Right at the critical moment when Xiaohongshu was rumored to have secretly filed for a Hong Kong IPO at the end of June, former South China commercialization head Chen Hao filed a real-name complaint with the Hong Kong Stock Exchange and the Securities and Futures Commission: the company terminated labor contracts en masse under the pretext of 'incompetence' just before a large number of employee stock options were about to vest, causing the options to become void.