Xiaohongshu, what we know about the Chinese social shopping star
The news is relevant because it is a rare example of foreign investors investing in a now somewhat taboo technology sector
3' min read
Key points
3' min read
China's rising social star, Xiaohongshu - which translates as 'little red book', like Mao's - has obtained the backing of Yuri Milner's venture capital company Dst Global, which incidentally was one of the first investors in Facebook.
The news is relevant because it is a rare example of foreign investors investing in a technology sector that is now somewhat taboo due to the crisis in relations between the West and China and the increased censorship of social media by the Beijing government.
It must also be said that behind Dst is a very special entrepreneur figure: Milner was born in Moscow, but renounced his citizenship in 2014 after the invasion of Ukraine, for whose refugees he allocated $100 million. Milner after all has Jewish parents - Ukrainian father and Russian mother - and has held citizenship since 1999.
Milner's divorce from Russia, however, does not seem to extend to China (despite the growing alliance of these two countries), as evidenced by the investment in Xiaohongshu.
L’investimento
The photo and video sharing platform, popular with urban women, has in recent weeks organised a sale of existing shares to current and new investors valuing the company at $17 billion, according to sources in the Financial Times
