China’s Instagram-like Xiaohongshu has clarified that it currently has no plan to go public after a local report said the company may list in Hong Kong as early as the second half of 2024. Boasting 1 billion daily active users, the lifestyle-sharing platform operates as a real-time search engine covering a wide range of content from studying abroad preparations and household cleaning tips to sightseeing and food recommendations. Xiaohongshu’s push into e-commerce this year has boosted its higher-than-expected net profit, which a previous Bloomberg report cited sources as saying the company is projected to achieve a net income of $500 million in 2023. [Jiemian, in Chinese]
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