Latest news with #LiuJingkang
Forbes
2 days ago
- Business
- Forbes
Founder Of Chinese Camera Maker Insta360 Becomes A Billionaire Upon IPO
Liu Jingkang, founder 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 34-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. 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. 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 evolving stance on tariffs since February. The company may also need to navigate competitors in the field of consumer electronics. Insta360 stated its competitors include Nasdaq-listed GoPro and billionaire Frank Wang's Shenzhen-headquartered DJI, which specializes in drones but also sells action cameras. In 2024, the U.S. International Trade Commission announced it would investigate a complaint filed by GoPro against Insta360 for alleged patent infringement, although results of this investigation have not been published. Other technological innovations in focus for the company include VR compatibility and AI editing features. Earlier this week, Apple named Insta360 as a partner for its Vision Pro headset, which will natively support videos shot with the camera brand's flagship devices. In April, Insta360 unveiled a suite of new AI-powered tools for its eponymous app, which the company says can automatically add music and transitions to footage its users capture. Fueling the demand for Insta360's cameras is a new generation of content creators, who may seek out more sophisticated camera equipment to create engaging videos. As of 2023, there were an estimated 50 million creators online and five billion social media users worldwide, according to a report by Deloitte. In a burgeoning global 'creator economy,' social commerce is expected to be worth $2 trillion by 2026, the report added.
South China Morning Post
2 days ago
- Business
- South China Morning Post
Chinese GoPro rival Insta360 sees strong debut in Shanghai IPO as firm eyes expansion
Insta360, the Chinese action camera maker challenging GoPro, surged 285 per cent in its trading debut on Shanghai's Star Market after raising 1.9 billion yuan (US$264.5 million) in the city's largest initial public offering (IPO) in 17 months. Max Richter, who co-founded the company with 34-year-old Chinese entrepreneur Liu Jingkang in 2015, said Insta360 is 'committed to expanding [its] global presence and elevating brand influence to boost [its] market share worldwide'. He identified China, the US, Europe, Japan and South Korea as key markets for the company. Richter, who is also the vice-president of marketing, spoke to the Post ahead of the company's debut. It is trading under the company's official name, Arashi Vision. Insta360 operates an offline retail network spanning more than 60 countries and sells globally through online platforms including . The company is 'actively fostering emerging markets in Europe and the Asia-Pacific region, and exploring new opportunities in Latin America and Africa', Richter said. Best known for its 360-degree cameras, action cameras and webcams, Insta360 has built a following among adventure enthusiasts, vloggers and other content creators. The company has partnered with Western brands such as Google, to help capture Street View images, and Adobe, integrating into the Premiere Pro video editing workflow with a plug-in. Insta360's affordability and specifications have helped make it a top alternative to GoPro in the action camera market. Photo: Handout Insta360 was the leading brand of consumer 360-degree cameras in 2023, with a 67 per cent share of the market, and came second in action cameras behind GoPro, according to market research firm Frost & Sullivan.
