Xiaohongshu Technology Co., the Shanghai-based social media and ecommerce company behind RedNote, is preparing to confidentially file for a Hong Kong initial public offering by the end of June, people familiar with the matter said.

The company is working with advisers, but the timing, size, and valuation of the share sale are still under discussion.

Xiaohongshu was valued at about US$17 billion in a 2024 funding round, while a secondary-market transaction last September implied a US$31 billion valuation, the people said.

Xiaohongshu had about 260 million monthly active users in early 2024.

The company told investors it generated more than 30 billion yuan (US$4.44 billion) in revenue in 2022, with 80% from advertising, and 20% from ecommerce.

🔗 Source: Bloomberg

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