According to The Wall Street Journal, Chinese lifestyle and video-sharing platform Xiaohongshu is planning to go public in Hong Kong as early as the end of this year, with key investors seeking a valuation of over $70 billion. The company was valued at over $50 billion in recent secondary market transactions among private investors.
Founded in 2013 by Mao Wenchao and Qu Fang, Xiaohongshu started as a shopping guide app and has since grown into one of China's most influential social media platforms, focusing on user-generated content related to fashion, beauty, travel, and lifestyle. The platform is expected to generate net profit of more than $3 billion this year, according to the report.
If successful, the IPO would mark one of the largest listings by a Chinese social media company in Hong Kong.