Core Viewpoint - Xunlong Technology, the world's largest caviar producer, has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and CITIC Jinshi International as joint sponsors [1][3]. Company Overview - Xunlong Technology has maintained the highest global caviar sales for ten consecutive years since 2015, holding over 30% of the global market share from 2021 to 2024, and is projected to reach 35.4% in 2024, significantly surpassing the second-largest competitor by more than five times [3]. - The company has established a well-known caviar brand, "KALUGA QUEEN" [3]. Market Dynamics - According to the FAO, global sturgeon catch peaked in 1977, and while artificial caviar supply has increased in the 21st century, high entry barriers due to long investment cycles and large scale requirements have kept supply below historical highs, leading to a long-term supply-demand imbalance [3]. - Global caviar sales are expected to reach 729.2 tons in 2024 and grow to 1,230.9 tons by 2029, with a compound annual growth rate (CAGR) of 11.0%. However, this volume will still be significantly lower than the 1977 peak, indicating a substantial supply gap [3]. China's Role - China is currently the largest caviar producer globally, with projected sales of 379.3 tons in 2024, accounting for 52.0% of the global market. By 2029, China's caviar production is expected to reach 796.7 tons, with a CAGR of 16.0%, representing approximately 64.7% of global supply [3]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Xunlong Technology reported revenues of approximately RMB 491 million, RMB 577 million, and RMB 669 million, respectively. Corresponding profits were about RMB 233 million, RMB 273 million, and RMB 324 million [7][8]. - The company operates eight sturgeon farming bases and two processing facilities as of June 30, 2025 [7].
新股消息 | 全球最大的鱼子酱企业鲟龙科技递表港交所 已有八个鲟鱼养殖基地及两座加工基地投入运营
Zhi Tong Cai Jing·2025-10-30 22:56