BlockBeats News, June 17th, according to The Wall Street Journal report, Chinese social media and lifestyle platform Xiaohongshu is preparing for its earliest initial public offering (IPO) in Hong Kong by the end of this year.

Sources revealed that the company's latest expected valuation has exceeded $70 billion, with a possible net profit of over $3 billion this year. Some major investors maintain high expectations for its long-term value based on its growth and profitability. In recent secondary market transactions, Xiaohongshu's valuation has surpassed $50 billion.

If the IPO proceeds smoothly, this will be one of the most watched listing events in China's Internet sector in recent years, reflecting a repricing trend of consumer Internet and content platforms in the capital market.