Asia Tech Wire (Oct 14) -- Xiaohongshu, China's Instagram-like social media platform, has reported a rise in revenue to $1 billion and a net profit of $200 million in the first quarter of this year, according to the Financial Times.

Compared to $600 million and $40 million in the same period last year, its revenue and net profit for the first quarter of this year increased 67% and 400% respectively.

According to the report, Xiaohongshu's latest valuation reached $17 billion.

Xiaohongshu still wants to list in Hong Kong, but is waiting for Beijing to further clarify its stance on overseas listings for big tech companies, people familiar with the matter said.

Xiaohongshu's investors include Alibaba, Tencent, Hillhouse Investment and Temasek.