The Chinese social media firm eyes a second-half listing after private trades valued it at $50 billion last year.
Xiaohongshu has appointed Goldman Sachs and China International Capital Corp to lead its potential Hong Kong initial public offering. The company, known for its Instagram-like platform, could list in the second half of 2024, though valuation details remain undisclosed.
Private secondary trades late last year valued Xiaohongshu at up to $50 billion. The firm, which has over 400 million monthly active users, is projected to generate $3 billion in profit by 2026. Its platform serves as a lifestyle and search tool for younger demographics.
No immediate market reaction was reported. The company and banks involved have not commented on the plans.