Xiaohongshu, a Chinese lifestyle and video-sharing platform, plans to list in Hong Kong as early as late this year, according to a Wall Street Journal report on June 17. Investors are aiming for a valuation of over $70 billion, following a private market valuation of over $50 billion. Founded in 2013 by Mao Wenchao and Qu Fang as a shopping guide app, Xiaohongshu has become one of China's most influential social media platforms. The company is expected to post a net profit of over $3 billion this year.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.