The world's largest caviar producer Xunlong files for HK IPO

Hangzhou Qiandaohu Xunlong Sci-tech, the world's largest caviar company, has filed for an initial public offering in Hong Kong.

If successfully listed on the Hong Kong Stock Exchange, it could become the "first caviar stock in Hong Kong."

Its road to going public has been rocky. From targeting the A-shares in 2011 to its second filing in Hong Kong, this marks its fifth attempt to crack the capital market.

The Chinese caviar producer and processor said its caviar sales volume accounted for 36.1 percent of the global caviar market in 2025 – more than four times that of the second-largest player.

Notably, revenue generated from its overseas sales made up 83.8 percent of its total revenue, amounting to 644.5 million yuan (HK$742 million) in 2025. 

Last year, the company recorded a net profit of 363.3 million yuan, up 17.8 percent from the previous year.

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