According to Insight Beating monitoring, Xiaohongshu (RED) plans to secretly submit its Hong Kong initial public offering (IPO) application by the end of this month. Bloomberg, citing people familiar with the matter, reported that Xiaohongshu is working with advisory firms to advance the relevant preparations.

Xiaohongshu was founded in 2013 in Shanghai by Miranda Qu and Charlwin Mao. Investors include Tencent, Alibaba, Sequoia China, Hillhouse Capital, and GGV Capital. In a 2024 funding round, Xiaohongshu was valued at around $17 billion. With business growth, Xiaohongshu's valuation soared to $31 billion in a September 2025 secondary market transaction, and the company projected a full-year profit of around $3 billion in 2025 to shareholders.

Despite the Hong Kong market showing a strong acceptance of tech company listings this year, witnessing an IPO frenzy of emerging AI service and hardware developers such as MiniMax and Wall Ring Technology, the rise of emerging AI services also poses a potential threat to Xiaohongshu, potentially eroding traditional social platforms' traffic and business models. In the short video and social e-commerce sector, Xiaohongshu faces intense competition from Douyin under ByteDance. During a brief TikTok ban in the U.S. last year, Xiaohongshu's overseas version, RedNote, quickly gained popularity among international user groups as an alternative.