The social media (SNS) platform Xiaohongshu (Rednote), known as the "Chinese Instagram," is said to be preparing for a Hong Kong stock market listing.
Bloomberg reported on the 15th, citing multiple sources, that Xiaohongshu is preparing to file an application for an initial public offering (IPO) on the Hong Kong stock exchange at the end of this month. Xiaohongshu is currently consulting with advisors on the listing process, and the specific terms, including the timing, offering size, and valuation, have not been finalized.
Now in its 13th year, Xiaohongshu stands alongside Douyin, the Chinese version of TikTok, as a leading Chinese SNS. Xiaohongshu began as a shopping information-sharing app and has grown into a leading Chinese SNS platform that combines user-generated content (UGC), product recommendations, and e-commerce. It is especially popular with younger users.
At its last funding round in 2024, it was valued at about $17 billion (about 26 trillion won), and in an unlisted stock transaction in Sep. last year, the valuation climbed to $31 billion (about 47 trillion won).