(01:38 GMT) *Hangzhou Qiandaohu Xunlong Sci-Tech Shares Rise 36% to HK$103.00 From IPO Price in Hong Kong Trading Debut (02:40 GMT) 'Caviar King' Xunlong Sci-Tech Climbs in Hong Kong Debut
By Megan Cheah
Shares of "caviar king" Hangzhou Qiandaohu Xunlong Sci-Tech rose on their first day of trading in Hong Kong, underscoring investor interest in a company that has become the poster child of China's agricultural success.
The solid debut of the company behind internationally renowned caviar brand Kaluga Queen on an exchange typically known for Chinese tech listings shows that China's progress in innovation is extending far beyond the usual suspects.
High-end food items such as foie gras and caviar from China are increasingly finding their way into top-tier kitchens around the world due to their combination of relatively affordable pricing and good quality.
The stock advanced as much as 47% in early trading Tuesday to 111.00 Hong Kong dollars, equivalent to US$14.16. It has since pared gains to trade at HK$105.00, compared with its initial public offering price of HK$75.50.
The world's largest caviar producer raised HK$1.23 billion from the sale of 16.3 million shares. The Hong Kong public offering of 1.6 million shares was over 2,134 times subscribed, while the remainder in the international offer were 19.87 times subscribed.
Xunlong Sci-Tech said it will use the IPO proceeds to grow its aquaculture base and production capacity, as well as boost its international sales channel.
Write to Megan Cheah at megan.cheah@wsj.com