Chinese lifestyle sharing social media platform Xiaohongshu has dismissed as “untrue information” reports by local media outlet IPOzaozhidao that it is Request Moviesin the midst of a new round of fundraising that values the company at $20 billion. A previous report by tech outlet The Information in September 2023 said Sequoia China had acquired a Xiaohongshu stake from existing investors, in a deal that valued the firm at $14 billion, a 30% discount compared to the social media app’s $20 billion valuation in 2021. The move saw the well-known venture capital firm join Alibaba and Tencent in betting on Xiaohongshu’s prospects. The social app, now popular among younger users with its search function and sharing features, has stepped up its efforts in e-commerce and advertising services to boost revenues in recent months. [IPOzaozhidao; Shanghai Securities News, in Chinese]
