TikTok Rival RedNote’s Value Hits $26 Billion in Boost for GSR

Xiaohongshu’s valuation surged to $26 billion in recent market transactions via a major fund, an unusually fast ascent that underscores how the Chinese social media phenom is making headway against TikTok in the US.

The startup’s price tag emerged through a document from GSR Ventures Management Co. vehicle that showed shares of the fund changing hands. Xiaohongshu comprises 91% of the GSR fund’s assets, according to the internal document reviewed by Bloomberg News. The portfolio’s stated net asset value as of end-March translated to a big jump in the fledgling social media firm’s valuation over its last-reported $20 billion.