Xiaohongshu lost the first trial in a labor dispute with an employee and wasn’t happy about it, so they appealed in the second trial to sue the employee. They claimed that the XINGIN entity that signed the stock option agreement has no connection with Xiaohongshu’s domestic operating entity, and in the end, they paid the employee 60,000 yuan less. But this XINGIN is the same entity for Xiaohongshu’s Hong Kong IPO Now this employee is using Xiaohongshu’s second trial lawsuit to report to the Hong Kong Securities and Futures Commission, saying the IPO entity has no connection with Xiaohongshu’s domestic operating entity