The company behind Kaluga Queen, the world’s biggest caviar producer, is considering an initial public offering in the Hong Kong Special Administrative Region, according to people familiar with the matter.

Hangzhou Qiandaohu Xunlong Sci-Tech Co has contacted advisers to work on the potential share sale, the people said, asking not to be identified because the information is private.

Deliberations are ongoing and details such as size of the offering haven’t been decided, the people said. Qiandaohu did not respond to requests for comment.

The IPO plan coincides with a sharp rebound in share sales in the HKSAR, driven by a 24 percent surge in the benchmark Hang Seng Index this year. The city has seen local debuts raise more than $16 billion in 2025 already, data compiled by Bloomberg show.

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Based in Zhejiang province, Qiandaohu previously looked to go public in Shenzhen in 2012, but the IPO never materialized.