TechFlow reported on June 17 that Xiaohongshu, the Chinese lifestyle and video-sharing platform, is preparing for a Hong Kong listing as early as the end of this year, citing The Wall Street Journal. The report said the company’s major investors are seeking to set its valuation above $70 billion.
Private secondary-market valuation has already exceeded $50 billion
Before the latest listing plan was reported, Xiaohongshu had already been valued at more than $50 billion in recent private secondary-market transactions. The valuation level sought by major investors would place the company above that recent private-market benchmark if reached in the Hong Kong listing process.
Xiaohongshu was founded in 2013 by Mao Wenchao and Qu Fang. It began as a shopping guide app and has since developed into one of China’s most influential social media platforms. The report also said the company is expected to generate more than $3 billion in net profit this year.