Chinese social media app RedNote has gained significant attention after over half a million TikTok users migrated to the platform amid concerns over a potential TikTok ban in the United States.
RedNote, known as “Xiaohongshu” in China, is a popular lifestyle platform where users share life experiences and recommendations.
Overview of RedNote
RedNote mirrors Instagram in China, with its name translating to “Little Red Book” in English, once a reference to a collection by Mao Zedong. It has become a leading search engine in China for tips on beauty, fashion, travel, and food, predominantly attracting young female users.
RedNote allows robust user interaction, especially through expanding livestream sales.
By 2023, it boasted over 300 million monthly active users, as per Chinese media.
Ownership and Financials
Founded in Shanghai in 2013 by Miranda Qu and Charlwin Mao as “Hong Kong Shopping Guide,” RedNote is now a potential IPO candidate. Its backers include Alibaba, Tencent, Temasek, and several venture capital firms. Mao’s net worth is reported at 18 billion yuan ($2.5 billion), with Qu valued at 12 billion yuan.
Global Expansion
Predominantly used in China, RedNote offers language options, though the content is mainly in Mandarin. The recent influx of TikTok users has prompted the company to develop English moderation and translation tools.
The app has a unified approach that aims to leverage the recent surge in international interest, positioning it for global popularity akin to TikTok, despite the company’s current focus on adapting to the new user base. RedNote has not commented on these developments.
