No wonder Xiaohongshu has such a crappy user experience but still spends big bucks to buy World Cup rights. A ridiculous $31 billion valuation and wants to go public. A platform that's been around for 8 years, with 300 million monthly active users, driven by both ads and e-commerce, yet its financials are always hovering between 'barely enough' and 'just not quite there.' What's worse is that liquidity in the Hong Kong stock market is drying up—top-tier assets are constantly breaking their IPO prices. How big of a discount will Xiaohongshu's valuation need in the secondary market to get cornerstone investors on board?