TechFlow reported on June 17 that, according to The Wall Street Journal, Chinese lifestyle and video-sharing platform Xiaohongshu is planning to list in Hong Kong as early as the end of this year. The report said major investors are seeking to set the company’s valuation at more than $70 billion.
The targeted valuation would stand above the level reflected in recent private secondary market transactions, where Xiaohongshu was valued at more than $50 billion. The company was founded in 2013 by Mao Wenchao and Qu Fang, and initially started as a shopping guide application.
Xiaohongshu has since grown into one of China’s most influential social media platforms, expanding from shopping-related content into lifestyle sharing and video-based community features. The report also stated that the company is expected to generate more than $3 billion in net profit this year.