Market AnalysisJun 25, 20262 Min

Hong Kong IPO market heats up: World’s largest caviar company launches $1.23-bn IPO

Hangzhou Qiandaohu Xunlong Sci-tech, the world’s biggest caviar producer, is launching its initial public offering (IPO) in Hong Kong to raise about HK$1.23 billion.

The Chinese caviar company plans to sell 16.33 million H shares at HK$75.50 each. Each board lot of 100 shares requires an entry fee of HK$7,626.14.

According to the Hong Kong exchange filing, the company has set aside a small portion of the shares on offer for Hong Kong investors and the rest is aimed at international buyers.

Eight cornerstone investors, including BlackRock Funds, Barings, Taikang Life, and ICBC Wealth, have already agreed to buy $78.5 million worth of stock, or 49.9% of the shares on offer.

This has created concerns that fewer shares would be left to trade freely once the stock starts trading on exchanges as a large chunk of the IPO is already pre-allocated to cornerstone investors.

Hangzhou Qiandaohu Xunlong informed the Hong Kong exchange that the cash raised through the IPO would mostly go toward expanding aquaculture – essentially fish farming – and upgrading its breeding and processing facilities, while also funding marketing, overseas sales, research, and digital systems.

The company is scheduled to make its public market debut on the Hong Kong Stock Exchange (HKEX) on June 30.

Notably, Hangzhou Qiandaohu Xunlong Sci-tech owns the brand Kaluga Queen, which has been the world’s top-selling caviar brand for 10 consecutive years.

Recent IPOs

Hangzhou Qiandaohu Xunlong Sci-tech joins a growing list of IPOs in the Hong Kong market.

Last week, Chinese autonomous-driving start-up Momenta moved a step closer to a Hong Kong IPO after mainland China’s securities regulator disclosed a filing notice approving the proposed share sale. General Motors-backed Momenta is reportedly set to raise about $1 billion via the share sale.

Separately, China’s fifth-largest cross-border e-commerce marketing service provider Miduoduo also filed for an IPO in Hong Kong. Using the IPO proceeds, Miduoduo aims to expand its direct e-commerce operations and build localized warehouses in key Southeast Asian countries of Thailand, Indonesia, Vietnam and Malaysia.

In addition to these, six other companies have launched Hong Kong offerings recently, seeking to raise a combined HK$19.8 billion ($2.5 billion) as global markets stabilise following a ceasefire agreement between the US and Iran.

Hong Kong IPOs and second listings have raised $21.5 billion so far this year, more than double the same period in 2025.