Chinese social e-commerce app Xiaohongshu raises US$500 million as IPO plans hit roadblock amid regulatory tightening

Nov 9, 2021 | INVESTING

Social e-commerce app Xiaohongshu, known as China’s answer to Instagram, has raised US$500 million from existing investors in a new fundraising round after the company was forced to put its plans for an initial public offering on the back burner amid Beijing’s heightened scrutiny of overseas listings, according to a source briefed on the matter.The new funding for Shanghai-based Xiaohongshu, which means “little red book”, boosted the company’s valuation to US$20 billion, according to the source…

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