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On October 23, Insta360's stock price continued to climb, reaching an intraday high of 104 yuan per share with gains exceeding 7%. Recently, a video featuring internet celebrity blogger "Magic A Yu" test-flying a self-built manned electric hoverboard in Hubei and soaring over the Yangtze River surface went viral, capturing widespread attention. The 1.8 million yuan in funding previously granted to the blogger by Insta360 also became a hot topic of market discussion. In response, Insta360 clarified that the funds are part of its creator support initiative, not an equity investment, and do not signal the company's entry into the hoverboard business.

Hoverboard Flight Over Yangtze River Captures Public Imagination

Recently, blogger "Magic A Yu" successfully test-flew a self-built manned electric hoverboard in Hubei, flying over the Yangtze River surface. The video quickly spread across social media platforms. As a visually striking personal flight device, the hoverboard's test flight ignited public discussions about its technical feasibility, safety, and the support behind it.

Public information reveals that A Yu has been involved in jet-powered flight-related projects for several years, creating works such as jet-powered wingsuits and snowboards. The manned electric hoverboard tested this time represents another daring endeavor in his ongoing exploration. The act of flying over the Yangtze River amplified the event's visibility, prompting observers to investigate the resources and funding behind the blogger.

1.8 Million Yuan Funding Linked to Insta360

As the hoverboard video gained traction, financial interactions between Insta360 and A Yu became a focal point of public interest. It is understood that in December 2025, Insta360 provided 1.8 million yuan in funding to "Magic A Yu" through its Think Bold Challenge Fund to help clear his debts.

This information coincided with a surge in Insta360's stock price on October 19 and 20. On October 19, the stock price jumped by 5.06%, and on October 20, it continued to rise with trading volume exceeding 1.4 billion yuan, reaching a total market capitalization of approximately 40.9 billion yuan. The market began to speculate whether this 1.8 million yuan represented Insta360's equity investment in the hoverboard sector or even signaled the company's strategic move into personal flight devices.

Insta360 Clarifies: No Strategic Move into Hoverboard Business

In response to market speculation, Insta360 publicly clarified that the funding is part of its creator support program, not an equity investment, and does not indicate the company's entry into the hoverboard business. This statement directly refuted interpretations linking the 1.8 million yuan to business expansion in the hoverboard sector.

Insta360 founder Liu Jingkang had previously explained the funding. He stated that Insta360's brand slogan is "Born from Bold Ideas," and from the perspective of company values and branding, the Think Bold Challenge Fund was established to solicit innovative ideas from global users, providing equipment and up to $100,000 in cash support after review. Liu cited examples, such as the company's collaboration with Tim two years ago to launch a satellite equipped with a panoramic camera, which was also a project under the fund. Additionally, the company donated to the research team led by ALS patient Cai Lei, supporting their bold idea to develop a cure for ALS.

Regarding the background of A Yu's funding, Liu further revealed that the two sides began collaborating several years ago when A Yu was working on jet-powered projects. Over the years, A Yu created works such as jet-powered wingsuits and snowboards. "Because he was deceived during this process, he incurred certain debts," Liu said, adding that the 1.8 million yuan came with no commercial requirements. "We just hope he can more freely pursue his next bold endeavor," hoping brave creators carry fewer burdens.

This means that the 1.8 million yuan provided by Insta360 to A Yu, within the founder's explanatory framework, represents a support action aligned with the brand's philosophy. Its purpose is to help creators overcome debt burdens and continue bold creative work, rather than being contingent on equity exchange or binding business cooperation. Insta360's response also emphasized this support nature, unrelated to strategic business moves.

From Liu's statements, the Think Bold Challenge Fund embodies Insta360's long-term brand investment strategy. The fund solicits ideas from global users, offering equipment support and cash grants of up to $100,000 for approved projects. The 1.8 million yuan received by A Yu approaches the upper limit of single cash support under the fund.

Liu illustrated the fund's diverse operations with the satellite project example: two years ago, the company collaborated with Tim to launch a satellite equipped with a panoramic camera. This case shows that Think Bold Fund-supported projects extend beyond imaging products to aerospace, scientific research, extreme sports, and other fields. The research project by ALS patient Cai Lei's team also received donation support from the fund. This indicates that the fund's selection criteria prioritize "bold ideas" themselves over expected commercial returns.

A Yu's Project Trajectory and Debt Background

Liu revealed that A Yu's collaboration with Insta360 began several years ago when A Yu was advancing jet-powered projects. Over several years, A Yu created works such as jet-powered wingsuits and snowboards, accumulating creative experience. During this process, A Yu experienced deception, leading to debt. The 1.8 million yuan provided by Insta360 was used to clear this debt.

This detail explains why Insta360 defined the funds as "for debt clearance" rather than project investment. From a creator support perspective, helping creators shed existing burdens to enable their next project aligns with the fund's stated goal of "hoping brave creators carry fewer burdens." A Yu's test flight of the manned electric hoverboard and flight over the Yangtze River represent another landmark creation completed after receiving the funding.

Manned electric hoverboards fall under the category of personal flight devices. In recent years, with advances in electrification technology and lightweight materials, related concepts have gained attention in capital markets. The visually striking test flight of A Yu's self-built hoverboard naturally carries a technological edge and spreadability, easily sparking discussions about the commercialization prospects of personal flight devices. As a company known for panoramic cameras and imaging equipment, Insta360's market association with this topic led to noticeable stock price fluctuations.

However, Insta360's response clearly severed any link between the company and hoverboard business strategies. The company only acknowledged providing creator support to A Yu individually, involving no equity investment nor expressing intent to enter the hoverboard sector. This means a gap exists between the market's logical inferences about Insta360's stock price and the company's officially disclosed information.

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