小红书，估值涨到1800亿

Core Viewpoint - Xiaohongshu's valuation has surged to $26 billion (approximately 180 billion RMB), a 30% increase from its previous valuation of $20 billion earlier this year, despite a generally sluggish sentiment in the primary market [1][2]. Group 1: Company Overview - Xiaohongshu was founded in 2013 in Shanghai and has grown to over 350 million monthly active users, significantly exceeding initial expectations from investors [1][7]. - The company has been exploring various monetization strategies, with advertising being the primary revenue source, but it is also increasing its focus on e-commerce [3][7]. Group 2: Investment Landscape - Xiaohongshu has become a crucial asset for its major investor, Sequoia Capital, representing 91% of its fund's value, with an estimated market value of $2.2 billion for its 8.47% stake [2]. - The competition for Xiaohongshu's shares remains intense, with existing investors like Tencent and Sequoia China showing interest in acquiring additional stakes [2][3]. Group 3: IPO Speculation - There have been ongoing rumors about Xiaohongshu's IPO plans, with expectations that it may launch as early as this year, although the company has not confirmed any specific timeline [3][4]. - The company has made strategic moves, such as renting office space in Hong Kong, which has fueled speculation about its IPO intentions [3]. Group 4: Historical Context - Xiaohongshu's journey has been marked by significant challenges and transformations, including a shift in strategy to focus on community engagement and e-commerce, particularly during the pandemic [6][7]. - The company has experienced rapid user growth, particularly among young women, with over 70% of its user base being female and a significant portion being from the post-90s generation [7]. Group 5: Future Outlook - Despite its impressive growth, Xiaohongshu faces challenges in sustaining its valuation and achieving profitability, particularly in comparison to established e-commerce platforms [3][6]. - The anticipated IPO of Xiaohongshu is seen as a potential milestone for the VC landscape in China, with expectations of substantial returns for early investors [11].