Premium caviar produced by Hangzhou Qiandaohu Xunlong Sci-tech Co. [Photo/Tide News]

While Hangzhou's famed "Six Little Dragons" tech companies have drawn global attention in AI and robotics, another local champion is making waves in a very different industry.

Hangzhou-based Kaluga Queen, operated by Hangzhou Qiandaohu Xunlong Sci-Tech Co, has passed its Hong Kong listing hearing and is set to become the world's first publicly listed caviar company.

The company has dominated the global caviar market for 11 consecutive years, supplying premium caviar to more than 40 countries and regions. Its products are served in Michelin-starred restaurants worldwide and in the first-class cabins of major airlines including Singapore Airlines, Lufthansa and Air China.

Built around Qiandao Lake's pristine waters, Xunlong has spent over two decades developing a fully integrated sturgeon farming and caviar production chain. Today, it holds a 36.1-percent share of the global caviar market and ranks as the world's largest producer.

In 2025, the company reported revenue of 769 million yuan ($112.9 million) and net profit of 365 million yuan, with a profit margin approaching that of leading luxury consumer brands.

Industry observers say the company's success highlights a different side of Hangzhou's innovation story — one driven not by algorithms and AI, but by long-term investment, biotechnology and premium manufacturing.

An aerial view of a sturgeon farming base operated by Hangzhou Qiandaohu Xunlong Sci-tech Co. [Photo/Tide News]