Xiaohongshu, known internationally as Red Note, is pivoting to attract more male users ahead of what could become the biggest IPO of a Chinese internet company in five years. The Shanghai-based platform, valued at $17bn in a 2024 private sale, plans a Hong Kong listing pending regulatory approval. Currently dominated by female users who make up roughly 75% of its 350mn monthly active users, the app is expanding beyond its core demographic of affluent young women.

The platform generates most revenue from advertising, commanding premium rates by serving high-spending consumers interested in beauty, fashion and travel. However, it struggles to compete in ecommerce against Alibaba's Taobao and Douyin, capturing only a fraction of their transaction volumes. Brands often direct users to Taobao for purchases after initial inspiration on Xiaohongshu, limiting the app's monetization potential despite being a critical influence on consumer choice.

Xiaohongshu has pursued male users through content on cars and gaming, plus partnerships like Kylian Mbappé as spokesperson and FIFA World Cup streaming rights. Men now represent 26% of users, though skeptics question if they'll remain engaged after major campaigns end. The company turned profitable in 2023 and is recruiting international executives to strengthen governance for the potential offering.