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China's social media platform Xiaohongshu reportedly plans to confidentially file for an initial public offering in Hong Kong by the end of this month, which is expected to become one of the city's largest listings in recent years, according to Bloomberg.
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The Instagram-like app, also called Red Note, is working with advisors about the potential IPO, the report said, adding that discussions are ongoing and details, including timing, scale, and valuation, are yet to be finalized.
Investors have called this 13-year-old firm to seize the current golden opportunity to go public. Many Chinese tech firms like MiniMax (0100) and Shanghai Biren Technology (6082) have been listed in Hong Kong and received warm responses, while these emerging companies also pose challenges to the platform's traffic and business model.
The Shanghai-based company's valuation surged to US$31 billion (HK$242.95 billion) in a secondary-market transaction last September, while it was valued at about US$17 billion in its last funding round in 2024.
Last year, Xiaohongshu went viral in the US during the temporary ban of TikTok.
