Trade tensions not stopping Chinese companies from pushing into U.S.

BEIJING — Chinese companies are so intent on global expansion that even the biggest stock offering to date on Shanghai’s tech-heavy STAR board counts the U.S. as one of its biggest markets, on par with China.

Shenzhen-based camera company Insta360, a rival to GoPro, raised 1.938 billion yuan ($270 million) in a Shanghai listing Wednesday under the name Arashi Vision. Shares soared by 274%, giving the company a market value of 71 billion yuan ($9.88 billion).

The United States, Europe and mainland China each accounted for just over 23% of revenue last year, according to Insta360, whose 360-degree cameras officially started Apple Store sales in 2018. The company sells a variety of cameras — priced at several hundred dollars — coupled with video-editing software.

Co-founder Max Richter said in an interview Tuesday that he expects U.S. demand to remain strong and dismissed concerns about geopolitical risks.

“We are staying ahead just by investing into user-centric research and development, and monitoring market trends that ultimately meet the consumer[‘s] needs,” he told CNBC ahead of the STAR board listing.

China launched the Shanghai STAR Market in July 2019 just months after Chinese President Xi Jinping announced plans for the board. The Nasdaq-style tech board was established to support high-growth tech companies while raising requirements for the investor base to limit speculative activity.

In 2019, only 12% of companies on the STAR board said at least half of their revenue came from outside China, according to CNBC analysis of data accessed via Wind Information. In 2024, with hundreds more companies listed, that share had climbed to more than 14%, the data showed.

“We are just seeing the tip of the iceberg. More and more capable Chinese firms are going global,” said King Leung, global head of financial services, fintech and sustainability at InvestHK.

Leung pointed to the growing global business of Chinese companies such as battery giant CATL, which listed in Hong Kong last month. “There are a lot of more tier-two and tier-three companies that are equally capable,” he said.

InvestHK is a Hong Kong government department that promotes investment in the region. It has organized trips to help connect mainland Chinese businesses with overseas opportunities, including one to the Middle East last month.

Roborock, a robotic vacuum cleaner company also listed on the STAR board, announced this month it plans to list in Hong Kong. More than half of the company’s revenue last year came from overseas markets.

At the Consumer Electronics Show in Las Vegas this year, Roborock showed off a vacuum with a robotic arm for automatically removing obstacles while cleaning floors. The device was subsequently launched in the U.S. for $2,600.

Other consumer-focused Chinese companies…