ChainThink report, citing informed sources, Bloomberg revealed that Xiaohongshu plans to secretly file for its initial public offering (IPO) in Hong Kong before the end of this month, currently working with advisory firms to advance preparatory efforts.

Xiaohongshu was founded in Shanghai in 2013 by Wang Wen Chao and Ju Fang, with investors including Tencent, Alibaba, Sequoia China, Hillhouse Capital, and Jusheng Capital.

In its 2024 funding round, the company's valuation reached approximately $17 billion; by September 2025, its secondary market valuation surged to $31 billion, while it projected full-year 2025 profits of around $3 billion for shareholders.

Currently, there is strong momentum for tech firm listings in Hong Kong, with companies such as MiniMax and Biren Technology having already completed their IPOs; however, the rise of AI services may pose a potential threat to Xiaohongshu’s traffic and business model.

Xiaohongshu faces intense competition from Douyin in short video and social commerce sectors, while its international version, RedNote, rapidly gained traction among overseas users during the brief U.S. ban on TikTok.