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Xiaohongshu denies rumors of state-backed investors
RedNote, known as Xiaohongshu in Chinese, has dismissed recent rumors regarding state-owned investors assisting in its public listing efforts.
The Chinese social media platform has gained popularity, particularly amid concerns regarding TikTok’s availability in the US.
Insiders report that RedNote is on track to exceed US$1 billion in net revenue by 2024.
As investor confidence increases, the company’s valuation is believed to be at least US$20 billion, with its largest shareholder considering selling part of its stake.
RedNote has engaged underwriters for a public listing in Hong Kong, with backers including Alibaba, Temasek, Tencent, and new investors like Hillhouse Capital.
Recent RedNote developments
| Timeline |
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17-Jan-2025 🌍 Xiaohongshu shows Americans a whole new social media world
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17-Jan-2025 🌟 Xiaohongshu recruits English-speaking content moderators
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16-Jan-2025 💰 Xiaohongshu said to discuss stake sale at $20b valuation
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15-Jan-2025 📈 China’s Xiaohongshu gains 700k new users as TikTok faces ban
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| 14-Jan-2025 📱 China’s Xiaohongshu tops app store ahead of TikTok ban |
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