Sources Denied RedNote’s Alleged Introduction of State-Owned Investors for Listing

Recently, rumors have circulated in the market about RedNote (known in Chinese as Xiaohongshu) introducing state-owned investors to accelerate its listing process, but according to internal sources, this claim is not true.

As one of the highly anticipated unicorns in the Chinese internet industry, RedNote has attracted a large number of social media users amidst the uncertain prospects of TikTok in the US market, becoming a popular platform similar to Instagram.

According to Apple’s iPhone app rankings in the US, RedNote has become one of the most downloaded free apps, showcasing its strong market appeal and user base.

In terms of financial performance, RedNote has also shown strong growth momentum. According to insiders, the company is expected to achieve over $1 billion in net revenue by 2024, further enhancing investors’ confidence in its future development. With the continuous growth of its user base and business revenue, RedNote’s valuation is also steadily increasing.

It is worth noting that RedNote’s largest investor is currently in talks to sell part of its shares at a valuation of at least $20 billion, a development that has attracted widespread attention in the market. According to the South China Morning Post, RedNote has selected underwriters and plans to sell stocks in Hong Kong. These actions indicate that RedNote is actively advancing its listing preparations to achieve greater development in the future.

Among RedNote’s investor lineup are well-known companies such as Alibaba Group, Temasek Holdings, and Tencent Holdings. Other investors are considering selling part of their holdings, attracting interest from new shareholders such as Hillhouse Capital, IDG Capital (formerly IDG Capital China), and potential investors like Temasek.

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