千亿估值巨头，这次栽了个“大跟头”

Core Viewpoint - Xiaohongshu, valued at $31 billion (approximately 220 billion RMB), is facing regulatory scrutiny as it approaches its IPO, following a warning from the Shanghai Cyberspace Administration for promoting celebrity content and disrupting the online ecosystem [1][15][21] Group 1: Regulatory Challenges - Xiaohongshu has been warned by the Shanghai Cyberspace Administration for frequently promoting celebrity dynamics, which has led to concerns about its impact on the online environment [1][15] - The platform has acknowledged the warning and stated it will implement corrective measures [3] - This is not the first time Xiaohongshu has faced regulatory issues; it was previously fined for violating minor protection laws [12][14] Group 2: User Engagement and Content Strategy - Xiaohongshu has 350 million monthly active users but is experiencing a slowdown in user growth, with increased focus on celebrity content to drive engagement [6][9] - Users have expressed dissatisfaction with the platform's algorithm, which prioritizes celebrity-related content over public interest topics, leading to complaints about content homogenization [8][10] - The platform's strategy of promoting celebrity content has been criticized for undermining its original purpose of sharing genuine life experiences [10][11] Group 3: Financial Performance and IPO Prospects - Xiaohongshu's valuation has increased by 19% in three months, reaching $31 billion, with expectations of profits exceeding $3 billion by 2025 [15][17] - The company is restructuring its business model to enhance monetization, including partnerships with Taobao to improve transaction efficiency [17] - Despite achieving profitability for the first time in 2023, the market remains cautious about its advertising growth and sustainability of new business ventures [17][19] Group 4: User Experience and Service Issues - Users have reported significant issues with Xiaohongshu's customer service and after-sales support, describing it as ineffective [18][19] - Complaints about the platform's logistics and order processing have surfaced, highlighting operational inefficiencies compared to established competitors [18][19]