Shenzhen 360-Degree Camera Maker Insta360 Lists on Shanghai's STAR Market

Overview

Arashi Vision, the Shenzhen company behind the Insta360 brand of 360-degree and action cameras, listed on the Shanghai Stock Exchange's STAR Market (stock code 688775) on June 11, 2025. According to Sina Finance, the company issued 41 million shares at an offer price of 47.27 yuan, raising a total of 1.938 billion yuan. Shares opened at 182 yuan on the first day of trading, about 285% above the offer price, and the company's market capitalization exceeded 70 billion yuan at the time of the report.

Background

Founded by Nanjing University graduate Liu Jingkang (JK Liu), the company is a Shenzhen hardware maker whose products include 360-degree cameras, thumb-sized cameras, webcams and smartphone gimbals. Besides its Shenzhen headquarters, it has offices in Hong Kong, Los Angeles, Tokyo and Berlin, and it has grown mainly through overseas sales. In 2020 it announced a strategic partnership with Germany's Leica and launched a jointly developed one-inch sensor module. In Japan, it set up a Japanese subsidiary, Insta360 Japan, in Tokyo in September 2019.

The company first disclosed plans to list on the STAR Market in 2020, and the listing came about five years later.On the product side, it has steadily expanded its lineup, starting with the smartphone-mounted Nano in 2016, followed by the ONE in 2017, the compact GO camera in 2019 and the modular ONE R in 2020.

Key Points

Period	Revenue	Net profit
2022	2.041 billion yuan	407 million yuan
2023	3.636 billion yuan	830 million yuan
2024	5.574 billion yuan	995 million yuan
Q1 2025	1.355 billion yuan (up about 40.7%)	176 million yuan (down about 2.5%)

• Sustained growth: Revenue grew more than 2.7 times in the two years from 2022 to 2024.
• First quarter of 2025: Revenue rose sharply, but research and development and selling expense ratios increased by about 3.21 and 3.18 percentage points respectively, and net profit fell slightly.
• Shareholders: Before the listing, Liu controlled about 34% of voting rights, and the largest shareholder was Beijing Lanfeng (about 29.94%), followed by major shareholders including IDG-affiliated EARN ACE (about 13.32%), Qiming-affiliated QM101 (about 9.40%) and Hong Kong Xunlei (about 8.73%).
• Market position: According to Greenlight Insights data, the company held a 33% share of the global panoramic camera market in 2019, ranking first. According to Japanese-language Wikipedia, its products were sold in more than 200 countries and regions in 2023.
• Risk factors: In 2024, GoPro filed a Section 337 complaint and a lawsuit in the United States over intellectual property; the outcome remains undetermined.

Implications for Japan–Shenzhen Exchange

Insta360 is one example of a company that has drawn on Shenzhen's hardware development capabilities and focused on overseas markets from the outset. Its products are also sold in Japan through its Japanese subsidiary and are known for uses such as travel, sports and video creation. With its fundraising capacity strengthened by the listing, the company is expected to reinforce research and development and overseas sales, which may also affect its activities in the Japanese market and its business with Japanese companies. As a case of a Shenzhen consumer hardware company gaining recognition in the capital markets, the listing is also drawing attention from people in Japan's startup and investment communities.

Outlook

The reports reviewed do not detail the specific use of the proceeds or regional business plans, including for Japan. The company's post-listing business development, including the course of its intellectual property disputes overseas, will be watched closely.

From the Association

The Association will continue to follow the growth and business development of Shenzhen companies with ties to the Japanese market. We will strive to create opportunities for companies and people in Japan and Shenzhen to interact and learn about each other's strengths.