Xiaohongshu is finally heading for an IPO. According to Bloomberg, sources say Xiaohongshu is preparing to submit its listing application to the Hong Kong Stock Exchange as early as the end of this month. Currently, Xiaohongshu is working with investment banking advisors to push forward the IPO process, and it’s expected to become one of the largest tech company IPOs in Hong Kong in recent years. Previously, the company’s valuation reached approximately $31 billion.