Xiaohongshu’s biggest shareholders are in talks to sell shares in the Chinese Instagram-like service at a valuation of at least $20 billion, drawing interest from Tencent Holdings Ltd. and other big names as a potential TikTok US ban approaches.

Backers of China's Xiaohongshu are looking to sell a part of their stake to the likes of Tencent , among others, in a deal that could value the TikTok-rival at at least $20 billion, Bloomberg News reported on Thursday.

Chinese-owned TikTok is set to be banned in the United States on Jan. 19, 2025, and another Chinese-owned app is welcoming American "TikTok refugees."

TikTok refugees flocked to Chinese platform Xiaohongshu on Monday, where users greeted them with offers of Mandarin lessons and jokes about spying.

With a TikTok ban set to go into effect in the U.S. on Sunday, social media users in the U.S. are migrating to Xiaohongshu, also known as ‘REDnote.’

People are going to Xiaohongshu a.k.a. RedNote, a Chinese social app, in the midst of TikTok's impending ban. Here's what you should know about it.

The app that Americans are flocking to as a TikTok alternative is Xiaohongshu, or RedNote, which translates to “Little Red Book.” This name carries significant historical weight, as it alludes to Mao Zedong’s Little Red Book, a mandatory collection of his quotes and philosophies that symbolized the Cultural Revolution in China.

Chinese social apps Xiaohongshu and Lemon8 have soared to the top two spots on Apple's iPhone charts ahead of the U.S.'s impending TikTok ban.

The controversial Chinese-owned app TikTok has gone offline, about an hour and a half before a deadline that would see it banned in the US.The app posted a message at about 10.30 p.m. eastern time saying: “Sorry,

Ahead of an impending ban on TikTok in the US, young Americans are flocking to RedNote which many say is “China’s answer to Instagram”. Xiaohongshu’s US downloads surged more than 200% year-on-year this week.

Chinese and American netizens are drawing closer despite the US bid to shield Americans from Chinese influence. Read more at straitstimes.com.