The social media platform, founded by Mao Wenchao and Qu Fang in 2013, was previously valued at $31 billion as it works with advisers on listing preparations.
Xiaohongshu plans to confidentially file for an initial public offering in Hong Kong by the end of this month, with preparations advancing alongside adviser institutions, the report said. Bloomberg, citing people familiar with the matter, said the company is working with advisers on the proposed listing. Xiaohongshu was founded by Mao Wenchao and Qu Fang in 2013 and had previously reached a valuation of $31 billion. A confidential IPO filing can allow a company to move forward with listing plans while keeping sensitive disclosures out of the public domain during the early stage of the process.