Served by leading international airlines, selected by Michelin-starred restaurants, and distributed across 46 countries and regions, the brand has grown from China’s Qiandao Lake into one of the most recognized names in modern caviar.

Today, the company behind that journey enters a new chapter.

Xunlong Technology Co., Ltd., the parent company of Kaluga Queen, officially commenced trading on the Main Board of the Hong Kong Stock Exchange under stock code 06715.HK.

The company offered 16.33 million H shares at HK$75.50 per share. The stock opened at HK$103.00, representing a 36.42% increase from the offer price. Proceeds from the offering will be used to support production expansion, technology upgrades, global brand development, sales channel enhancement, research and development initiatives, digital infrastructure, and strategic growth opportunities.

Beyond the financial milestone, the listing reflects a broader story: the emergence of China as a major force in the global caviar industry, and the evolution of Kaluga Queen from a producer into an internationally recognized premium food brand.

From China to the World’s Finest Tables

Over the past two decades, global perceptions of caviar have undergone a significant transformation.

Once dominated by traditional producing regions, the industry has become increasingly global. China now plays a central role in that transformation.

According to CIC, Xunlong Technology has ranked first globally in caviar sales volume for eleven consecutive years since 2015. Between 2021 and 2025, the company maintained more than 30% of global market share, reaching 36.1% in 2025.

Today, Kaluga Queen products are sold across Europe, the Americas, Asia-Pacific and the Middle East, reaching customers in 46 countries and regions worldwide.

International business has become the company’s primary growth engine. Overseas sales represented 76.7%, 80.1% and 83.8% of total revenue in 2023, 2024 and 2025 respectively.

The brand has also established a strong presence within the global fine dining ecosystem. Kaluga Queen caviar is served by airlines including Lufthansa, Singapore Airlines, Cathay Pacific and Air China, while also being selected by Michelin-starred restaurants, luxury hotels and prestigious culinary events around the world.

What began on the shores of Qiandao Lake has evolved into a brand found on some of the world’s most respected dining tables.

Time, Nature and Technology

Success in caviar is not built overnight.

Unlike most food categories, caviar production requires extraordinary patience. Depending on the species, sturgeon can take seven to fifteen years to reach maturity before producing roe suitable for caviar.

This biological reality creates one of the industry’s highest barriers to entry.

As of June 30, 2025, Xunlong Technology maintained approximately 14,000 metric tons of sturgeon biological assets, among the largest inventories globally.

Over more than two decades, the company has invested heavily in breeding technology, aquaculture systems, quality control and long-term resource management. From overcoming challenges in artificial sturgeon propagation to developing proprietary broodstock resources and establishing eight major production bases across China, it has built a fully integrated value chain covering breeding, farming, processing, research, product development, sales and brand management. 

The result is not simply scale, but a production system capable of delivering consistency, quality and reliability to customers worldwide.

In caviar production, time creates rarity, while technology safeguards excellence. Together, they form the foundation of Kaluga Queen’s global reputation.

Bringing Caviar Beyond Fine Dining

While Kaluga Queen’s international reputation was built through professional culinary channels, the company’s next phase of growth is increasingly consumer-focused.

Globally, caviar remains strongly associated with fine dining, luxury hospitality and special occasions. Yet consumer behavior is evolving, particularly in Asia, where demand for premium food experiences continues to expand.

In China, per-capita caviar consumption remains significantly below that of Europe and North America, suggesting substantial long-term growth potential. 

Recognizing this opportunity, Kaluga Queen has been exploring new ways to introduce caviar to a broader audience.

The brand has integrated caviar into contemporary Chinese dining culture while also developing innovative consumer products under its “Caviar+” strategy, including caviar ice cream, caviar mooncakes and caviar chocolates.

Beyond product innovation, Kaluga Queen is building a direct-to-consumer retail network centered around experiential spaces, lifestyle-driven retail concepts and educational tasting experiences.

The company’s first dedicated caviar experience store opened in 2025, with additional locations planned in major cities.

The objective is not simply to sell more caviar, but to make caviar more approachable, discoverable and culturally relevant to a new generation of consumers.

The Next Chapter for Chinese Caviar

For Kaluga Queen, the HKEX listing is not an end point but the beginning of a new phase.

Over the past twenty years, the company has helped establish China as one of the most important players in the global caviar industry. The next ambition is broader: to build a globally influential premium food brand rooted in Chinese craftsmanship, natural resources and long-term commitment to quality.

Looking ahead, the company plans to continue investing in production capacity, technology innovation, international brand building, retail development and product diversification.

More importantly, it aims to further strengthen the connection between Chinese premium ingredients and global consumers.

As international interest in provenance, craftsmanship and culinary culture continues to grow, Kaluga Queen believes Chinese brands have an unprecedented opportunity to contribute to the future of global gastronomy.

The story of Kaluga Queen reflects a larger transformation taking place across Chinese consumer brands — a shift from manufacturing excellence to global brand leadership.

And for a company built on patience, the philosophy remains unchanged:

Time creates rarity. Time creates value. And ultimately, time reveals its answer to the world.