Xiaohongshu prepares Hong Kong IPO filing

Chinese social‑media platform Xiaohongshu, also known internationally as Red Note, is preparing a confidential application to list in Hong Kong by the end of June. Sources say the Shanghai‑based company is working with advisers on timing, fund‑raising size and valuation, which could make the flotation one of the city’s largest recent offerings. The platform, valued at about US$31 billion after a September 2024 secondary‑market transaction (up from roughly US$17 billion in its 2024 round), has attracted investors such as Tencent and Alibaba and benefitted from a surge in U.S. interest during a temporary TikTok ban. Recent Hong Kong tech listings, including MiniMax and Shanghai Biren Technology, have drawn strong demand, though competition from AI‑driven services poses challenges to Xiaohongshu’s traffic and e‑commerce model.