Xiaohongshu, the Shanghai-based social media and e-commerce platform that most people outside China know as RedNote or Little Red Book, is preparing to confidentially file for an IPO in Hong Kong by the end of June 2026. If all goes according to plan, the company could be publicly listed in the second half of 2026.
The target valuation sits above $70 billion, a significant jump from the more than $50 billion the company fetched in recent private secondary-market transactions. Goldman Sachs and China International Capital Corp (CICC) are serving as lead advisers on the deal.
The financial picture backing up this IPO ambition looks genuinely strong. Projections suggest Xiaohongshu could post a net profit of approximately $3 billion for 2026.
From US dreams to Hong Kong realities
This isn’t Xiaohongshu’s first attempt at going public. The company explored a US listing back in 2021, but those plans were shelved when Chinese authorities tightened regulations on overseas IPOs.
