Asia Tech Wire (July 11) -- China's Instagram-like social media platform Xiaohongshu has received an investment from venture capital firm DST Global, according to the Financial Times.

The report, citing people familiar with the matter, said Xiaohongshu has arranged deals in recent weeks to sell existing shares to existing and new investors, valuing the company at $17 billion.

DST Global is a Russia-based investment group that has invested in companies such as Facebook and Xiaomi.

Chinese media outlet Jiemian asked Xiaohongshu for confirmation of the news, but the company has not responded at this time.