小红书 may secretly submit a Hong Kong IPO application by the end of this month, with a valuation of up to $31 billion

Odaily reports: According to sources familiar with the matter, Xiaohongshu (Little Red Book) plans to secretly submit a Hong Kong IPO application before the end of this month. The company is currently advancing preparatory work with its advisory partners. Founded in Shanghai in 2013, Xiaohongshu has attracted notable capital from Tencent, Alibaba, and Sequoia Capital China. Its valuation has continued to rise. It was valued at $17 billion during a fundraising round in 2024 and reached $31 billion on the secondary market in September 2025. The company also forecasts a full-year profit of approximately $3 billion for that year. While the Hong Kong stock market is currently seeing a wave of tech company listings, Xiaohongshu still faces multiple challenges. It must compete head-on with Douyin in short-form video and social e-commerce, while also dealing with traffic disruptions from emerging AI platforms. Previously, its overseas version, RedNote, achieved rapid user adoption by capitalizing on market opportunities. (According to monitoring by Beating and reports from Bloomberg)