Sources tell Bloomberg that Xiaohongshu Technology is preparing to confidentially file for a Hong Kong IPO by the end of June, in what could rank among the city’s largest listings in years. Founded in Shanghai in 2013, the lifestyle and social-commerce platform has completed seven funding rounds backed by Tencent, Alibaba, Temasek, and Hillhouse. Its valuation reached $31 billion in secondary-market trading in September 2025. Xiaohongshu has expanded into AI, podcasts, video, and global markets, and secured streaming rights for the 2026 FIFA World Cup, with first-day viewership surging.

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