Introduction THECAPITAL is from Shenzhen.
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Introduction
THECAPITAL
From Shenzhen.
This article 4790 words, about 6 8 minutes Author Feng Xiaoting Editor 吾人 Source 融中财经 ID thecapital
This article 4790 words, about 6 8 minutes
Written by Feng Xiaoting Edited by 吾人
Source Rongzhong Finance
ID thecapital
After 5 years of IPO breakthrough, Shadowstone finally waits for good news.
Recently, Shenzhen-based Shadowstone Innovation and Technology Co. It is worth noting that Shadowstone is also the first company to be registered on the 2025 SGX-STB. Since 2020 to submit a prospectus to the secondary market counting, this unicorn enterprise before and after five years, and now finally stood outside the door of the secondary market.
Founded in 2015, Shadowstone is not unknown.
In today’s era when everyone is a life recorder, Vlog has become a necessary skill to record daily life and share life. Shadowstone, which first entered the field of vision of Vloggers with its professional panoramic camera products, has gradually grown into a global head smart image brand.
Frost & Sullivan released a white paper on the development of the global intelligent handheld imaging device market in 2024, showing that the sales of the Chinese brand Shadowstone Insta360 accounted for nearly 70% of the global consumer panoramic camera market last year, rising sharply compared with the year 2022, and ranked the world’s first for six consecutive years. And in the global sports camera segment, Chinese brands continue to break through with their technological advantages, and Shadowstone Insta360 may overtake top-ranking GoPro by the end of 2024. and the latest data is that Shadowstone’s revenue in the first half of 2024 surpassed that of veteran U.S. maker GoPro, in other words, Shadowstone is already the world’s No. 1 in the sports camera category.
In terms of valuation, there was news in November 2024 that Shadowstone Insta360 was considering an IPO in Hong Kong, seeking a valuation of at least $15 billion. And with the recent official approval of the Securities and Futures Commission for the registration of Shadowstone’s IPO on the Science and Innovation Board, it also means that the A-share market will welcome a $15 billion unicorn IPO.
It is worth mentioning that at the helm of this unicorn enterprise is a 90-year-old.
Liu Jingkang, born in 1991, seems to have been born with extraordinary talent in technology. During his college years, he became famous for cracking 360 founder Zhou Hongyi’s cell phone number, and then refused the invitation of technology bigwigs, and began to try to start his own business during his college years. 2015, at the age of 24, Liu Jingkang formally set up Insta360, focusing on panoramic image technology research and development, and quickly gained the investment of IDG Capital Qiming Venture Capital and other well-known institutions.
From the first attempt of entrepreneurship in his college days to leading Shadowstone Innovation to the international stage today, Liu Jingkang has shown the vigor and innovative spirit of the young generation of entrepreneurs. His success also proves that Shenzhen, the city of innovation where Shadowstone is located, provides fertile soil and broad development space for entrepreneurs.
Liu Jingkang once said, Insta360 Shadowstone’s development is inseparable from the government’s policy support, but also closely related to Shenzhen’s talent advantage, industrial agglomeration, open culture and other environment, thank you very much to the Shenzhen Municipal Government has been giving us encouragement and support. In the future, we will continue to help people better record and share their lives as our mission, take the new image industry as the cornerstone, and be determined to innovate and make breakthroughs, and work hard around the vision of becoming the world’s first-class intelligent image brand.
The 90-year-old who cracked Zhou Hongyi’s cell phone number is about to reap an IPO
The 90s who cracked Zhou Hongyi’s cell phone number
About to harvest an IPO
The story of Shadowstone begins with an interesting soul.
Born in 1991, Liu Jingkang is the founder of Shadowstone Insta360 and a legendary post-90s entrepreneur. Born in Zhongshan, Guangdong Province, Liu Jingkang has been interested in computer technology since childhood. During his high school years, he won the National Primary and Secondary School Students’ Computer Competition with his excellent technical skills, and later entered the School of Software of Nanjing University, majoring in software engineering.
During his college years, Liu Jingkang became one of the early campus geeks with a series of bold and creative technology projects. One of his most notable encounters was with the red-clothed godfather Zhou Hongyi.
In 2012, as the search war between 360 and Baidu was burning brightly, Liu Jingkang heard the sound of a keystroke dialing Zhou’s cell phone in a video report, and based on the sound of the call for just a few seconds, he successfully cracked Zhou’s cell phone number through software analysis. The process is described in a video with text First of all, I am not a professional in this field, I do not know anything about the basic theory, but just a whim, I did research, and try to follow my intuition, and the result is really guessed Posted in Social Networks.
A time, how to hear from the key tone 360 President Zhou Hongyi’s cell phone number A short period of time to become the hot topic of the Internet.
Interestingly, Zhou Hongyi also interacted with Liu Jingkang on microblogging, this student is really competent, you do not need to verify, but also please do not call after 11:00 p.m., who also do not want to fall asleep on the sudden ringing of the phone woke up, tonight there are dozens of it.
Along with it, Zhou Hongyi handed an olive branch to Liu Jingkang.
The whole process of the onlookers Lee Kai-Fu is openly robbing the students to come to the Innovation Workshop! You studied signal processing. Have you read my thesis? I have a suitable project for you to consider. Please send me a private message. I’ll be in Nanjing in two weeks. I look forward to meeting you.
But in the end, Liu Jingkang, a college student, didn’t choose between Kai-Fu Lee and Zhou Hongyi, but instead joined Tencent’s Shanghai Research Institute in 2012.
However, deciphering Zhou Hongyi’s phone number This experience has invariably driven the gears of Shadowstone’s destiny.
In the prospectus, shadow stone special mention, equity financing, the company was founded in the early days, Liu Jingkang because of its technical expertise and entrepreneurial experience during the university to introduce the first batch of investment institutions for the company’s subsequent operation and development laid a key foundation.
What’s even more amazing is that Liu Jingkang, a 90-year-old, had two other entrepreneurial experiences before he founded Shadowstone at the age of 24. The first was his development of xAD, a dynamic in-video advertising technology. This technology allows video authors and authorized video sites to dynamically insert implantable ads into the finished version of a video without the need to complete the ad insertion at the filming stage. The technology has been successfully sold to ADTIME, a big data marketing business owned by Taiyi.
In 2013, Liu Jingkang launched the Famous Schools Live Streaming APP, which is centered around lectures by famous teachers from Tsinghua University and Shanghai Jiaotong University, etc. Within one year, Liu Jingkang led a team to organize more than 200 live streaming sessions in nine famous schools in six major cities across China. He successfully expanded his business to the enterprise field and set up V Live. However, due to multiple reasons such as equipment parameters and technology, the product was eventually shelved.
But this does not mean that V live is a failure, because the prospectus mentioned that Liu Jingkang already has the professional and technical ability in graphics and images during the university and entrepreneurial experience, responsible for and led the live broadcast software solution project, and gained the attention and recognition of investment institutions.
At the same time, V Live is also the beginning of the success of Shadowstone. It was the experience of V live broadcasting that brought Liu Jingkang to 360 panoramic video technology, and he foresightedly realized that this would be the future of imaging technology. Therefore, he led the team to transform and focus on the development of panoramic camera.
In 2015, Insta360 was formally established, and in the same year, it received investment from IDG Capital, Qiming Venture Capital and other well-known organizations. In order to better solve the supply chain problem, Liu Jingkang moved the company from Nanjing to Shenzhen, with the help of Shenzhen’s strong electronics industry ecosystem, to rapidly promote product iteration.
The development of Shadowstone Insta360 was not always smooth. In the early days, the panoramic camera market was not yet mature, and as a pioneer, Shadowstone inevitably faced many challenges. However, Liu Jingkang, with his keen market insight and technological breakthroughs, gradually pushed the product to the global market, and in 2016, the Insta360 Nano became the star product of the year after it became a hit at the CES. Since then, Shadowstone has continued to launch innovative products, such as the Insta360 X series released in 2019, which revolutionized the creation of outdoor sports images with its innovative solution of shooting first and framing later.
In 2023, the sales of Shadowstone Insta360 amounted to 3.14 billion yuan, accounting for 67 2 of the global consumer panoramic camera market, ranking first in the world for six consecutive years.In the first half of 2024, Shadowstone Insta360 surpassed veteran manufacturer GoPro to become the world’s No. 1 in the sports camera category.
If there is no accident, the world’s first smart image stock is about to emerge.
After 5 years, it finally got its IPO license.
5 years
Finally got the IPO number plate
From the establishment to the listing, this road shadow stone walked for 10 years, and among them, even half of the time spent in the IPO of the road.
Shadowstone’s path to IPO began on October 28, 2020, when the company submitted its listing application to the SGX-ST and was accepted. It was questioned in November of the same year. However, in July 2021, Shadowstone’s first meeting resulted in a suspension of consideration, at which time the Listing Committee asked the company to further explain the company’s governance risks employee social security contributions and other issues. In September of the same year, the company again on the meeting was passed.
January 28, 2022, the company submitted for registration, but has been put on hold until February 27, 2025, was officially approved for registration. At this point, this IPO lasted nearly five years of long-distance running to usher in a key turning point.
Chart: Sci-Tech Board Review Program Dynamics
During the five years of long-distance running, Shadowstone under the leadership of Liu Jingkang did not slacken off, and always maintained the momentum of rapid development.
Thanks to the continuous investment in technology research and development as well as the continuous improvement of the competitive advantages of products, Shadowstone’s revenue and net profit continue to grow. Data show that in the reporting period of 2021 2023, and the first half of 2024, shadow stone realized operating income of 1.33 billion yuan 2.04 billion yuan 3.64 billion yuan and 2.43 billion yuan, net profit of 266 million yuan 407 million yuan 830 million yuan and 518 million yuan, respectively. 2024 1 September, the company’s operating income of 3.954 billion yuan, net profit of about 842 million yuan.
At present, Shadowstone’s business covers the R&D, production and sales of intelligent imaging devices, including panoramic cameras, sports cameras and other categories. The company’s brand Insta360 Shadowstone products are sold globally through a combination of online and offline channels. Online, the Company mainly sells its products through its official mall, Amazon, Tmall, Jingdong and other channels. Offline, the Company sells its products through Apple Store, Canon Gold Store, Best Buy and other channels.
Figure Shadowstone products
Compared with the domestic consumer market, the overseas market is the main source of revenue for Shadowstone, a Shenzhen-based company.
During the reporting period, Shadowstone’s revenue from overseas sales amounted to RMB939 million, RMB1,596 million, RMB290.3 million and RMB1,842 million, accounting for 71,177,79, 43,80,83 and 76,52 percent of its main business revenue, respectively.
It is easy to see that the sales performance of Shadowstone in overseas markets is very impressive, which is mainly attributable to the high quality and excellent performance of the Company’s products, as well as the Company’s precise positioning and effective marketing strategies in overseas markets.
The core competitiveness is Shadowstone’s product R&D and design capability. During the reporting period, Shadowstone’s cumulative R&D investment amounted to RMB1.134 billion, accounting for 12.02% of the cumulative operating revenue during the reporting period. As of the end of the reporting period, Shadowstone has a total of 1,031 R&D technicians, accounting for 55.94% of the total number of employees, and the company owns 800 domestic and foreign authorized patents, including 155 invention patents.
It is the continuous investment in technology that enables Shadowstone to design and develop innovative products with advanced functions and excellent quality through in-depth research of market demand and user preference, and continuous innovation by the professional R&D team.
It is good that along the way, there are many investors with it.
Eyeball check shows that the shadow stone so far completed a total of 8 rounds of financing, the array of investors are not lacking in IDG Capital Qiming Venture Capital CITIC Securities Xunlei and other star institutions and industrial capital. At present, in addition to the real controller Liu Jingkang and his team of partners, IDG Capital through EARN ACE shareholding of 13 3239 Qiming Venture Capital through the QM101 shareholding of 9 4001, the fourth largest shareholder of the Xunlei network with a shareholding of 8 7327.
Soon, investors will also share the capital feast with Liu Jingkang.
The Shenzhen board will add a new member to its ranks.
Shenzhen Plate
The Shenzhen plate will add another fierce general
The same will participate in this capital feast, but also the location of the shadow stone, Shenzhen.
Tracing back to its roots, Shadowstone is not an enterprise incubated in Shenzhen. Because Liu Jingkang went to college in Nanjing and developed V Live during that time, the prototype of Shadowstone’s first-generation Insta360 panoramic camera was actually born in Nanjing.
However, switching from the original software track to the hardware track, the newly founded Shadowstone was confronted with not only the problems of product development, but also the complex supply chain issues involved in the production of hardware products.
So, in order to solve the raw materials, talents, factories and other problems, Liu Jingkang decided to move the company from Nanjing to Shenzhen, where the supply chain is more mature. Shadowstone products, for example, thousands of raw materials, but after taking root in Shenzhen, most of the company’s raw material needs can be met within a short distance.
Behind this, the hidden is Shenzhen’s huge and resilient industrial chain supply chain network.
Data show that, with Shenzhen as the center, electronic information 90 parts and components can be completed within an hour’s drive to purchase, within one week can be realized from the product prototype to the product and then to the process of small batch production. Especially in drones, intelligent robots, smart phones and other new industries and new tracks, to achieve full coverage of core parts manufacturing supply.
Hardware and software R & D and manufacturing capabilities, supply chain and other core advantages, is the reason why Shadowstone chose Shenzhen, but also millions of enterprises choose Shenzhen. The private economy has always been an important engine of Shenzhen’s economic and social development, contributing about 40% of the city’s fixed asset investment, 50% of its GDP, 60% of its imports and exports, 70% of its tax revenue and 80% of its technological innovation.
The first city of the private economy is by no means a false name. 2024, the number of private enterprises in Shenzhen exceeded 2.6 million, an increase of more than 100,000, 7 Shenzhen private enterprises were listed in the world’s top 500, 27 on the list of China’s top 500 private enterprises, 40 became the top 100 private enterprises in Guangdong Province. 2024 Shenzhen’s top 500 list of enterprises, the number of private enterprises accounted for 69,80, and the realization of the revenue accounted for 45,03 2024, the number of Shenzhen private enterprises with import and export achievements accounted for 60 percent, and the number of private enterprises with import and export achievements accounted for 60 percent. In 2024, the number of private enterprises with import and export records in Shenzhen was nearly 47,000, accounting for nearly 90% of all enterprises with import and export records.
It is no exaggeration to say that in Shenzhen, the first city of private economy, the most representative specialty is undoubtedly those entrepreneurs who are full of vigor and innovative spirit.
Shenzhen is not satisfied with this, in recent years, the Shenzhen Municipal Government has always optimized the market environment for the development of the private economy Opening up a broader space for development as an important goal, to promote the accelerated release of private economic development momentum, injecting a steady stream of innovative vitality for the city.
In order to further enhance the city’s business environment, Shenzhen officials said recently that the recent round of optimization of the business environment will be introduced into the work program, playing a good combination of policies and work, and strive to promote the healthy development of the private economy and high-quality development.
Guo Ziping, director of the Municipal Development and Reform Commission, said about the reform of government services that we want to make policy access as easy as ordering food, policy interpretation as easy to understand as chatting, and government affairs as convenient as online shopping.
First-class business environment is the core competitiveness of the city. Guo Ziping introduction, Shenzhen in accordance with the market-oriented, rule of law, internationalization and against the World Bank business environment assessment standards, the idea of a total of more than 1,500 iterative launch of reform initiatives to optimize the business environment, for four consecutive years, was awarded the best reputation of the business environment in the city.
Next, Shenzhen will continue to deepen the reform of the business environment, the implementation of inclusive and prudent supervision, the implementation of the sandbox supervision model, the establishment of a list of policies in key areas of application-free that is, do a good job in the creation of intellectual property rights to apply for the maintenance and protection of the protection of the use of intellectual property rights, to support the Shenzhen Stock Exchange to build a good scientific and technological achievements and intellectual property rights trading centers, to create a good atmosphere to encourage innovation and tolerance of failure in the whole society.
In Shenzhen, a land full of hope and opportunities, more entrepreneurs are bound to write their own legendary stories.
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