Xiaohongshu Plans Hong Kong IPO at Over $70 Billion Valuation

According to a report by the Wall Street Journal, Chinese lifestyle and video-sharing platform Xiaohongshu is planning to list in Hong Kong as early as the end of this year. Major investors are seeking a valuation above $70 billion, following a recent private secondary market transaction that valued the company at over $50 billion. Founded in 2013 by Mao Wenchao and Qu Fang, Xiaohongshu started as a shopping guide app and has grown into one of China's most influential social media platforms. It is expected to generate net profit of over $3 billion this year.