This Xiaohongshu (RedNote) company profile covers the company's valuation, revenue, funding rounds, investors and history. Xiaohongshu (RedNote) works in consumer internet, with a focus on lifestyle social media and e-commerce. It was founded in 2013 and is headquartered in Shanghai, China. Its latest valuation on record is About US$31 billion (2025). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| Estimated revenue | About US$4.8 billion in 2024, up about 30% (third-party estimate) | 2024 | Sacra |
| Later secondary trade | Part of a US dollar fund's stake reported sold at about US$30 billion | February 2026 | Jing Daily |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| 2025 | Secondary transactions (fund marks) | See source | About US$31B | GSR Ventures fund transactions | Bloomberg Law (Bloomberg) |
| 2025 | Secondary transactions | See source | About US$26B | See source | Shopifreaks |
Xiaohongshu (RedNote) timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2013 — Xiaohongshu (RedNote) is founded in Shanghai by Mao Wenchao (CEO) and Qu Fang.
- 2025 — Secondary transactions: See source, valuing the company at About US$26B.
- 2025 — Secondary transactions (fund marks): See source, valuing the company at About US$31B. Investors: GSR Ventures fund transactions.
- 2024 — Estimated revenue: About US$4.8 billion in 2024, up about 30% (third-party estimate).
- February 2026 — Later secondary trade: Part of a US dollar fund's stake reported sold at about US$30 billion.
Investors
Overview
Xiaohongshu, whose name means "little red book" and which is known in English as RedNote, is a Chinese social media platform where users share notes about their lives: product reviews, travel guides, recipes, fashion and beauty tips, fitness routines, home décor, study advice and much more, usually as photo posts or short videos with detailed text. Many young Chinese people use it as a search engine for lifestyle decisions, checking real users' experiences before buying a product, visiting a restaurant or planning a trip. It has become one of China's most influential platforms for consumer brands and one of the country's most valuable private technology companies.
Mao Wenchao, the CEO, and Qu Fang founded Xiaohongshu in Shanghai in 2013. It began as a shopping guide for Chinese travellers looking for tips on buying products abroad, then grew into a broad community for lifestyle content. Its users are predominantly young, urban and female, an audience that brands find extremely valuable, although it has broadened its user base over time.
How Xiaohongshu works
Users post "notes" that combine images or video with substantial written descriptions, and other users discover them through a feed and, importantly, through search. Unlike platforms that focus mainly on entertainment, Xiaohongshu is built around useful, searchable recommendations. The company has emphasised authenticity and tried to limit fake reviews and undisclosed advertising, though managing this remains a constant challenge. Over time it added livestream shopping and an e-commerce marketplace so users can buy products directly in the app.
Business model
- Advertising: brands pay to promote posts and run campaigns, and Xiaohongshu operates a platform that connects brands with content creators for sponsored notes.
- E-commerce: commissions on sales through its in-app shops and livestreams.
- Other services: including services for local businesses such as restaurants and travel.
Xiaohongshu doesn't publish financial statements. Research firm Sacra estimated revenue of about US$4.8 billion in 2024, up about 30% from 2023, and Bloomberg reported the company was on track for net income of more than US$1 billion in 2024. We list these as estimates and reported figures and show revenue as not disclosed in the fact tiles.
Valuation
Xiaohongshu's valuation is mostly visible through secondary share trades and investor fund records. A secondary deal in mid-2024 valued it at about US$17 billion. In early 2025, major investors were reported to be selling shares at a valuation of at least US$20 billion; later in 2025, Bloomberg reported US$26 billion and then about US$31 billion based on transactions recorded by GSR Ventures, an early investor. In February 2026, a further secondary sale was reported at about US$30 billion. These are private market marks rather than primary funding rounds set by the company. Its investors include Tencent, Alibaba, GGV Capital (now Notable Capital), ZhenFund, Hillhouse, Temasek, DST Global and HongShan.
The RedNote moment in the United States
In January 2025, as a US ban on TikTok appeared imminent, hundreds of thousands of American users downloaded Xiaohongshu, which shot to the top of the US App Store under the name RedNote. Many described themselves as "TikTok refugees" and joined in a burst of cultural exchange with Chinese users, sharing memes, language lessons and conversations about daily life. The surge faded after TikTok's ban was delayed, but it raised Xiaohongshu's global profile and highlighted questions about content moderation and data rules for foreign users on a Chinese platform.
Competition
Xiaohongshu competes for users' attention and advertisers' budgets with ByteDance's Douyin, Tencent's WeChat and Channels, Kuaishou and Weibo, and in e-commerce with Alibaba's Taobao and Tmall, JD.com and PDD's Pinduoduo. Its distinctive position is as a trusted place for detailed recommendations and lifestyle search, which makes it especially important for beauty, fashion, travel and premium consumer brands.
Xiaohongshu at a glance
Xiaohongshu (RedNote) is a Shanghai lifestyle social media and e-commerce platform founded in 2013 by Mao Wenchao and Qu Fang. Users share notes with reviews and recommendations, and brands advertise and sell through the app. Secondary transactions valued it at about US$17 billion in 2024 and about US$31 billion in 2025, according to Bloomberg; Sacra estimated 2024 revenue at about US$4.8 billion.
Timeline
- 2013: founded in Shanghai as a guide to shopping abroad.
- 2014–2018: grows into a broad lifestyle community and adds e-commerce.
- Mid-2024: secondary deal at about US$17 billion.
- January 2025: American users flock to the app as "RedNote" during the TikTok ban scare.
- 2025: secondary marks rise to about US$26 billion and then about US$31 billion.
- February 2026: a further secondary sale is reported at about US$30 billion.
Why brands love Xiaohongshu
Chinese consumers, especially younger ones, often distrust traditional advertising and rely on peers' experiences. A positive note from a respected creator, or many genuine-looking reviews, can make a product popular quickly. International brands use Xiaohongshu to launch products in China, test messages and track sentiment, and local Chinese brands use it to build followings from scratch. Because users search it actively, the platform captures purchase intent at the moment people are deciding, which makes its advertising particularly valuable.
IPO outlook
Xiaohongshu has been widely expected to pursue an IPO, with Hong Kong often mentioned as a likely venue. Chinese regulators' approach to overseas listings, market conditions and the company's own plans will determine timing. Reports in 2025 suggested authorities might support its eventual listing. A successful IPO would provide liquidity to early investors who have been selling in secondary markets.
Questions for brands entering China
- Which creators genuinely reach your target customers, and how are sponsored posts disclosed?
- How will you measure the impact of notes on sales across channels?
- How does content need to be localised for Chinese consumers?
Latest developments (October 2026)
Xiaohongshu, also known as RedNote, has hired Goldman Sachs and CICC to work on a Hong Kong IPO that could happen as early as the second half of 2026, sources told Reuters via DealStreetAsia. The listing needs approval from China's securities regulator. Reuters said private secondary trades valued the company at up to US$50 billion in late 2025, above the figure in our profile. Xiaohongshu has denied filing confidentially. See our decacorn guide.
What to watch
Watch for an IPO filing, official financial disclosures, growth in e-commerce and local services, regulation of content and advertising, and international user growth.
Takeaways
Consumer brands can treat Xiaohongshu as a search and discovery engine for Chinese shoppers. Founders can learn from its focus on trusted, useful content. Investors should remember that its valuation comes from secondary marks, not company-priced rounds.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Xiaohongshu (RedNote) do?
Xiaohongshu (RedNote) is a consumer internet / lifestyle social media and e-commerce company headquartered in Shanghai, China. It was founded in 2013.
What is Xiaohongshu (RedNote)'s valuation?
Xiaohongshu (RedNote) was valued at About US$31 billion as of 2025, according to Bloomberg Law (Bloomberg). Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Xiaohongshu (RedNote) make?
Xiaohongshu (RedNote) is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Xiaohongshu (RedNote)'s latest funding round?
The most recent financing we have verified is a secondary transactions (fund marks) in 2025: See source, at a valuation of About US$31B. Source: Bloomberg Law (Bloomberg).
Who are Xiaohongshu (RedNote)'s investors?
Investors named in public announcements include Tencent, Alibaba, GGV Capital (Notable Capital), ZhenFund, Hillhouse, Temasek, DST Global, GSR Ventures and HongShan.
Who founded Xiaohongshu (RedNote)?
Xiaohongshu (RedNote) was founded in 2013 by Mao Wenchao (CEO) and Qu Fang.
Is Xiaohongshu (RedNote) a public company?
No. Xiaohongshu (RedNote) is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Xiaohongshu (RedNote) headquartered?
Xiaohongshu (RedNote) is headquartered in Shanghai, China.