.3 tons by 2030. Board of Directors and Management Information The company's board of directors will consist of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors. Ownership Structure Prior to compilation, Mr. Wang controls approximately 34.64% of the voting rights in the company's issued share capital, including: a) direct ownership of 6.36%, and b) indirect ownership of 28.28% through controlled entities. In addition to Mr. Wang's control over the controlled entities, Mr. Wang has entered into a joint action agreement with the controlled entities to exercise voting rights in the company through them. Therefore, Mr. Wang and the controlled entities jointly constitute the single largest shareholder group of the company following compilation. Intermediary Team Joint Sponsors: CITIC SEC (Hong Kong) Limited, China Securities Co., Ltd. (International) Financing Co., Ltd. Legal Advisor: For Hong Kong and US law: Smithfield Law Firm; for Chinese law: Beijing Tianyuan Law Firm Auditors and Reporting Accountants: Rui Bo Xian Yongdao Accounting Firm Industry Consultant: Zhishi Industry Consulting Co., Ltd. Compliance Advisor: Chao Yao Capital Limited