Xunlong Technology (stock code 06715) is planning to conduct a global offering of 16.3329 million H shares from June 22nd to June 25th.

Xunlong Technology (06715) will be listed from June 22 to June 25, 2026, with plans to globally offer 16.3329 million H shares. Approximately 10% of the shares will be sold in Hong Kong (subject to reallocation), while approximately 90% will be sold internationally (subject to reallocation and exercise of over-allotment option), with an additional 15% over-allotment option. The offer price will be HK$75.50 per share, with a board lot of 100 shares. It is expected that the H shares will start trading on the Hong Kong Stock Exchange at 9:00 am on June 30, 2026 (Tuesday). The company is the world's largest caviar enterprise. According to data from Zhuoshi Capital, 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 caviar market, reaching 36.1% in 2025, which is more than four times that of the second largest enterprise in the world. With over 20 years of industry experience and development, the company has successfully built a value chain covering sturgeon breeding and aquaculture, caviar processing, sales, and brand marketing. The company has established the international caviar brand "KALUGA QUEEN." The company aims to provide high-end caviar products to global consumers through continuous technological advancements. During the reporting period, the company achieved strong revenue growth, continuous improvement in profitability, and sustained robust cash flow. The company's revenue increased from RMB 577.2 million in 2023 to RMB 769 million in 2025, with a compound annual growth rate of 15.4%. The company's profitability and operational efficiency have also improved continuously. The net profit of the company increased from RMB 272.9 million in 2023 to RMB 365 million in 2025, with a compound annual growth rate of 15.7%. Meanwhile, the company's net profit margin remained relatively stable at 47.3% in 2023, 48.4% in 2024, and 47.5% in 2025. The net cash generated from operating activities of the company increased from RMB 259.8 million in 2023 to RMB 270.3 million in 2025. The adjusted EBITDA of the company increased from RMB 393.8 million in 2023 to RMB 515.2 million in 2025, with a compound annual growth rate of 14.4%. The company values long-term trust from shareholders and is committed to creating value for them. During the reporting period, the company paid a total of RMB 217 million in dividends, accounting for 22.6% of the cumulative net profit during the same period. The company has entered into cornerstone investment agreements with Blackrock Fund, ABleanc, Taikang Life, Shanghai Jinglin, GTINV (related to Jinglin outstanding swaps), Fullsun Investors, ICBC Wealth Management, Nova Kerry Inc., and Future Assets Securities (Hong Kong). Under the agreements, the cornerstone investors have agreed, subject to certain conditions, to subscribe at the offer price or cause designated entities to subscribe for an amount of shares (rounded down to the nearest board lot of 100 H shares) totaling approximately $78.5 million. Assuming an offer price of HK$75.50 per H share, the company estimates to receive a net proceeds of approximately HK$11.463 billion from the global offering. In line with the company's strategy, the net proceeds from the global offering are intended for the following purposes and amounts: approximately 40.0% of the net proceeds are expected to be used for aquatic farming and capacity expansion in the next five years, upgrading the technology of existing farming and processing bases to consolidate the company's leading position in the global caviar industry. Approximately 20.0% of the net proceeds are expected to be used for brand marketing activities, expanding global sales channels, focusing on enhancing the brand recognition and attractiveness of "KALUGA QUEEN," and accelerating the expansion of the global sales network to increase market penetration and drive long-term growth. Approximately 15.0% of the net proceeds are earmarked for strengthening research and development capabilities, upgrading digital information systems to promote continuous innovation and enhance digital infrastructure to support business operations. Approximately 15.0% of the net proceeds are intended for strategic investments or acquisitions in the next five years to integrate industry resources, expand production capacity, enhance brand penetration, and enter strategic markets. Approximately 10.0% of the net proceeds will be used for working capital and general corporate purposes.