小红书卖老股，估值3500亿

Core Insights - The article discusses the rising valuation of Xiaohongshu, which recently sold part of its shares at a valuation of $50 billion (approximately 350 billion RMB) by the end of 2025, significantly higher than its previous valuation of around 220 billion RMB [4][27][39] - The investment community is eagerly awaiting Xiaohongshu's IPO, with ongoing speculation about its potential listing in Hong Kong [6][17][39] Valuation Trends - Xiaohongshu's valuation has seen significant increases over the years, with estimates rising from $17 billion in 2024 to $31 billion by mid-2025 [5][29] - The company experienced a user surge in early 2025, reaching over 350 million monthly active users (MAU) and an average daily usage time of over 74 minutes [10][32] - Revenue projections indicate that Xiaohongshu's profits doubled in 2024 to over $1 billion, with expectations to reach $3 billion in 2025 [10][32] Investment Dynamics - The secondary market for Xiaohongshu shares has been robust, with investors actively seeking to purchase shares, reflecting strong liquidity [31] - A notable consumer investment firm reportedly recouped over 1 billion RMB from selling Xiaohongshu shares, marking a significant return [31] - The article highlights the impressive roster of investors backing Xiaohongshu, including prominent firms like Sequoia China and Tencent, indicating strong confidence in the company's future [36][38] IPO Speculation - Xiaohongshu has been rumored to be preparing for an IPO, with previous attempts to go public not materializing as expected [17][39] - The company has made strategic moves, such as renting office space in Hong Kong, which has fueled speculation about its IPO plans [39] - Despite the anticipation, concerns remain regarding whether Xiaohongshu's e-commerce business can support its high valuation [39]