TechFlow reported on June 17 that, according to The Wall Street Journal, Xiaohongshu, the Chinese lifestyle and video-sharing platform, is preparing for an initial public offering in Hong Kong. The company plans to list as early as the end of this year.
The report said major investors are seeking to set Xiaohongshu’s valuation at more than $70 billion. The target follows recent private secondary market transactions in which the company’s valuation had already exceeded $50 billion.
From Shopping Guide App to Major Social Platform
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, with a focus on lifestyle content and video sharing.
The report also stated that Xiaohongshu is expected to generate more than $3 billion in net profit this year. Its planned Hong Kong listing and valuation target come after a rise in valuation reflected in private market transactions.