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Xiaohongshu (RED)

Consumer · Social commerce · Near-IPO · CN
IPO expected HK listing, end-2026 target
Valuation
$60BIPO target
Deal Score
B70 / 100
Funding
~$900M over 8 rounds
Demand
Medium
IPO window
HK listing, end-2026 target
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Valuations are as reported and not verified (this one: IPO target). Deal Score (0-100, graded A+ to C) is Mindcap's own assessment; demand is our desk's read of buyer and seller interest (Emerging, Medium, High). Data as of August 2026. Not investment advice.

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