According to the Wall Street Journal, Xiaohongshu, a Chinese lifestyle and video-sharing platform, is preparing for a Hong Kong IPO as early as the end of this year. Major investors are seeking a valuation of over $70 billion, up from the company's recent valuation of over $50 billion in private secondary market transactions.
Founded in 2013 by Mao Wenchao and Qu Fang, Xiaohongshu started as a shopping guide app and has evolved into one of China's most influential social media platforms. Sources indicate that the company is expected to generate net profit of more than $3 billion this year. A successful IPO would further solidify its market position.
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