Hong Kong ·
Xiaohongshu (RedNote) valued above $30B in a fresh secondary share deal ahead of its Hong Kong IPO
The Chinese lifestyle platform’s private secondary marks have climbed sharply through 2025–26 as it prepares a Hong Kong listing targeted at more than $70B.
Xiaohongshu's climbing secondary marks through 2025–26 — up from roughly $26B to above $30B, with a Hong Kong IPO target north of $70B — show a company being re-rated well ahead of its actual listing, not just at the moment of the IPO itself.
That gap between the current secondary mark and the eventual IPO target is exactly the kind of pre-listing price discovery this site's tracker exists to document — most of it happens in private deals like this one, invisible until someone reports the numbers.
Source: Jing Daily ↗
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This item reflects reporting as of 5 February 2026. Secondary-market situations like this one can change quickly — check the source link for the latest developments.