TechFlow reported on June 17, citing The Wall Street Journal, that Xiaohongshu, the Chinese lifestyle and video-sharing platform, plans to pursue 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 report also noted that Xiaohongshu was valued at more than $50 billion in recent private secondary-market transactions. The planned Hong Kong IPO would follow that valuation level, while the valuation target sought by key investors stands above the $70 billion mark.
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 said the company’s net profit is expected to exceed $3 billion this year.