HISTORICAL P100 / #15

Xiaohongshu (RED)

Social Commerce · China

Historical ranking valuation$26.0BSource snapshot: Jun 19, 2026

Disclosed primary funding in this record

Not established

Sum of non-overlapping disclosed USD amounts in confirmed primary financing entries in this record, including separately labeled equity components; not verified lifetime funding. Excludes amounts already included in a later round, announced, reported, database-only, debt, secondary and unclassified events.

0 confirmed primary rounds with disclosed USD amounts · Record through 2026-09-26

THE BUSINESS

Get to know Xiaohongshu (RED).

Xiaohongshu, also branded REDnote, operates a lifestyle and interests community built around user-created stories, discovery and shopping-related content. Its own advertising site describes the community and marketing products; this is not a source for its ownership or valuation.

Xiaohongshu official advertising and community overview ↗Source checked Sep 24, 2026

Valuation history

Valuations reported at the time of each round.

Jul 2024$17B reportedReported existing-share sale · ReportedSource ↗

2023$14B reportedReported secondary share purchases · ReportedSource ↗

Oct 2021$18B / up to $20B; conflicting reportsReported financing (series undisclosed) · ReportedSource ↗

Jan 2020About $6B sought valuationReported fundraising talks · ReportedSource ↗

Jun 1, 2018Over $3B at the 2018 financingSeries D · ConfirmedSource ↗

Mar 2016$1B reported at the 2016 financingReported financing (series undisclosed) · ReportedSource ↗

Funding history

Funding rounds, debt and other financing events.

9sourced events · record as of 2026-09-26

Eight sourced financing observations and a separate January 2020 fundraising-talk report do not establish complete reviewed coverage or current ownership. Three database-only observations remain unresolved, including possible overlap between the 2014/2015 Series B observations and the July 2024 secondary observations. Report dates are not authenticated settlement dates; secondary trades are not primary proceeds.

Jul 2024LATEST SOURCED

secondary

Reported existing-share sale

DST Global · Hongshan · Hillhouse · Boyu · Citic Capital

TechNode describes existing-share sales and reported participants, attributing the account to FT: https://www.ft.com/content/2d5f515f-d341-41c8-ace5-16a16cb33e35 . Only FT's subscription page was accessible; its full text was not inspected. July is report-month precision, not a proven settlement date. Possible overlap with the Clay observation remains unresolved. The valuation is not proceeds; no lead, legal subscribing entities, allocations or retained current shares are authenticated.

AmountUndisclosedValuation$17B reported

202308

secondary

Reported secondary share purchases

Sequoia Capital China

Indexed original: Sequoia China made multiple existing-share purchases earlier in 2023; size undisclosed. Direct access exposed only the subscription gate, not the full article. The valuation is also reported at https://technode.com/2024/04/30/xiaohongshu-says-reports-of-new-funding-based-on-20-billion-valuation-are-untrue/ . Year precision replaces the imported September date; no settlement day, primary proceeds, lead, subscribing entity, allocation or current retained shares are authenticated.

AmountNot publicly disclosedValuation$14B reported

Oct 202107

primary

Reported financing (series undisclosed)

Temasek Holdings · Tencent Holdings · Alibaba Group · Genesis Capital · Tiantu Capital

Caixin attributes an October close and $500M to an unnamed source; its valuation is about $18B. Reuters on November 8 reported up to $20B: https://www.euronews.com/2021/11/08/china-xiaohongshu . The issuer acknowledged a financing, not the amount or valuation. Names are reported participants, not verified subscribing entities or retained shares; these sources do not establish a lead, Series E legal class, allocations or exact settlement day. The old November 8 database article remains readable but is excluded from funding reconstruction.

Amount$500M reported; issuer did not confirm the amountValuation$18B / up to $20B; conflicting reports

Jan 202006

rumor

Reported fundraising talks

Investors undisclosed

The indexed Bloomberg report describes early talks and an undecided financing size, attributed to unnamed sources; it does not establish a completed round. January is report-month precision, not settlement. Existing backers are not assigned as participants in the proposed financing. Direct syndication-page retrieval was rate-limited; later closing evidence remains unresolved. No proceeds subtotal is inferred from the target range.

Amount$400M–$500M sought; no close establishedValuationAbout $6B sought valuation

Jun 1, 201805

primary

Series D

Alibaba Group (lead) · GSR Ventures · Tencent Investment · GGV Capital · Genesis Capital · Tiantu Capital · ZhenFund · Adrian Cheng (K11)

The reproduced founders' letter says the financing had completed, gives lower bounds rather than exact amounts and names the participants. Series D is the report's label, not an authenticated legal share class. The date is the publication date, not proven settlement. Participant names are historical public names/brands, not verified subscribing legal entities, allocations or current retained ownership. No exact proceeds subtotal is inferred from the lower bound.

AmountOver $300M; exact amount undisclosedValuationOver $3B at the 2018 financing

Mar 201604

primary

Reported financing (series undisclosed)

Tencent · Genesis Capital · Tiantu Capital

The March 30 original report attributes $100M, a $1B valuation and participant names to an unnamed knowledgeable source. March is report-month precision, not an authenticated closing date. It does not establish a lead, legal series/class, subscribing entities, allocations or retained current ownership. The conflicting imported investor aliases were replaced rather than authenticated.

Amount$100M reportedValuation$1B reported at the 2016 financing

Nov 201403

primary

Series B

GGV Capital (lead)

The dated account says GGV led a Series B completed in November 2014; the financing amount is undisclosed. Month precision is reported chronology, not an authenticated settlement day or legal share class. Possible overlap with the June 2015 import remains unresolved. Historical GGV attribution does not authenticate a subscribing entity, allocation or current retained shares.

AmountUndisclosedValuationUndisclosed

201402

primary

Series A

ZhenFund

TechNode reports the company's announcement of an earlier Series A and names ZhenFund plus an unnamed Silicon Valley fund; the latter is not resolved to GSR or another legal entity. The year reflects the account's chronology, not an authenticated settlement date. No exact amount, month or lead is established. An unrelated app-launch date in the article is internally inconsistent and is not used for the financing date. Historical participation is not proof of current retained ownership.

AmountSeveral million USD reported; exact amount undisclosedValuationNot publicly disclosed

201301

primary

Angel investment

ZhenFund

ZhenFund's own portfolio identifies Xiaohongshu as a 2013 angel investment. This confirms only the investor's stated historical participation, not the imported CNY 150,000, September date, legal security class, subscribing vehicle, allocation or current retained ownership. Other unnamed early investors are not inferred. The exact financing amount and closing date remain undisclosed.

AmountUndisclosedValuationNot publicly disclosed

Unverified database leads (3)

These database claims have not been independently verified and are excluded from the sourced-event count.

Jul 2024UNVERIFIED

secondary

Secondary Market

Investor participation not independently verified

Possible overlap with the FT-attributed July 2024 report carried by TechNode. The database's DST lead attribution is not independently established. Retained as an unverified observation, not an additional sourced financing or proof of primary proceeds.

AmountNot publicly disclosedValuationNot publicly disclosed

Jan 2017UNVERIFIED

primary

Series C

Investor participation not independently verified

AmountCNY 994,005ValuationNot publicly disclosed

Jun 2015UNVERIFIED

primary

Series B

Investor participation not independently verified

Possible overlap with the November 2014 Series B. TechNode's original June 8 founder-event coverage says a GGV Series B had completed, but gives no amount or exact closing date: https://cn.technode.com/post/2015-06-08/xiaohongshu-2/ . It does not establish a separate June financing or the imported $17.5M. The modern Notable Capital alias is not authenticated as the historical subscribing entity. This remains a database observation, not an additional sourced round.

AmountUndisclosed; imported $17.5M not verifiedValuationNot publicly disclosed

Financing participants

Investors, lenders and other parties named in funding announcements.

DST Global

Reported existing-share sale · Jul 2024 · Participant · secondary · Reported · Reported source ↗

Hongshan

Reported existing-share sale · Jul 2024 · Participant · secondary · Reported · Reported source ↗

Hillhouse

Reported existing-share sale · Jul 2024 · Participant · secondary · Reported · Reported source ↗

Boyu

Reported existing-share sale · Jul 2024 · Participant · secondary · Reported · Reported source ↗

Citic Capital

Reported existing-share sale · Jul 2024 · Participant · secondary · Reported · Reported source ↗

Sequoia Capital China

Reported secondary share purchases · 2023 · Participant · secondary · Reported · Reported source ↗

Temasek Holdings

Reported financing (series undisclosed) · Oct 2021 · Participant · primary · Reported · Reported source ↗

Tencent Holdings

Reported financing (series undisclosed) · Oct 2021 · Participant · primary · Reported · Reported source ↗

Alibaba Group

Reported financing (series undisclosed) · Oct 2021 · Participant · primary · Reported · Reported source ↗

Series D · Jun 1, 2018 · Lead participant · primary · Confirmed · Confirmed source ↗

Genesis Capital

Reported financing (series undisclosed) · Oct 2021 · Participant · primary · Reported · Reported source ↗