Xiaohongshu taps Goldman Sachs, CICC for Hong Kong IPO

Xiaohongshu Plans Confidential Hong Kong IPO Filing as Chinese Tech Eyes Home Listings

Xiaohongshu Technology, the Chinese company behind the social media platform RedNote, is preparing to confidentially file for an initial public offering in Hong Kong by the end of June, according to Bloomberg, in what could become one of the city’s largest tech listings in recent years.bloomberg

The Shanghai-based company has tapped Goldman Sachs and China International Capital Corp (CICC) to work on the potential listing, Reuters reported on Monday. Key details including the timing, fundraising size, and valuation have yet to be finalized, though sources indicated Xiaohongshu was valued at approximately $50 billion in private secondary market transactions toward the end of 2025.reuters

From TikTok Alternative to IPO Candidate

Xiaohongshu, often described as China’s answer to Instagram, gained international attention in early 2025 when American users flocked to the platform amid concerns over a potential TikTok ban. The app blends social media content sharing with e-commerce features and has built a loyal user base, particularly among young Chinese consumers.

The company’s projected profit for 2026 could reach $3 billion, according to one source cited by Reuters. In its last formal funding round in 2024, the company was valued at roughly $17 billion, meaning a listing at its recent secondary market valuation would represent a substantial premium.yahoo

Regulatory Hurdles and Broader Trend

The Hong Kong IPO plan still requires approval from the China Securities Regulatory Commission, a process that could take several months. If successful, Xiaohongshu could go public as soon as the second half of this year.reuters

The move reflects a broader trend of Chinese technology companies pursuing listings closer to home amid ongoing U.S.-China political tensions and regulatory complexities that have made American exchanges less attractive. Hong Kong has positioned itself as a key beneficiary of this shift.

Separately, Singapore-based intellectual property analytics firm PatSnap has confidentially filed for a dual IPO in Hong Kong and Singapore, according to Bloomberg. The SoftBank-backed company is aiming to raise between $300 million and $400 million at a valuation exceeding $2 billion, putting it on track for a listing as soon as this year.bloomberg