Chinese companies are increasingly focused on global expansion, undeterred by ongoing trade tensions. A prime example is the Shenzhen-based camera company Insta360, which recently achieved the largest stock offering to date on Shanghai’s tech-heavy STAR board, highlighting the U.S. as a significant market alongside China.
Insta360, competing with GoPro, successfully raised 1.938 billion yuan (approximately $270 million) in a Shanghai listing under the name Arashi Vision. Following the listing, the company’s share prices surged by 274%, resulting in a market valuation of 71 billion yuan (around $9.88 billion).
The company reported that last year, the United States, Europe, and mainland China each contributed over 23% to its revenue. Insta360’s line of 360-degree cameras has been available at Apple Stores since 2018 and includes a range of products priced in the several hundred dollar range, with accompanying video-editing software.
Co-founder Max Richter expressed optimism regarding strong U.S. demand, dismissing potential geopolitical risks. He emphasized the company’s commitment to investing in user-centric research and development while staying attuned to market trends to effectively meet consumer needs.
The Shanghai STAR Market, initiated in July 2019 under Chinese President Xi Jinping’s directive, aims to support high-growth tech companies while implementing stricter requirements to prevent speculative behavior among investors. Insta360 primarily manufactures its products in Shenzhen but also maintains offices in Berlin, Tokyo, and Los Angeles, focusing on various services and marketing efforts.
Additionally, the landscape of Chinese global expansion is evolving. Companies are moving beyond home appliances and electronics to explore new categories, particularly toys.
Beijing-based Pop Mart is a notable example, with its Labubu figurine series gaining international traction. Pop Mart’s overseas sales have significantly grown, surpassing domestic figures, as it continues to open stores worldwide amid shifting consumer interests towards character-driven products.