Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks
Autowise.ai and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
Tesla Supplier CATL Breaks Ground With New Battery Lab
Chinese Online Educator Zuoyebang Receives $750 Million Investment
Didi to Halt Service in Several Japanese Prefectures Citing Impact of Covid-19
Trending in China: ‘Robotaxis’ A Brave New World or Creating More Unemployment?
Lazada Appoints Former Alibaba Executive as New CEO
Alibaba-Backed ‘Little Red Book’ Seeks $6 Billion Valuation in New Fundraising

By Han Wei / Jan 11, 2020 04:53 AM / Business & Tech

China’s popular social media and e-commerce startup Xiaohongshu is in early talks on a new funding round that could value the company at about $6 billion, Bloomberg reported Friday.

The mobile app operator, also known as “Little Red Book,” is working with an adviser on the financing plan and has contacted potential investors, aiming to raise $400 million to $500 million, the report said, citing an unidentified source.

Counting Alibaba Group and Tencent Holdings as investors, Xiaohongshu’s valuation reached about $5 billion last year, according to the report. The company completed a $300 million series D financing at a valuation of more than $3 billion in 2018.

Founded in 2013, Xiaohongshu focuses on fashion and beauty. It has at least 300 million registered users and 85 million active monthly users, according to a company release in July. The app is especially popular among younger generations in China, who share their shopping experiences on the platform by posting product reviews with pictures, text and videos. Users can also buy products directly through the platform.

But managing the massive content generated by users could be a challenge for the app. Xiaohongshu was taken down from major app stores last year by regulators for “self-examination and self-correction,” but has since returned and is available for downloads.

Related: Alibaba-Backed ‘Little Red Book’ Crosses Little Red Line


Share this article
Open WeChat and scan the QR code