Chinese lifestyle and video-sharing platform Xiaohongshu is preparing for an initial public offering in Hong Kong, potentially as early as the end of this year, according to a report by the Wall Street Journal. Major investors are pushing for a valuation exceeding $70 billion, following recent private secondary market deals 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. The company is expected to post a net profit of over $3 billion this year.
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