Core Viewpoint - Xunlong Technology is seeking to list on the Hong Kong Stock Exchange, claiming to be the world's largest caviar company, with a market share exceeding 30% since 2021 and projected to reach 35.4% in 2024, significantly outpacing its nearest competitor [1][2]. Group 1: Company Overview - Xunlong Technology, established in 2003 under the guidance of the Chinese Academy of Fishery Sciences, has developed into the largest caviar enterprise globally, covering the entire industry chain from sturgeon breeding to caviar processing and sales [4][5]. - The company operates its own caviar brand "KALUGA QUEEN," supplying major international airlines and Michelin-starred restaurants, and has been featured in prestigious events like the Oscars [5]. Group 2: Financial Performance - Revenue from 2022 to 2024 was reported as 491 million RMB, 577 million RMB, and 669 million RMB, with a compound annual growth rate (CAGR) of 16.7%. Net profits for the same period were 234 million RMB, 273 million RMB, and 324 million RMB, with a CAGR of 17.8% [6]. - In the first half of 2025, the company achieved revenue of 302 million RMB and a net profit of 176 million RMB [6]. Group 3: Sales and Market Presence - Caviar sales from 2022 to 2024 were 195.9 tons, 219.9 tons, and 258.3 tons, with 141.1 tons sold in the first half of 2025. The majority of sales are directed towards international markets, with products exported to 46 countries and regions [7]. - The company has established five sales centers in major Chinese cities, serving over 2,000 domestic restaurants and hotels, including Michelin-starred establishments [9][10]. Group 4: IPO Attempts and Challenges - Xunlong Technology has faced multiple challenges in its attempts to list on the A-share market, with three unsuccessful applications between 2011 and 2022 due to various regulatory concerns [2][14]. - The company briefly listed on the New Third Board in March 2024 but delisted in August 2025 due to strategic adjustments [3][15].

Core Viewpoint - Sturgeon Technology has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and CITIC Jianxin International as joint sponsors [1] Company Overview - Sturgeon Technology is the world's largest caviar producer, having achieved the highest global sales for ten consecutive years since 2015 [1] - The company's brand "KALUGA QUEEN" is internationally recognized [1] Market Dynamics - In 2024, Sturgeon Technology's caviar sales are projected to account for 35.4% of the global market, significantly surpassing the second-largest competitor [1] - According to the Food and Agriculture Organization (FAO), global sturgeon catch peaked in 1977, and despite an increase in farmed caviar supply in the 21st century, the overall supply remains below historical peaks due to high investment barriers, leading to a long-term supply shortage [1] Growth Projections - Global caviar sales are expected to reach 729.2 tons in 2024, with a projected increase to 1,230.9 tons by 2029, reflecting a compound annual growth rate (CAGR) of 11.0% [1] - China is currently the largest caviar producer, with 2024 sales expected to represent 52.0% of the global total (379.3 tons) [1] - Future growth in global caviar production is anticipated to be primarily driven by China, with projections indicating production of 796.7 tons by 2029, accounting for 64.7% of global supply and a CAGR of 16.0% [1] Clientele and Recognition - Sturgeon Technology supplies products to several international airlines' first-class cabins and numerous Michelin-starred restaurants, and has been featured at the Oscars dinner [1]

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].

Core Viewpoint - Xunlong Technology is applying for a listing on the Hong Kong Stock Exchange, with CITIC Securities and CITIC Jinshi International as joint sponsors [1] Company Overview - Xunlong Technology is the world's largest caviar producer, holding the number one position in global caviar sales for ten consecutive years since 2015 [3] - The company has established a well-known caviar brand, "KALUGA QUEEN" [3] Market Position and Growth - From 2021 to 2024, Xunlong Technology's caviar sales are projected to maintain over 30% of the global market, reaching 35.4% in 2024, significantly surpassing the second-largest competitor by more than five times [3] - The global caviar market is expected to grow from 729.2 tons in 2024 to 1,230.9 tons by 2029, with a compound annual growth rate (CAGR) of 11.0% [3] - China is currently the largest caviar producer, with an expected production of 379.3 tons in 2024, accounting for 52.0% of global sales [3] - By 2029, China's caviar production is anticipated to reach 796.7 tons, representing a CAGR of 16.0% and 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 [7] - The net profit for the same periods was approximately RMB 233 million, RMB 273 million, and RMB 324 million [7] - The company operates eight sturgeon farming bases and two processing facilities as of June 30, 2025 [7]