According to a report by TechFlow TechFlow on June 15th, Bloomberg, citing sources familiar with the matter, stated that Xiaohongshu Technology Co., Ltd., the operating entity of Xiaohongshu, is preparing to secretly submit its initial public offering (IPO) application in Hong Kong before the end of June. The report states that the company is working with advisors to finalize the potential listing, and the transaction is expected to be among the largest IPOs in Hong Kong in recent years. However, details such as the listing timeline, fundraising size, and valuation have not yet been finalized, and discussions are ongoing.
Founded in Shanghai in 2013, Xiaohongshu has investors including Tencent, Alibaba, Sequoia China, Hillhouse Capital, and GSR Ventures. In its 2024 funding round, Xiaohongshu was valued at approximately $17 billion. With its growing business, Xiaohongshu's valuation surged to $31 billion in secondary market trading in September 2025, and it projected to shareholders that its full-year profit for 2025 would reach approximately $3 billion.
