TechFlow reported on June 17, citing the Wall Street Journal, that Xiaohongshu, China's lifestyle and video-sharing platform, is preparing for a Hong Kong listing as early as the end of this year. Major investors are seeking to value the company at over $70 billion, surpassing its recent private secondary market valuation of more than $50 billion.
Founded by Mao Wenchao and Qu Fang in 2013 as a shopping guide app, Xiaohongshu has evolved into one of China's most influential social media platforms. The report indicates that the company is expected to post a net profit exceeding $3 billion this year.
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