rm DST Global in a share sale that valued the company at US$17 billion (HK$132.6 billion), the Financial Times reported, citing unnamed resources.

The photo and video-sharing platform, wildly popular with female city dwellers, arranged stake sales of existing shares in recent weeks to current and new investors. DST, founded by Moscow-born Israeli tech entrepreneur Yuri Milner and a past investor in Facebook, took part in the round along with Hong Kong-based HongShan, formerly Sequoia China, which added to its existing stake.

Chinese private equity firms Hillhouse Investment, Boyu Capital and Citic Capital also invested.

The size of DST's investment could not be ascertained.

Xiaohongshu made US$500 million in net profit last year on revenues of US$3.7 billion. By contrast, it made a US$200 million loss on revenues of about US$2 billion in 2022.

Staff reporter

1f:T5e0,Beijing and Washington "can totally find ways to resolve each other's concerns", the Chinese commerce minister said Friday, as officials from both sides were to meet in Malaysia for trade talks. The world's two biggest economies have spent a large part of this year locked in a tit-for-tat trade row, though they currently appear to be seeking to avoid further escalation. Chinese vice premier He Lifeng is leading a delegation to meet US counterparts in Malaysia from October 24 to 27, Beijing said Thursday, the latest of several such rounds of negotiations. On Friday, commerce minister Wang Wentao said the previous meetings had shown "China and the United States can totally find ways to resolve each other's concerns". The two can "find correct ways to coexist, and promote the healthy, stable and sustainable development of China-US economic ties through mutual respect and equal consultation", he told a news conference marking the end of a key political meeting in Beijing. US President Donald Trump will meet his Chinese counterpart Xi Jinping in South Korea next Thursday, the Whit

Xiaohongshu wins over DST