Xiaohongshu to file confidential Hong Kong IPO at $70B — 4× valuation in 18 months
TL;DR
Xiaohongshu plans a confidential Hong Kong IPO filing by end of June at a $70B target. The valuation has 4×'d in 18 months. Underwriters: Goldman, CICC.
Bloomberg reported on June 15 (citing insiders) that Xiaohongshu (RED) is preparing a confidential IPO filing with the Hong Kong Stock Exchange by end of June, targeting a $70B valuation. One of Hong Kong's largest tech IPOs in years. Underwriting led by Goldman Sachs and CICC.
The valuation curve is the headline. End of 2024: last primary round at $17B. September 2025: secondary trades at $31B. June 2026 filing target: $70B — 4× in 18 months. The 2024 funding wave already quadrupled employee equity values; this filing pushes paper wealth up another notch for early stakeholders.
Fundamentals support it. Insiders say full-year 2025 profit ~$3B — the first full profitable year since the platform's founding 12 years ago. Community + social commerce dual engines integrated, ad and GMV scaling together. The basis for going head-to-head with Douyin on mindshare.
Confidential filing rather than public roadshow is now standard for major HK tech IPOs — pre-clearing with regulators, then sprinting when the market window opens. Listing expected H2 2026. If $70B holds, Xiaohongshu surpasses Kuaishou as the largest social platform on the HK board and earns global capital-market pricing power on the «Chinese Instagram» narrative.
via Bloomberg
The valuation curve is the headline. End of 2024: last primary round at $17B. September 2025: secondary trades at $31B. June 2026 filing target: $70B — 4× in 18 months. The 2024 funding wave already quadrupled employee equity values; this filing pushes paper wealth up another notch for early stakeholders.
Fundamentals support it. Insiders say full-year 2025 profit ~$3B — the first full profitable year since the platform's founding 12 years ago. Community + social commerce dual engines integrated, ad and GMV scaling together. The basis for going head-to-head with Douyin on mindshare.
Confidential filing rather than public roadshow is now standard for major HK tech IPOs — pre-clearing with regulators, then sprinting when the market window opens. Listing expected H2 2026. If $70B holds, Xiaohongshu surpasses Kuaishou as the largest social platform on the HK board and earns global capital-market pricing power on the «Chinese Instagram» narrative.
via Bloomberg
