IPO News | Sturgeon Technology, the world's largest caviar company, submitted that the Hong Kong Stock Exchange has already put eight sturgeon breeding bases and two processing bases into operation

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on October 30, Hangzhou Qiandaohu Qiandaohu Qianlong Technology Co., Ltd. (hereinafter: Qianlong Technology) submitted a listing application to the main board of the Hong Kong Stock Exchange, with CITIC Securities and CITIC Construction Investment International as co-sponsors.

According to the prospectus, Sturgeon Technology is the world's largest caviar company. According to Insight Consulting, the company has achieved the number one caviar sales worldwide for 10 consecutive years since 2015. From 2021 to 2024, its caviar sales continued to account for more than 30% of the global market, reaching 35.4% in 2024, more than 5 times that of the second-largest company. The company founded the world-famous caviar brand “KALUGA QUEEN (Kaluga)”.

According to the Food and Agriculture Organization of the United Nations (FAO), global sturgeon fishing reached a historic peak in 1977. Since the 21st century, the supply of farmed caviar has gradually increased, but due to the long investment cycle and high entry threshold for artificially farmed sturgeon, the global supply of caviar is still far below the historical high, and the market has been in short supply for a long time. Global caviar sales in 2024 were 729.2 tons, and are expected to reach 1,230.9 tons in 2029, with a compound annual growth rate of 11.0%; sales in 2029 are still far below 1977 levels, showing a huge gap between supply and demand.

According to data, China is currently the world's largest caviar producer. In 2024, caviar sales will reach 379.3 tons, accounting for 52.0% of the world. In the future, from the supply side, the main source of growth in global caviar production is China. It is estimated that in 2029, China's caviar production will reach 796.7 tons, with a compound annual growth rate of 16.0%, accounting for about 64.7% of global supply.

Sturgeon Technology has long provided first-class products for major international airlines such as Lufthansa, Singapore Airlines and Cathay Pacific under its own brand. Caviar products are widely supplied to many Michelin star restaurants around the world, and were selected for Oscar dinners. As of June 30, 2025, the company has eight sturgeon breeding bases and two processing bases in operation.

On the financial side, in 2022, 2023 and 2024, the company achieved revenue of approximately 491 million yuan, 577 million yuan and 669 million yuan respectively; profit for the period was approximately 233 million yuan, 273 million yuan and 324 million yuan respectively.