Asia Tech Wire (Aug 8) -- In response to the recently renewed rumors of an upcoming IPO for China's Instagram-like social media platform Xiaohongshu, a source close to Xiaohongshu with knowledge of the matter said on Thursday that the news is untrue.

Last month, news broke that Xiaohongshu had closed a new round of funding at a valuation of $17 billion.

The financing round involved venture capital firms DST Global and HongShan, as well as other investors such as Hillhouse Investment, Boyu Capital and CITIC Capital.

However, a Chinese reporter learned that the financing was not the "last round of IPO financing before Pre-IPO" as previously rumored, but through the transfer of old shares.