TechFlow reported on June 17, citing The Wall Street Journal, that Xiaohongshu, a Chinese lifestyle and video-sharing platform, is preparing for a Hong Kong listing as early as the end of this year. According to the report, major investors are seeking to set the company’s valuation at more than $70 billion.
The valuation target is higher than the level seen in Xiaohongshu’s recent private secondary-market transactions, where the company was valued at more than $50 billion. The reported figures place the planned listing discussions around a sizeable increase from those recent private-market marks.
Xiaohongshu was founded in 2013 by Mao Wenchao and Qu Fang. It began as a shopping guide app and has since grown into one of China’s most influential social media platforms, with content centered on lifestyle and video sharing.
The report also said Xiaohongshu is expected to generate more than $3 billion in net profit this year. The planned Hong Kong IPO, the valuation sought by key investors, and the company’s profit outlook are the main details disclosed in the report.