Svmuu News: According to sources familiar with the matter, Xiaohongshu plans to quietly file for an IPO in Hong Kong by the end of this month. The company is currently working with advisory firms to advance various preparatory tasks. Founded in Shanghai in 2013, Xiaohongshu has attracted investment from prominent firms such as Tencent, Alibaba, and Sequoia Capital China. Its valuation has continued to rise, reaching $17 billion in a 2024 funding round and climbing to $31 billion in the secondary market in September 2025. The company also forecasts annual revenue of approximately $3 billion for that year. While Hong Kong’s stock market is currently experiencing a boom in tech IPOs, Xiaohongshu still faces multiple challenges. It must not only compete head-on with Douyin in the short-video and social e-commerce sectors but also address the traffic impact posed by emerging AI platforms. Previously, its international version, RedNote, achieved rapid adoption by capitalizing on market opportunities. (Beating)