Xiaohongshu picks Goldman, CICC for Hong Kong IPO, listing as early as H2

Chinese social media platform Xiaohongshu has hired Goldman Sachs and China International Capital Corporation (CICC) for a potential Hong Kong initial public offering, according to sources. The IPO size and valuation remain undetermined, but two independent sources said the company's private secondary market valuation reached up to $50 billion by the end of 2025. Sources indicated the earliest listing could be in the second half of this year,