Xiaohongshu, a Chinese social media and e-commerce app that resembles Instagram, has been valued at about $18 billion in a funding round that includes the first injection from a Singaporean state-owned investor, Caixin has learned from multiple sources.
The new investment comes as rumors swirl about a potential Hong Kong initial public offering, after plans to list in the U.S. were scrapped amid heightened regulatory scrutiny. Zealous protection of data security by authorities could still prove a hurdle to a debut in the Chinese territory.
