According to the Wall Street Journal, Chinese lifestyle and video-sharing platform Xiaohongshu plans to list in Hong Kong as early as the end of this year, with major investors seeking a valuation of over $70 billion. Founded by Mao Wenchao and Qu Fang in 2013, the company is expected to generate over $3 billion in net profit this year.
Chinese lifestyle and video-sharing platform Xiaohongshu is preparing for a Hong Kong initial public offering, targeting a valuation of over $70 billion, according to a Wall Street Journal report on June 17. The company plans to go public as early as the end of this year. Major investors are seeking to price the listing at a valuation above $70 billion, sources said. The company's valuation in recent private secondary market transactions had already exceeded $50 billion.
Xiaohongshu was founded in 2013 by Mao Wenchao and Qu Fang, initially as a shopping guide app. It has since evolved into one of China's most influential social media platforms. With continued expansion in user base and monetization, the company is projected to generate over $3 billion in net profit this year.
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