Xiaohongshu, the Shanghai-based social media and e-commerce platform often described as a hybrid of Instagram and Pinterest with a shopping layer baked in, is preparing to file confidentially for a Hong Kong IPO by the end of June 2026. The company is targeting a valuation north of $70B, which would make it one of the most significant tech listings Hong Kong has seen in recent memory.
Goldman Sachs and CICC are advising the deal. If everything stays on track, the actual listing could take place in the second half of 2026.
From $26B to $70B: the valuation trajectory
Here’s the thing about that $70B target: it represents a serious premium over where Xiaohongshu has been valued in private markets. As recently as late 2025, the company’s private market valuation sat at approximately $50B. Go back a bit further, and earlier financing rounds pegged the company somewhere between $26B and $31B.
Analysts project Xiaohongshu could generate around $3B in profit for 2026. At a $70B valuation, that would put the company at roughly 23x projected earnings.
