Xiaohongshu’s valuation surged 19 per cent to US$31 billion in just three months during recent transactions via a major fund, underscoring the intense investor demand for a Chinese equivalent to Instagram. The valuation came to light through portfolio documents distributed by a GSR Ventures Management vehicle, which logged shares of the fund changing hands in the first half of 2025. Xiaohongshu comprised 92 per cent of the fund’s total assets as of June’s end, a slight rise from the previous...