New Stocks News | Rumor has it that Xiaohongshu has hired investment banks such as Goldman Sachs and CICC to handle its Hong Kong IPO affairs.

According to media reports citing two informed sources, Chinese social media platform Xiaohongshu (Little Red Book) has hired investment banks such as Goldman Sachs and CICC to prepare for its first public offering (IPO) in Hong Kong. The report stated that Xiaohongshu could potentially go public as early as the second half of this year. The size and valuation of this IPO is currently unclear, but two sources mentioned that Xiaohongshu's valuation in private secondary market transactions at the end of last year reached as high as $50 billion USD (approximately $390 billion HKD). Xiaohongshu did not respond to requests for comment, Goldman Sachs declined to comment, and CICC did not immediately respond to requests for comment. It was reported by the media yesterday that Xiaohongshu is preparing to secretly submit its listing application to the HKEX as early as the end of June. Informants also stated that Xiaohongshu's IPO plan in Hong Kong still needs approval from the China Securities Regulatory Commission, and the decision from that institution may take several months. Founded in Shanghai in 2013 by Mao Wenchao and Qu Fang, Xiaohongshu's investors include Tencent, Alibaba, Sequoia China, Hillhouse Capital, and GGV Capital. In a financing round in 2024, Xiaohongshu was valued at around $17 billion USD. With business growth, Xiaohongshu's valuation surged to $31 billion USD in a secondary market transaction in September 2025, and the company predicted a profit of around $3 billion USD for the full year of 2025. According to the official website, Xiaohongshu is a growth-oriented internet company serving 400 million monthly active users globally. The company encourages users to share authentic and uplifting life experiences and interests, making it an important search entry for people seeking life experiences. Additionally, it provides advertising and e-commerce services, supporting millions of merchants and buyers to build a sustainable business ecosystem.