Xiaohongshu plans to secretly submit forms in Hong Kong by the end of this month, with a valuation of up to 31 billion US dollars According to Beating monitoring, Xiaohongshu plans to secretly submit its application for an initial public offering (IPO) in Hong Kong before the end of this month. According to Bloomberg citing informed sources, Xiaohongshu is working with consulting firms to advance related preparations. Xiaohongshu was founded by Mao Wenchao and Qu Fang in Shanghai in 2013, with investors including Tencent, Alibaba, Sequoia China, Hillhouse Investment, and Jinshajiang Venture Capital. In the 2024 financing round, Xiaohongshu's valuation is approximately $17 billion. With business growth, Xiaohongshu's valuation soared to $31 billion in its secondary market transactions in September 2025, and it is predicted to shareholders that its full year profit for 2025 will reach approximately $3 billion. Although the Hong Kong market has shown strong acceptance of technology companies going public this year, welcoming a wave of new AI service and hardware developers such as MiniMax and Weiren Technology, the rise of new AI services also poses a potential threat to Xiaohongshu, which may erode the traffic and business model of traditional social platforms. In the field of short video and social e-commerce, Little Red Book is facing fierce competition from Tiktok, a ByteDance brand. During TikTok's brief ban in the United States last year, RedNote, the overseas version of Xiaohongshu, quickly became popular among overseas users as a replacement.