Xiaohongshu Technology Co., the Chinese operator of social platform RedNote, plans to confidentially file for an initial public offering in Hong Kong by the end of June, according to people familiar with the matter.
The Shanghai-based firm, often called China’s Instagram, is working with advisers on a potential listing that could be among the city’s largest in recent years. Details such as timing, valuation and deal size remain under discussion, the people said.
Founded in 2013, Xiaohongshu has grown from a shopping guide into a leading lifestyle and social-commerce platform with backing from Tencent and Alibaba. It was valued at $31 billion in a 2025 secondary-market transaction, and Hong Kong’s IPO market is poised for a six‑year high this year.
