Xiaohongshu is preparing for a Hong Kong IPO, targeting a valuation of over $70 billion.

TechFlow News, June 17: According to The Wall Street Journal, Xiaohongshu—a Chinese lifestyle and video-sharing platform—plans to list in Hong Kong as early as this year-end. Major investors aim to value the company at over $70 billion, following recent private secondary-market transactions that valued it above $50 billion.

Founded in 2013 by Mao Wenchao and Qu Fang, Xiaohongshu initially launched as a shopping guide app and has since evolved into one of China’s most influential social media platforms. It is projected to generate over $3 billion in net profit this year.