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 Wall Street Journal reported on June 17. The target valuation marks a significant jump from the company’s recent private secondary market valuation of more than $50 billion.
Company Background
Founded in 2013 by Mao Wenchao and Qu Fang, Xiaohongshu started as a shopping guide app and has since evolved into one of China's most influential social media platforms. The platform is centered around user-generated content, covering lifestyle categories such as beauty, fashion, travel, and food. Xiaohongshu is expected to generate net profit exceeding $3 billion this year, underscoring its strong monetization capabilities. If successfully executed, the IPO would become another major tech listing in Hong Kong.