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Chinese social media app Xiaohongshu hits $18bn valuation

Funding round comes as rumors swirl over possible Hong Kong IPO

Chinese social media app Xiaohongshu has received its first injection of funding from Singapore's state-owned Temasek Holdings.   © Reuters

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.

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