Core Viewpoint - Sturgeon Technology is launching an IPO on the Hong Kong Stock Exchange, capitalizing on the trend of companies going public in Hong Kong after recently delisting from the New Third Board in China [1][4]. Company Overview - Founded in 2003 in Hangzhou, Sturgeon Technology specializes in sturgeon breeding, ecological farming, caviar production, and processing [1]. - The company is recognized as the largest caviar producer globally, with its KALUGA QUEEN brand supplying major airlines like Lufthansa, Singapore Airlines, and Cathay Pacific [2]. Market Position - Sturgeon Technology has maintained the highest global caviar sales since 2015, holding over 30% of the market share from 2021 to 2024, projected to reach 35.4% in 2024, significantly surpassing its nearest competitor [2]. - The company reported revenue growth from 491 million yuan in 2022 to 669 million yuan in 2024, with a compound annual growth rate (CAGR) of approximately 16.7% [2]. Profitability - The net profit increased from 234 million yuan in 2022 to 324 million yuan in 2024, with a CAGR of 17.8% [2]. - Sturgeon Technology's net profit margin rose from 47.5% to 48.4%, indicating a strong performance compared to the typical 20%-30% margin in the high-end food sector [3]. Recent Developments - In the first half of the current year, the company achieved revenue of approximately 302 million yuan and a net profit of about 176 million yuan, with a net profit margin of 58.29%, exceeding that of Kweichow Moutai [3]. - Prior to the IPO, Sturgeon Technology announced its delisting from the New Third Board, citing strategic development and cost reduction as reasons for the move [3][4]. Historical Context - Sturgeon Technology's journey in the capital market has been brief, having listed on the New Third Board in March 2024 and delisting in August 2025, with previous unsuccessful attempts to list on A-shares [4]. - The transition to the Hong Kong market is seen as a strategic move to improve liquidity and valuation compared to the New Third Board [4].