Chinese social media firm Xiaohongshu taps Goldman, CICC to work on Hong Kong IPO

Chinese social media platform Xiaohongshu has tapped banks including Goldman Sachs and CICC to work on a potential Hong Kong initial public offering, two sources with knowledge of the matter said.

The potential IPO size and valuation are not immediately known, but another two separate sources said that Xiaohongshu was valued in private secondary trades at as much ‌as $50 billion towards ⁠the end ⁠of last year.

The company, also known as RedNote, could list as early as the second half of this year, the two separate sources said. All the sources declined to be named as they were not authorised to speak to the media.