, Columnist
China’s Answer to Instagram Is Defying a Lot of Norms
Xiaohongshu has a devoted domestic following and a growing band of international users. An IPO in Hong Kong could be its next step.
Authenticity is the key on Xiaohongshu.
Source: CFOTO/Future Publishing/Getty Images
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It’s been a rocky few years for China’s tech sector. The fallout from a government crackdown kneecapped a generation of industry giants and startups alike, and broader macroeconomic headwinds have dampened consumer spending.
But against this gloomy backdrop, Xiaohongshu has defied the odds. The fastest-growing social media platform in China saw quarterly sales top $1 billion earlier this year, according to private figures reported by the Financial Times, and net profits surge by 400%.