Xiaohongshu may secretly submit its Hong Kong IPO application at the end of the month, with a valuation of up to $31 billion.

According to Odaily familiar with the matter, Xiaohongshu plans to secretly submit its Hong Kong IPO application before the end of this month. The company is currently working with advisory firms to advance preparations. Founded in Shanghai in 2013, Xiaohongshu is backed by renowned investors such as Tencent, Alibaba, and Sequoia China. Its valuation has been steadily rising, reaching $17 billion in 2024 and $31 billion in September 2025, with the company projecting annual profits of approximately $3 billion that year. While Hong Kong is currently experiencing a surge in tech company IPOs, Xiaohongshu faces multiple challenges. It must compete head-on with Douyin in short videos and social e-commerce, and also contend with the traffic surge from emerging AI platforms. Previously, its overseas version, RedNote, achieved rapid market penetration thanks to market opportunities. (Beating)