China's RedNote, a TikTok alternative, sees valuation soar with backing from GSR Ventures
The start-up's price tag emerged through a document from a GSR Ventures Management vehicle that showed shares of the fund changing hands. RedNote comprises 91 per cent 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 US$20 billion.
RedNote – also known as Xiaohongshu, which means 'little red book' – came under the spotlight in January as
an alternative to TikTok , which faced threats of a ban in the US. The social media platform has garnered traction among investors following the Chinese government's pledge to support private firms and unwind a crackdown on its tech sector.
The latest valuation surpasses RedNote's Covid-era peak in 2021, and would be a boost for an initial public offering that the industry anticipates to happen as soon as this year, depending on market trends. A spokeswoman for GSR declined to comment. RedNote representatives did not respond to a request for comment.
11:02
Why are American TikTok 'refugees' migrating to China's RedNote ahead of possible US ban?
Why are American TikTok 'refugees' migrating to China's RedNote ahead of possible US ban?
RedNote, based in Shanghai, is a go-to platform in China for travel reviews, lifestyle tips and shopping guides. Co-founded in 2013 by Charlwin Mao Wenchao and Miranda Qu Fang, it counts today on both advertisement and e-commerce for income. The company was on track to double profits to more than US$1 billion in 2024.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
16 minutes ago
- South China Morning Post
Hong Kong urged to make itself ‘truly the world's green financial centre'
Hong Kong is poised to play an invaluable role in sustainable development by capitalising on its strengths in green finance given mainland China's status as a leader in advanced green technologies, a top American economist has said. Advertisement Jeffrey Sachs, an economics professor and director of the Centre for Sustainable Development at Columbia University, also said on Thursday that the Greater Bay Area was superior to Silicon Valley. Beijing should also speed up the internationalisation of the renminbi, he said. 'The role of Hong Kong in sustainable development is becoming central for the whole world,' Sachs said at an event hosted by the newly formed Hong Kong Association for External Friendship, a non-governmental organisation. The UN's Sustainable Development Goals, which were adopted by all of its member states in 2015, are a set of 17 global targets aimed at ending poverty, protecting the planet and ensuring prosperity for all by 2030. Sachs said China had a unique role to play in driving sustainable development as it was the world's largest industrial nation and the 'lowest-cost producer' of advanced green and digital technology. Advertisement Hong Kong's role, in turn, was to provide the financing needed and serve as a bridge that connected the world through bond issuances, listings and finding business partners.
South China Morning Post
an hour ago
- South China Morning Post
Leapmotor rolls out smart EV at half the price of Tesla's Model 3 in push for global sales
Stellantis-backed Leapmotor has announced the latest phase in its global push by launching an electric midsize sedan that offers similar features to Tesla's Model 3 at less than half the price. The Hangzhou-based electric vehicle (EV) builder said the B01, priced from 89,800 yuan (US$12,542) in mainland China, would target markets around the world as it pursued new growth engines amid cutthroat competition at home. 'We are offering our answer to customers' demand for an exquisite, value-for-money mass market car,' Cao Li, Leapmotor's senior vice-president, told a press conference in Hangzhou on Thursday. 'We are confident that the new car has largely exceeded market expectations.' Deliveries to mainland Chinese customers would begin this month, but the company did not say when the new car would be sold overseas. Leapmotor developed the new model based on its upgraded architecture, known as Leap3.5, which supports smart driving and fast charging. An aerial view of Tesla's Megafactory in Shanghai, February 8, 2025. Photo: Xinhua The five variants of the B01 have driving ranges from 430km to 650km, with the top-end model priced at 119,800 yuan. The batteries can offer about 300km of mileage with 18 minutes of charging.
South China Morning Post
2 hours ago
- South China Morning Post
EU and China agree on plan to iron out rare earth export restrictions, von der Leyen says
'We agreed – and this is new – to have an upgraded export supply mechanism. In other words, if there are bottlenecks, this upgraded support supply chain support mechanism can immediately check and solve the problem or the issue that is out there,' von der Leyen said. China's chokehold on rare earth exports has become one of the biggest issues in the EU-China relationship and was high on Brussels' agenda as its leaders sat down with Chinese President Xi Jinping and Premier Li Qiang in separate sessions. The tension stems from China's decision to impose licensing requirements on the export of rare earth elements and magnets in April. The move was a response to US tariffs, but European firms were caught in the crossfire, with some production lines grinding to a halt. Von der Leyen acknowledged China's efforts 'on fast tracking licences for the critical raw materials ' and said progress was vital to repairing 'trust in our trade relationship'. 'We need a reliable and secure supply of critical raw materials from China. Being seen as a reliable supplier and partner is clearly aligned with China's long-term economic and strategic interests,' she said.
