Chinese imaging company Insta360 has received approval for its IPO in mainland China.

Founded in Shenzhen in 2015, it specializes in panoramic and action cameras, holding a 67.2% global market share for six years.

Revenue grew from 13.3 billion yuan (US$1.83 billion) in 2021 to 36.4 billion yuan (US$5 billion) in 2023, with 24.3 billion yuan (US$3.34 billion) in the first half of 2024.

Net profits rose from 2.66 billion yuan (US$365.47 million) in 2021 to 8.30 billion yuan (US$1.14 billion) in 2023.

Insta360 invests over 12% of its revenue in R&D, spending 8.54 billion yuan (US$1.17 billion) from 2021 to 2023.

More than half of its workforce is in R&D, holding over 800 patents.

The company operates in over 200 countries, selling through Amazon, Tmall, and offline stores in 60+ countries.

It also partners with Leica, Google, and Apple, with products in Apple Stores since 2018.