Xiaohongshu’s valuation has jumped to $26 billion in recent secondary transactions, according to internal documents from GSR Ventures. The Chinese lifestyle and e-commerce platform, known as Red Note in the U.S., is gaining traction as an alternative to TikTok, particularly amid regulatory uncertainty. GSR’s fund now holds over 8% of Xiaohongshu and lists it as its largest asset, fueling speculation of a potential IPO later this year. The company is projected to double its profits to over $1 billion in 2024.
