Chinese social media app Red Note has reached a valuation of US$26 billion (HK$202.8 billion), Bloomberg reported, saying it would be a boost for an initial public offering that the industry anticipates to happen as soon as this year.
The report cited a share transaction document from venture capital firm GSR Ventures showing that it held an 8.47 percent stake in the app, and the value of that stake reached US$2.22 billion by the end of March.
Known by its Chinese name "Xiaohongshu," the platform drew market attention in January as millions of US TikTok users flocked to Red Note amid a potential ban of the ByteDance app in the United States.
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