Reuters
China’s Xiaohongshu raises $500 million, valuation hits $20 billion – source
Chinese social e-commerce app Xiaohongshu said it has raised a new round of financing from existing shareholders who increased their stakes in the firm, which a source familiar with the matter said valued the company as much as $20 billion. The source said Xiaohongshu, whose name translates to “little red book” in Chinese, raised $500 million in the round from investors including Singapore state investor Temasek Holdings, Tencent Holdings, Alibaba Group, Genesis Capital and Tiantu Capital. Xiaohongshu declined to comment on the figures or the investors.
