HONG KONG, June 30th, 2026 —— CIC extends our warmest congratulations to Hangzhou Qiandaohu Xunlong Sci-tech Co., Ltd. (06715. HK) on its successful listing on the Hong Kong Stock Exchange (HKEX) today.
CIC's Collaborative Journey to the Listing
Throughout the listing process, CIC provided end-to-end support to the company and its sponsors:
Drafted and compiled the industry overview chapter of the prospectus, laying a solid reports foundation for the formal listing application.
Assisted in responding to inquiries from regulatory authorities, ensuring comprehensive and accurate disclosure.
Refined listing application materials continuously to meet stringent market and regulatory requirements.
Xunlong Sci-tech: Global Leader in Caviar Production
Xunlong Sci-tech's cornerstone investor roster features a blue-chip lineup of global asset managers and leading domestic financial institutions, including BlackRock, Baring Asset Management, Taikang Life Insurance, ICBC Wealth Management, Greenwoods Asset Management and Mirae Asset Securities (Hong Kong). The high-profile lineup underscores long-term capital’s strong conviction in the growth trajectory of the premium food sector.
Founded in 2003, Xunlong Sci-tech is a fully integrated caviar enterprise with end-to-end capabilities spanning sturgeon breeding, commercial aquaculture, caviar processing, global distribution and brand operations. Its flagship proprietary brand KALUGA QUEEN has built an established international reputation, supplying premium caviar to specialty food retailers, fine-dining venues and first-class cabins of top global airlines.
The KALUGA QUEEN brand has been featured in leading global and Chinese media including People’s Daily, Global Times, The Wall Street Journal, Bloomberg and TIME. During the track record period, it has earned multiple industry accolades: Bloomberg Green Gold ESG Pioneer – Most Noticed Brand of the Year, Target Most Valuable Caviar Brand of the Year, THE BEST BANG Most Influential Caviar Brand, and Voyage Awards Selected Caviar Brand.
Key Market & Operational Leadership
Unrivaled global scale: According to CIC reports, Xunlong Sci-tech ranked as the world's No.1 caviar company by 2025 sales volume, commanding a 36.1% global market share — more than four times the size of its closest competitor. It has held a global volume share above 30% for five consecutive years (2021–2025) and retained the world’s top ranking for 11 straight years (2015–2025).
Fully integrated value chain: With over two decades of industry expertise, the company operates a closed-loop value chain covering sturgeon breeding, farming, processing, sales and brand marketing. It is also the only caviar manufacturer in China certified by Friend of the Sea (FOS), the global sustainable seafood standard.
World's largest sturgeon resource base: By scale and species diversity, Xunlong Sci-tech hosts the world's largest and most diverse sturgeon genetic resource bank, and is one of few producers globally capable of supplying caviar from six major sturgeon species.
Global Caviar Market Outlook
The global caviar market has undergone a structural supply shift over the past 50 years. According to Food and Agriculture Organization (FAO), global wild sturgeon catches peaked in 1977 with total caviar sales of roughly 1,988 tons. Driven by wild stock depletion and strict conservation regulations, supply plummeted to 280 tons by 1997.
While farmed caviar production has scaled steadily since the early 2000s, the long investment cycle and capital-intensive nature of sturgeon aquaculture have kept global supply well below historical peaks, creating a persistent structural supply deficit.
According to CIC reports, global caviar sales reached 808.4 tons in 2025, and are projected to hit 1,343.9 tons by 2030, representing a 10.7% CAGR. China is now the world's largest caviar production hub, accounting for 54.0% of global output with 436.8 tons sold in 2025. China will remain the primary engine of global supply growth, with output forecast to reach 898.2 tons by 2030 at a 15.5% CAGR, lifting its global share to 66.8%.
On the demand side, the EU, the U.S. and Russia are traditional mature markets with resilient, steady consumption. Emerging markets are delivering explosive growth: China's domestic caviar sales surged from 10.7 tons in 2020 to 74.5 tons in 2025 at a 47.5% CAGR. Growth is expected to continue at a 19.5% CAGR through 2030, reaching 181.3 tons.
China's caviar market remains in an early rapid adoption phase, with consumer awareness building quickly. Rising disposable incomes and the expansion of the premium food sector are broadening acceptance, while consumption touchpoints are expanding beyond high-end catering to premium supermarkets, e-commerce platforms and home dining — shifting caviar from a niche luxury to an accessible everyday premium experience.
CIC identifies four key tailwinds underpinning sustained industry expansion:
1. Maturing commercial aquaculture infrastructure
Advancements in farming technology and genetic breeding have fully decoupled caviar supply from wild sturgeon stocks. China and Italy have built robust large-scale aquaculture systems that lift production efficiency, improve roe quality and enhance supply reliability. China’s caviar output grew from 133 tons in 2020 to an estimated 437 tons in 2025, and is on track to reach around 898 tons by 2030, laying a solid supply foundation for industry-wide growth.
2. Broad-based demand expansion across segments
Geographically, consumption culture is deeply entrenched in mature markets, while emerging markets like China and Japan are seeing fast-growing adoption. On the B2B side, gradual price normalization is driving volume growth across catering and banquet channels — China’s food service caviar consumption has grown nearly sixfold over the past five years. On the B2C side, a growing middle class and rising demand for refined lifestyles are boosting consumption, with leading brands expanding reach to experience-focused Gen Z consumers through innovative culinary applications. China’s middle-class population expanded from 144.6 million in 2020 to 329.4 million in 2025, with per capita caviar consumption among this group rising from 0.07 grams to 0.23 grams over the same period, and projected to reach 0.37 grams by 2030.
3. Product innovation unlocking new use cases
To cater to diverse consumer preferences and scenarios, caviar products are expanding into adjacent categories including caviar-infused skincare, ice cream, mooncakes and chocolate. These innovations lower the threshold for mass consumer trial and cultivate long-term consumption culture. By retail sales, the global and Chinese markets for caviar-related products grew from RMB2.6 billion and RMB700 million in 2020 to RMB14.7 billion and RMB4.5 billion in 2025, at CAGRs of 41.6% and 46.8% respectively. They are forecast to reach RMB26.1 billion and RMB9.1 billion by 2030, with 2025–2030 CAGRs of 12.2% and 15.0%.
4. Policy tailwinds reinforcing industrial development
Recent national policies supporting rural revitalization, modern fisheries, cold chain logistics and deep processing of agricultural products have created favorable conditions for the caviar industry across farm construction, processing capacity upgrading and brand globalization. China’s Rural Revitalization Plan (2024–2027) prioritizes modern agricultural development, infrastructure upgrading and technological advancement. The Ministry of Agriculture and Rural Affairs has also rolled out targeted policies to accelerate facility-based aquaculture and high-quality fishery development in 2025 and 2026 respectively.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, etc., with global experience in enabling "first-in-sector" IPOs in the consumer sector.
From IPO preparation to listing hearings, CIC unearths the true intrinsic value of enterprises and translates it into actionable insights for successful capital market landing. Prior to Xunlong Sci-tech, CIC has supported leading enterprises in successful listings both domestically and overseas, including MIXUE Group, Goodme Tea, CR Beverage, Forest Cabin, etc.
CIC Reports are now available on Bloomberg and FactSet portals.
About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
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