China Hints a State Backer for Rednote’s Owner Could Smooth IPO

Chinese regulators have informally indicated to Xiaohongshu Technology Co., owner of the Rednote app, that bringing in a state-owned investor could help make approvals smoother for any future listing, people familiar with the matter said.

It’s unclear if Xiaohongshu will decide to act on the suggestion, the people said, asking not to be identified because the deliberations are ongoing and private.

Representatives for the China Securities Regulatory Commission and Xiaohongshu didn’t immediately respond to requests seeking comment.

With uncertainty shrouding TikTok’s future in the US, social media users have been flocking to Xiaohongshu, a Chinese Instagram-like service. It ...