China Startup `Little Red Book' Said to Be Valued at $1 Billion
- Tencent, Genesis said to have invested in $100 million round
- Xiaohongshu becomes China's latest billion-dollar startup
BEIJING - AUGUST 05: General Mao little red books are seen at the market near Hou Hai Lake before the start of the Beijing 2008 Olympic Games on August 3, 2008 in Beijing, China.
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The “Little Red Book” has become a symbol of capitalist success in Communist China.
E-commerce startup Xiaohongshu, which means “Little Red Book” in Chinese, has raised $100 million from Tencent Holdings Ltd. and other investors at a valuation of about $1 billion, two people familiar with the matter said.