Xiaohongshu to file confidentially for Hong Kong IPO this month

Lifestyle platform Xiaohongshu, also known as RedNote, is preparing to confidentially file for a Hong Kong listing by the end of this month, with an aim to completing the IPO this year, Bloomberg reported this week.

The company was worth $20 billion during a 2021 funding round, and the valuation further climbed to $31 billion last year. The report said the size of the IPO remains undetermined, but the company is expected to post a profit of $3 billion for 2026. Goldman Sachs and CICC are acting as underwriters.

Founded in 2013 by Mao Wenchao and Qu Fang, Xiaohongshu initially focused on sharing overseas shopping content. It has since evolved into one of China’s most popular social media, short video, and e-commerce platforms. The company’s backers include Hillhouse, Tencent and Alibaba.

Xiaohongshu reportedly filed a confidential application for a U.S. listing in 2021, but ultimately scrapped that plan due to concerns from Chinese regulators over the listing venue.

By Lau Chi Hang

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