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wrote a column · Jun 30 07:32

IPO Pricing | Sturgeon Tech listed today, received over 2,100x subscription, priced at HK$75.5 per share, with grey-market gains of HK$2,800 per lot

Futu News, June 30: $XUNLONG SCITECH (06715.HK)$ announced its allotment results, pricing shares at HK$75.5 each, issuing a total of 16.3329 million shares, with board lots of 100 shares each; the stock officially listed today.
On the previous trading day, Sturgeon Tech’s grey-market price closed up 37.09% at HK$103.5, yielding a HK$2,800 profit per lot of 100 shares, excluding fees.
During the public offering phase, Sturgeon Technology received subscriptions totaling 2,134.81 times the number of shares offered. The final number of shares allocated to the public offering amounted to 1.6333 million shares, representing approximately 10% of the total offering. A total of approximately 179,700 valid applications were received, with around 16,265 applications processed. The proportion of applicants who applied for one board lot and were allotted shares was approximately 3% of the total number of shares applied for.
In addition, during the international placement phase, Sturgeon Technology received subscriptions totaling 19.87 times the number of shares offered. The final number of shares allocated to the international offering amounted to 14.6996 million shares, representing 90% of the total offering. Futu compiled the relevant data in the table below:
Futu News, June 30: $XUNLONG SCITECH (06715.HK)$ announced its allotment results, pricing shares at HK$75.5 each, issuing a total of 16.3329 million shares, with board lots of 100 shares each; the stock officially listed today. On the previous trading day, Sturgeon Tech’s grey-market price closed up 37.09% at HK$103.5, yielding a HK$2,800 profit per lot of 100 shares, excluding fees. During the public offering phase, Sturgeon Tech received 2,134.81x subscription. The final number of shares allocated to the public offering was 1.6333 million shares, representing approximately 10% of the total offered shares. A total of approximately 179,700 valid applications were received, with about 16,265 applications processed. The approximate percentage of applicants who applied for one lot and received an allotment was 3% of total applications. Additionally, during the international placement phase, Sturgeon Tech received 19.87x subscription. The final number of shares allocated to international investors was 14.6996 million shares, accounting for 90% of the total offered shares. Futu News compiled the relevant data in the table below: 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....
Futu News, June 30: $XUNLONG SCITECH (06715.HK)$ announced its allotment results, pricing shares at HK$75.5 each, issuing a total of 16.3329 million shares, with board lots of 100 shares each; the stock officially listed today. On the previous trading day, Sturgeon Tech’s grey-market price closed up 37.09% at HK$103.5, yielding a HK$2,800 profit per lot of 100 shares, excluding fees. During the public offering phase, Sturgeon Tech received 2,134.81x subscription. The final number of shares allocated to the public offering was 1.6333 million shares, representing approximately 10% of the total offered shares. A total of approximately 179,700 valid applications were received, with about 16,265 applications processed. The approximate percentage of applicants who applied for one lot and received an allotment was 3% of total applications. Additionally, during the international placement phase, Sturgeon Tech received 19.87x subscription. The final number of shares allocated to international investors was 14.6996 million shares, accounting for 90% of the total offered shares. Futu News compiled the relevant data in the table below: 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....
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
Source: Prospectus
Use of Proceeds
Regarding the use of proceeds, Sturgeon Technology expects net proceeds from the global offering to amount to approximately HK$1.146 billion (based on an issue price of HK$75.5 per share). According to the prospectus, Sturgeon Technology intends to allocate the net proceeds from the global offering to the following purposes:
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.
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Futu News, June 30: $XUNLONG SCITECH (06715.HK)$ announced its allotment results, pricing shares at HK$75.5 each, issuing a total of 16.3329 million shares, with board lots of 100 shares each; the stock officially listed today. On the previous trading day, Sturgeon Tech’s grey-market price closed up 37.09% at HK$103.5, yielding a HK$2,800 profit per lot of 100 shares, excluding fees. During the public offering phase, Sturgeon Tech received 2,134.81x subscription. The final number of shares allocated to the public offering was 1.6333 million shares, representing approximately 10% of the total offered shares. A total of approximately 179,700 valid applications were received, with about 16,265 applications processed. The approximate percentage of applicants who applied for one lot and received an allotment was 3% of total applications. Additionally, during the international placement phase, Sturgeon Tech received 19.87x subscription. The final number of shares allocated to international investors was 14.6996 million shares, accounting for 90% of the total offered shares. Futu News compiled the relevant data in the table below: 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....
Editor/Joe
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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