GoPro competitor Insta360 looking at Hong Kong IPO

June Chen and Bloomberg

Insta360, a Chinese rival to GoPro with backers including IDG Capital, is considering an initial public offering in Hong Kong as plans for a listing in mainland China stall, according to people familiar with the matter.

The Shenzhen-based maker of 360-degree cameras and virtual reality devices could seek a valuation of at least 15 billion yuan (HK$16.11 billion) in a share sale, the people said, asking not to be identified as the information isn't public.

It is also looking to raise funds in a pre-IPO placement, one of the people said.

Meanwhile, Central Liaison Office deputy director Qi Bin encouraged listed companies in the Great Bay Area to boldly make good use of central government policies that benefit Hong Kong.

Speaking at the Guangdong-Hong Kong-Macau Greater Bay Area Listed Companies Summit, he encouraged companies in the GBA to utilize the advantages of cross-border markets and engage in the connections, trials and reforms in the area.

"I hope listed companies in the GBA could actively make use of the SAR's advantages and treat the city as a base for overseas expansion," he said.

Qi once was the vice president of sovereign wealth fund China Investment Corporation, one of the world's biggest sovereign funds.

Besides, Financial Secretary Paul Chan Mo-po said companies in the area are vital for the country's opening-up and Hong Kong will continue to play a key role in helping companies in the GBA go global.

"Under the geopolitical haze, mainland companies are facing unprecedented challenges when they raise funds in the western markets. Hong Kong will reform the financial market in response to the situation to gather more domestic and overseas funds to support projects and companies in the GBA," Chan said.

Ba Shusong, managing director, chief China economist of Hong Kong Exchanges and Clearing (0388) said Hong Kong should grasp the needs of mainland industrial development, guide mainland enterprises that need financing to go public in the city, enable international investors to invest, and provide services to support the overseas needs of these enterprises.

In other news, Link Asset Management, the manager of Link Real Estate Investment Trust (0823) launched its inaugural Link Partners Day yesterday, bringing together more than 120 tenants, decision-makers and industry experts from Hong Kong and Guangdong of the Greater Bay Area to collaborate towards enhancing success in the retail sector.