A股“三振出局” 全球鱼子酱龙头冲刺港股IPO

Core Viewpoint - Shunlong Technology, a leading global caviar company, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its market dominance and expand its operations [1][2]. Company Overview - Shunlong Technology has maintained the title of the world's largest caviar producer since 2015, achieving over 30% of the global market share from 2021 to 2024, with a projected increase to 35.4% in 2024, significantly outpacing its nearest competitor by more than five times [1][2]. - The company has a comprehensive business model that includes sturgeon breeding, caviar processing, sales, and brand marketing, establishing itself as a full industry chain player [4]. Financial Performance - The company reported revenues of 491 million yuan, 577 million yuan, and 669 million yuan for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate (CAGR) of 16.7%. Net profits for the same years were 234 million yuan, 273 million yuan, and 324 million yuan, with a CAGR of 17.8% [4]. - In the first half of 2025, Shunlong Technology achieved revenues of 302 million yuan and net profits of 176 million yuan [4]. Market Presence - Approximately 80% of Shunlong Technology's revenue is generated from international sales, with products exported to 46 countries and regions, including Europe, America, and Asia-Pacific [5]. - The company has established five sales centers in major Chinese cities, serving over 2,000 domestic restaurant and hotel clients, and has exclusive partnerships with major airlines for first-class services [5][6]. IPO Journey - Shunlong Technology has faced multiple challenges in its IPO journey, having attempted to list on the A-share market three times without success before pursuing the Hong Kong IPO [2][3]. - The funds raised from the IPO will be allocated towards aquaculture expansion, technology upgrades, brand marketing, and strategic investments [2]. Industry Growth - The Chinese caviar market is experiencing rapid growth, with a CAGR of 37.8% from 2019 to 2024, significantly outpacing the global average of 12.6%. Projections indicate a continued strong growth rate of 22.2% from 2024 to 2029 [6].