China’s Instagram-like social media platform Xiaohongshu is reportedly advancing toward an IPO in Hong Kong.

The Shanghai-based company is said to have appointed underwriters, including China International Capital Corporation, for its public listing.

The platform expects to double its profits in 2024, reaching over US$1 billion compared to 2023.

Xiaohongshu, often called “little red book,” has more than 300 million monthly active users.

It has received investment support from major firms such as Alibaba Group Holding, Tencent Holdings, Temasek Holdings, and DST Global.

The company has not issued any comments regarding its IPO plans or the reported profit figures.

Recent Xiaohongshu developments