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Core Insights - Xiaohongshu has made significant moves towards commercialization by acquiring a payment license through its wholly-owned subsidiary, Ningzhi Information Technology (Shanghai) Co., Ltd [1][3]. Company Developments - On November 6, 2025, Tianyancha reported a major equity change in Dongfang Electronic Payment Co., Ltd, where all six original shareholders exited, leaving Ningzhi as the sole controlling shareholder [1][3]. - The registered capital of Dongfang Payment increased from approximately 121 million RMB to 200 million RMB following the equity change [3]. - The company has a history of holding a payment business license since May 2011, allowing it to operate various non-bank payment services [3]. Strategic Moves - Xiaohongshu has been actively restructuring its organization to enhance its commercial capabilities, including the establishment of a "Big Business Sector" led by COO Conan [4]. - The company launched a "Million Commission-Free Plan" to attract new merchants and repositioned its marketplace within the app to enhance transaction conversion [4]. - In September, Xiaohongshu introduced a local service card, "Xiaohong Card," offering discounts at selected local stores, further diversifying its service offerings [4]. Market Position and Valuation - Xiaohongshu's valuation has reportedly surged by 19% within three months, reaching 31 billion USD, up from 26 billion USD earlier in June [5]. - There are speculations about Xiaohongshu potentially initiating a Hong Kong IPO by the end of the year, although the company has not confirmed this [5].