IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Xunlong Scitech |
|---|---|
| Stock Code | 06715 |
| Company Full Name | Hangzhou Qiandaohu Xunlong Sci-tech Co., Ltd. |
| Industry | Consumer Discretionary |
| Principal Activities | We are the world's largest caviar company, integrating sturgeon breeding and farming, caviar processing, sales and brand marketing, with the brand “KALUGA QUEEN (Kaluga)” under our umbrella. |
| Listing Date | 2026-06-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國浙江省杭州市淳安縣千島湖鎮排嶺南路55號2樓 |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1915室 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | kalugaqueen.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | 卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 75.50 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 7,550 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-22 to 2026-06-25 |
| Global Offering Shares | 16,332,900 shares |
| HK Public Offer Shares (Initial) | 1,633,300 shares (10.0%) |
| Public Offer Lots (Initial) | 16,333lots (Pool A8,166lots，Pool B8,167lots) |
| International Placing Shares (Initial) | 14,699,600 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 108,885,600 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 49.9% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 1,233,133,950 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 7,550 |
| 2 lots | 200 | HK$ 15,100 |
| 3 lots | 300 | HK$ 22,650 |
| 4 lots | 400 | HK$ 30,200 |
| 5 lots | 500 | HK$ 37,750 |
| 6 lots | 600 | HK$ 45,300 |
| 7 lots | 700 | HK$ 52,850 |
| 8 lots | 800 | HK$ 60,400 |
| 9 lots | 900 | HK$ 67,950 |
| 10 lots | 1,000 | HK$ 75,500 |
| 15 lots | 1,500 | HK$ 113,250 |
| 20 lots | 2,000 | HK$ 151,000 |
| 25 lots | 2,500 | HK$ 188,750 |
| 30 lots | 3,000 | HK$ 226,500 |
| 35 lots | 3,500 | HK$ 264,250 |
| 40 lots | 4,000 | HK$ 302,000 |
| 45 lots | 4,500 | HK$ 339,750 |
| 50 lots | 5,000 | HK$ 377,500 |
| 60 lots | 6,000 | HK$ 453,000 |
| 70 lots | 7,000 | HK$ 528,500 |
| 80 lots | 8,000 | HK$ 604,000 |
| 90 lots | 9,000 | HK$ 679,500 |
| 100 lots | 10,000 | HK$ 755,000 |
| 200 lots | 20,000 | HK$ 1,510,000 |
| 300 lots | 30,000 | HK$ 2,265,000 |
| 400 lots | 40,000 | HK$ 3,020,000 |
| 500 lots | 50,000 | HK$ 3,775,000 |
| 600 lots | 60,000 | HK$ 4,530,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 700 lots | 70,000 | HK$ 5,285,000 |
| 800 lots | 80,000 | HK$ 6,040,000 |
| 900 lots | 90,000 | HK$ 6,795,000 |
| 1,000 lots | 100,000 | HK$ 7,550,000 |
| 2,000 lots | 200,000 | HK$ 15,100,000 |
| 3,000 lots | 300,000 | HK$ 22,650,000 |
| 4,000 lots | 400,000 | HK$ 30,200,000 |
| 5,000 lots | 500,000 | HK$ 37,750,000 |
| 6,000 lots | 600,000 | HK$ 45,300,000 |
| 7,000 lots | 700,000 | HK$ 52,850,000 |
| 8,166 lots | 816,600 | HK$ 61,653,300 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 5.93B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 8,220,862,800 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 16.3x (based on offer price HK$75.5 and 2025 EPS) |
| Profit/Loss Status | Net profit RMB 365 million |
| Period-End Cash Balance | RMB 783.6 million |
| Listing Expenses | ~HK$ 86,900,000 |
| Listing Expenses / Funds Raised | ~7.0% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 40% will be used for aquaculture and capacity expansion, technical upgrading of existing bases, approximately 20% for brand marketing and expansion of global sales channels, approximately 15% for research and development and digital information systems, approximately 15% for strategic investments or acquisitions, and approximately 10% for working capital and general corporate purposes. |
Underwriting Syndicate
Joint Bookrunners (4)
Joint Lead Managers (4)
Capital Market Intermediaries (4)
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
史密夫斐尔凯迈律师事务所 北京市天元律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
竞天公诚律师事务所有限法律责任合伙 国浩律师事务所 |
| Auditor and Reporting Accountant | 罗兵咸永道会计师事务所 |
| Industry Advisor | 灼识企业管理咨询（上海）有限公司 |
| Compliance Advisor | RED SOLAR SECURITIES (INTERNATIONAL) LIMITED CE BJG062 |
| Receiving Banks |
中国银行（香港）有限公司 中信银行（国际）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 贝莱德基金 | 30,000,000 USD | 3,113,300 | 19.06% | 2.86% | 6 months | 2026-12-30 |
| 2 | 霸菱 | 10,000,000 USD | 1,037,700 | 6.35% | 0.95% | 6 months | 2026-12-30 |
| 3 | 泰康人寿 | 10,000,000 USD | 1,037,700 | 6.35% | 0.95% | 6 months | 2026-12-30 |
| 4 | 上海景林及GTINV | 7,500,000 USD | 778,300 | 4.77% | 0.71% | 6 months | 2026-12-30 |
| 5 | 大成投资者 | 7,000,000 USD | 726,400 | 4.45% | 0.67% | 6 months | 2026-12-30 |
| 6 | 工银理财 | 5,000,000 USD | 518,800 | 3.18% | 0.48% | 6 months | 2026-12-30 |
| 7 | Nova Kerry Inc. | 5,000,000 USD | 518,800 | 3.18% | 0.48% | 6 months | 2026-12-30 |
| 8 | 未来资产证券（香港） | 4,000,000 USD | 415,100 | 2.54% | 0.38% | 6 months | 2026-12-30 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 王斌 | WANG Bin |
| Company Secretary | 許鵬飛 | — |
| Non-Executive Director | 董振東 | DONG Zhendong |
| Independent Non-Executive Director | 孫松 | SUN Song |
| Executive Director | 夏永濤 | XIA Yongtao |
| Non-Executive Director | 孔德仁 | KONG Deren |
| Independent Non-Executive Director | 范新鵬 | FAN Xinpeng |
| Executive Director | 韓磊 | HAN Lei |
| Independent Non-Executive Director | 宋秀梅 | SONG Xiumei |
| Executive Director | 王志剛 | WANG Zhigang |
Major Shareholders
| Major Shareholders & Holdings | Mr. Wang Bin holds in aggregate approximately 29.44% of the shares through his personal shareholdings and controlled corporations; 淳安卡露伽人 holds 17.97%; Chen Xiabin holds 10.77%; 灃石景和 holds 6.74%. |
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