National Business Wire (Dec 25) -- China's Instagram-like social platform Xiaohongshu has denied any current plans for a U.S. listing.

Xiaohongshu may go public in Hong Kong as soon as the second half of 2024, a Chinese media outlet said in an article on Monday.

The article quoted an investor close to Xiaohongshu as saying that the company plans to raise another round of funding before launching an IPO.

"It's basically just a crossover round, and if it goes well it will fully close in the first half of next yearr," the person revealed.

In response, Xiaohongshu said on Monday that the company has no plans to go public at the moment.

Back in the first half of 2021, a number of Chinese Internet platform companies, including Xiaohongshu, were conducting roadshows in the U.S.

However, Xiaohongshu was unable to list in the U.S. in the third quarter of 2021 as it had hoped, due to China's tightening of regulations on overseas listings of internet companies.

According to Bloomberg, Xiaohongshu may achieve a net income of about $500 million this year, much higher than the $50 million profit it anticipated earlier this year.