Here's your Forbes Daily Briefing for Sunday, June 15th.

Today on Forbes, founder of Chinese Camera Maker Insta 360 becomes a billionaire upon IPO.

Shares of Chinese Camera Maker Insta 360 almost quadrupled in their public debut on the Shanghai Stock Exchange, valuing the company

at about 71 billion yuan, or $9.9 billion, and making its 33-year-old founder,

Leo Jing Kong, a billionaire. Trading as a Rashi Vision, the Shenzhen headquartered camera

maker raised $1.94 billion, or $270 million,

in its debut on the Shanghai Borses' Science and Technology Innovation Board, or Star Market,

on Wednesday. It opened at 182 yuan, 285% above its IPO price of 47.27 yuan, reaching a peak of almost 188 yuan, before closing at 177 yuan.

This was the largest listing on the star market this year, and proceeds will mainly be used to back future research and development.

Leo, who goes by his initials, J. JK, a computer science graduate from Nanjing University,

founded Insta 360 in 2015 and was featured on the Forbes 30 Under 30 Asia List in 2017.

Based on Leo's roughly 26.8% stake in the company, including a stake held by his wife, Forbes estimates

his net worth to be $2.7 billion. In a speech at Insta360's listing ceremony in Shanghai,

Leo said, quote, 10 years ago, we walked out of the dormitory at Nanjing University with just

very few resources and very

big dreams. Ten years have passed, and our flagship devices have progressed from 1x

to X5. The further we go, the clearer our original vision has become.

Offering a wide range of consumer imaging products, Insta 360 has gained traction among videographers

and content creators worldwide.

Its products include its X series of 360-degree action cameras, which are capable of taking

high-resolution spherical videos, and Go series of compact, lightweight action cameras.

In 2024, the company reached 5.6 billion yuan, or $779.9 million in revenue, up 53.3%

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