Xiaohongshu
Xiaohongshu (RedNote) runs a social commerce and lifestyle search app in China, selling ads and e-commerce services to brands and merchants and serving mainly young urban users.
Xiaohongshu (Little Red Book/RedNote) is a platform where users post notes and videos on beauty, fashion, travel and food, with shopping, live-streaming and local-services features built in. It earns money from advertising, e-commerce commissions, local-service commissions, live-stream rewards and value-added services. Reported 2024 revenue was about RMB 30.7B (+~30%). Secondary-market trades valued the company at about $17B in mid-2024 and about $31B in 2025, and 2026 reports say it is preparing a Hong Kong IPO. The app has more than 300M monthly users and is still private, with backers including Tencent, Alibaba, Temasek and DST Global.
