DeHeng Law Offices and Jingtian & Gongcheng assisted Insta360 to conclude its five year-long IPO journey, as the action camera maker listed on Shanghai’s Star Market on 11 June, raising RMB1.9 billion (USD265 million).
Insta360 set its issue price at RMB47.27 per share, and it surged by 285% to RMB182 on its debut, pushing the company’s value to RMB74.2 billion.
DeHeng had advised Insta360, with partner Pu Hong leading the team and assisted by partners Xu Shuai and He Xuehua. Lead underwriter CITIC Securities appointed Jingtian & Gongcheng as counsel.
JK Liu, born in 1991 and founder of Insta360, became the first Star Market-listed company founder born after 1990. His products have been sold in more than 60 regions worldwide, and the brand has established significant influence in the action and panoramic camera sector.
Company document disclosed to the SSE state that Insta360 has been delivering strong performance during the past three years, with its net profit rising from RMB381 million to RMB946 million, providing a solid financial foundation for the listing.
The funds raised will be used for researching and developing core technologies, enhancing its brand’s global reputation and training staff.
Insta360’s path to an IPO was full of twists and turns, overcoming policy changes and a shifting environment in the capital markets. Its listing journey began in 2020 and received the green light from the China Securities Regulatory Commission the following year. The company then submitted its registration for an IPO in 2022.
The IPO application remained pending until 2025 when Insta360 debuted on the Star Market and saw a remarkable surge in its share price.
In August 2024, Liu’s social media post about the hardship of his listing journey attracted attention: “Don’t break the heart of the 2,000 post-90s [founders] who truly wanted to showcase China’s manufacturing and technological rise to the world.”
