Xiaohongshu Hires Goldman Sachs and CICC for Potential Hong Kong IPO, Sources Say

Xiaohongshu has hired investment banks including Goldman Sachs Group and CICC International to work on a potential initial public offering in Hong Kong, according to people familiar with the matter. According to Jin10, the sources said details such as the fundraising size and valuation for the IPO remain unclear. Two other sources said Xiaohongshu’s valuation in private secondary-market transactions late last year reached as high as $50 billion. They added that the company could list as soon as the second half of this year. Bloomberg reported on Monday that Xiaohongshu was preparing to confidentially file a Hong Kong listing application by the end of June. The sources said Xiaohongshu’s monthly active users have exceeded 400 million since 2025. They also said the company’s expected profit for 2026 could reach $3 billion.