New IPO News | Sturgeon Dragon Technology, dubbed the 'first caviar stock,' has launched its IPO and plans to list on June 30, with a minimum subscription amount of HK$7,626.14 per lot

Futu News, June 22: $XUNLONG SCITECH (06715.HK)$ announced in a filing that it will open its IPO from June 22 to June 25, offering approximately 16.3329 million shares globally, with listing expected on June 30.

Company Overview

Sturgeon Dragon Technology is the world's largest caviar company. According to CIC Consulting, the company has ranked first globally in caviar sales for 11 consecutive years since 2015. From 2021 to 2025, its caviar sales consistently accounted for over 30% of the global caviar market, reaching 36.1% in 2025—more than four times that of the world’s second-largest player.

With over 20 years of industry experience and development, the company has successfully built an integrated sturgeon and caviar value chain covering sturgeon breeding and farming, caviar processing, sales, and brand marketing. It established the international caviar brand 'KALUGA QUEEN.' Driven by continuous technological advancement, the company is committed to delivering premium caviar products to global consumers.

Financial Summary

Sturgeon Technology's revenue increased from RMB 577.2 million in 2023 to RMB 769.0 million in 2025, representing a compound annual growth rate (CAGR) of 15.4%. The company's net profit rose from RMB 272.9 million in 2023 to RMB 365.0 million in 2025, reflecting a CAGR of 15.7%. The company recorded gross profits before fair value adjustments of biological assets of RMB 404.6 million, RMB 443.5 million, and RMB 520.9 million in 2023, 2024, and 2025, respectively.

Source: Prospectus

Use of Proceeds

Regarding the use of proceeds, Sturgeon Technology expects net proceeds from the global offering of approximately HKD 1.146 billion (assuming the over-allotment option is not exercised and based on an issue price of HKD 75.5 per share). According to the prospectus, Sturgeon Technology intends to allocate the proceeds from the global offering as follows:

Approximately 40% is expected to be used over the next five years for aquaculture and capacity expansion, as well as technological upgrades at existing farming and processing facilities; approximately 20% is expected to be allocated over the next five years to brand marketing initiatives and expanding global sales channels, with a focus on enhancing recognition and appeal of the 'KALUGA QUEEN' brand, raising consumer awareness and engagement, and accelerating the expansion of the global sales network to improve market penetration and drive long-term growth; approximately 15% is expected to be dedicated over the next five years to continuously strengthening R&D capabilities and upgrading digital information systems; approximately 15% is expected to be used over the next five years for strategic investments or acquisitions; and approximately 10% will be used for working capital and general corporate purposes.

Further reading:Sturgeon Technology Prospectus

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Editor/Joe

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