Xiaohongshu targets Hong Kong IPO with $70 billion valuation hopes

Chinese social‑commerce platform Xiaohongshu is preparing to launch an initial public offering in Hong Kong, aiming for a valuation that could exceed $70 billion. The Shanghai‑based company, founded in 2013 and backed by investors such as Alibaba, Tencent, Sequoia and GGV Capital, plans to file the IPO as early as the end of 2026. It seeks to raise capital after reporting net profits of over $3 billion in 2026, up from more than $2 billion the previous year, and after achieving a market value of roughly $50 billion in recent private transactions.

Xiaohongshu, known internationally as RedNote, hosts about 400 million monthly active users and blends user‑generated lifestyle content with integrated e‑commerce features. The move follows a broader trend of Chinese tech firms listing in Hong Kong amid heightened U.S.–China tensions. If completed, the listing would rank among the largest technology IPOs in recent years and signal strong investor confidence in China’s digital economy.