According to a report by The Wall Street Journal on June 17, China's lifestyle and video sharing platform Xiaohongshu (Little Red Book) is preparing for a Hong Kong IPO, targeting a valuation of over $70 billion. The company, which recently achieved a valuation exceeding $50 billion in private secondary market transactions, plans to list on the Hong Kong Stock Exchange as early as the end of this year.
Founded in 2013 by Mao Wenchao and Qu Fang, Xiaohongshu started as a shopping guide app and has evolved into one of China's most influential social media platforms. The company is expected to record a net profit of over $3 billion this year, highlighting its strong profitability.
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