Liu Jingkang, founder of Insta360.
Courtesy of Insta360
Shares of Chinese camera maker Insta360 almost quadrupled in their public debut on the Shanghai Stock Exchange, valuing the company at about 71 billion yuan ($9.9 billion) and making its 33-year-old founder, Liu Jingkang, a billionaire.
Trading as Arashi Vision, the Shenzhen-headquartered camera maker raised 1.94 billion yuan ($270 million) in its debut on the Shanghai bourse’s Science and Technology Innovation Board (STAR Market) on Wednesday. It opened at 182 yuan, 285% above its IPO price of 47.27 yuan, reaching a peak of almost 188 yuan before closing at 177 yuan. This was the largest listing on the STAR Market this year, and proceeds will mainly be used to back future research and development.
A computer science graduate from Nanjing University, Liu, who goes by his initials “JK,” founded Insta360 in 2015 and was featured on the Forbes 30 Under 30 Asia list in 2017. Based on Liu’s roughly 26.8% stake in the company, including a stake held by his wife, Forbes estimates his net worth to be $2.7 billion.
“Ten years ago, we walked out of the dormitory of Nanjing University, with just very few resources and very big dreams,” Liu said in a speech at Insta360’s listing ceremony in Shanghai. “Ten years have passed, and our flagship devices have progressed from ONE X to X5…the further we go, the clearer our original vision has become.”
Insta360’s X5 camera.
Courtesy of Insta360
Offering a wide range of consumer imaging products, Insta360 has gained traction among videographers and content creators worldwide. Its products include its ‘X’ series of 360-degree action cameras, which are capable of taking high-resolution spherical videos, and ‘Go’ series of compact, lightweight action cameras. In 2024, the company reached 5.6 billion yuan ($779.9 million) in revenue, up 53.3% year-over-year, and 994.7 million yuan in profit, up 19.9% year-over-year.
Driving Insta360’s rapid growth is its strong domestic sales and international expansion in key markets such as the U.S., Europe, and Japan. Last year, 76% of its revenue came from overseas sales, according to its prospectus, with 1.3 billion yuan in sales from the U.S. alone. The company says it has 2,000 employees worldwide in offices located in China, U.S., Japan and Germany.
Prior to its debut, Insta360’s backers have included Qiming Venture Partners, an early investor in Chinese smartphone and EV maker Xiaomi and food delivery giant Meituan; IDG Capital Partners, whose partners on the Forbes Midas list have included Young Guo and Meng Lian; Nasdaq-listed tech giant Xunlei; and leading Chinese retailer Suning Holdings Group. Dubbed a “little giant” by Chinese state media for its status as a rising tech enterprise, the camera maker raised $30 million in a 2019 funding round, which included participation from Chinese investment firms Everest Venture Capital, MG Holdings and Huajin Capital.
Insta360’s GO 3S camera.
Courtesy of Insta360
Looking ahead, Insta360 may face considerable headwinds from threats of a U.S.-China trade war. The company noted in its prospectus that “uncertainty of the company’s overseas business development has increased,” citing the White House’s ev