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 IPO. According to the report, the company plans to pursue a listing in Hong Kong as early as the end of this year, while major investors are seeking to set its valuation at more than $70 billion.
The reported valuation target would be above the level seen in Xiaohongshu’s recent private secondary-market transactions, where the company was valued at more than $50 billion. The report did not provide details on the size of the fundraising, the final listing timetable, or underwriting arrangements.
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. The report also said the company’s net profit is expected to exceed $3 billion this year.