Core Viewpoint - The article highlights the remarkable journey of Liu Jingkang, the founder of Yingshi Innovation, who became the first post-90s entrepreneur to lead a company with a market capitalization exceeding 120 billion yuan after its IPO on the STAR Market in China. The company's stock price surged significantly, reflecting strong investor confidence and the potential of the technology sector in China [4][10][20]. Company Overview - Yingshi Innovation's market capitalization reached 120 billion yuan, with its stock price increasing by approximately 530% from the initial offering price of 47.27 yuan per share within two months of its listing [6][11]. - The company launched its first global product, the Antigravity A1 panoramic drone, which contributed to the stock price surge [10][12]. Founder Background - Liu Jingkang, born in 1991, transitioned from a university student to the head of a billion-dollar company in just ten years, showcasing the rapid growth of young entrepreneurs in China's tech landscape [8][9]. - Liu's entrepreneurial journey began in 2015 after graduating from Nanjing University, where he initially focused on VR and panoramic camera technology [11][12]. Investment Landscape - Early investors, including IDG Capital and Qiming Venture Partners, have seen substantial returns from their investments in Yingshi Innovation, with IDG Capital holding nearly 12% of the company post-IPO, valued at over 14.4 billion yuan [15][18]. - The article emphasizes the importance of backing young entrepreneurs, as they often bring innovative ideas and a fresh perspective to the market [21][25]. Industry Trends - The emergence of young founders in the tech industry is noted, with many leveraging technological advancements to create impactful products. This trend is seen as a shift from previous generations that focused more on sales and business operations [25][27]. - The article also mentions other notable young entrepreneurs in the tech sector, indicating a broader movement of innovation and entrepreneurship among the post-90s generation in China [23][24].

Core Viewpoint - The successful IPO of Insta360 marks a significant milestone in the smart imaging sector, highlighting the potential of young entrepreneurs and innovative technology in the capital market [1][4]. Group 1: Company Overview - Insta360, a smart imaging device provider, completed its IPO on June 11, 2023, becoming the "first stock in smart imaging" with an opening price of 182 CNY per share, a 285% increase from the issue price, and a total market capitalization exceeding 70 billion CNY [1]. - The company raised 1.938 billion CNY in its IPO, ranking third in overall fundraising on the Shanghai Stock Exchange since 2025 and first in the Sci-Tech Innovation Board [1]. Group 2: Investment Journey - Insta360 has undergone eight rounds of financing since its establishment, with IDG Capital being the largest external shareholder, holding over 13% of shares prior to the IPO [2]. - IDG Capital's early investment in Insta360 began in 2014 when the company had no revenue, team, or product, showcasing a bold decision to invest in a young entrepreneur [2][4]. Group 3: Investment Philosophy - IDG Capital's investment strategy focused on "investing in people," emphasizing the importance of technology evolution and the potential of new consumer scenarios [4][6]. - The firm maintained a long-term perspective, allowing for the necessary time for technology development and commercialization, which ultimately led to a breakthrough in 2018 with significant product launches [6][8]. - IDG Capital's approach included not just financial support but also resource injection, talent acquisition, and strategic collaboration to foster growth [8][10]. Group 4: Market Insights - The investment in Insta360 reflects a broader trend of recognizing the potential of the post-90s generation in driving future market demands, with IDG Capital being one of the first to support young entrepreneurs [7][10]. - The firm has shifted its focus to include the emerging 00s generation, identifying innovative teams that can lead breakthrough developments in various fields [9][10].