Xiaohongshu plans to submit its Hong Kong IPO application as early as this month, with a potential valuation of over US$31 billion.

CoinFeed reported on June 15th that, according to Bloomberg, Xiaohongshu, a Chinese lifestyle platform, is preparing to secretly submit its IPO application to the Hong Kong Stock Exchange this month, potentially becoming one of the largest tech IPOs in Hong Kong in recent years. Sources familiar with the matter said that Xiaohongshu is working with several advisors, and the offering size, timeline, and valuation are still under discussion. Xiaohongshu's valuation in the secondary market rose to approximately $31 billion last year, and it has told shareholders that it expects profits of approximately $3 billion by 2025. Founded in 2013, the company has evolved from a shopping guide into a platform integrating community content and e-commerce, with shareholders including Tencent and Alibaba.