Asian Tech Press (OCT 11) -- Earlier, it was reported that Xiaohongshu, also named RED, will conduct an IPO in Hong Kong with a size of at least $500 million and consider applying as soon as this year.

In response to rumors of a Hong Kong IPO, Xiaohongshu responded that the company will maintain communication with the capital market on a phased basis but has no definite IPO plans at this time.

In March this year, sources said that Xiaohongshu was considering going public in the U.S. as early as this year at a valuation of more than US$10 billion and raising about US$500 million to US$1 billion. In July this year, according to Bloomberg, Xiaohongshu will suspend its U.S. IPO plan.

Xiaohongshu is a Chinese young lifestyle-sharing platform to share positive energy and good life by sharing text, pictures, and video.