Rednote, a Chinese social media platform, has seen its valuation surge by 19 per cent to $US31 billion ($A47.4 billion) in just three months, driven by intense investor demand. This increase was revealed through recent transactions involving a major fund. Rednote is known as a Chinese equivalent to Instagram, offering a similar platform for users to share photos and videos.
The valuation increase came to light via portfolio documents distributed by a GSR Ventures Management vehicle. These documents indicated that shares of the fund changed hands in the first half of 2025. As of the end of June, Rednote comprised 92 per cent of the fund’s total assets, a slight increase from the previous quarter, according to the reviewed documents.
Bloomberg’s calculations, based on the portfolio’s stated net asset value, suggest a significant jump for the social media firm from $26 billion in the March quarter. Rednote, also known as Xiaohongshu, has emerged as a viable competitor to TikTok, particularly as TikTok faces potential bans in the US. The platform gained traction among investors after the Chinese government pledged to support private firms, boosting confidence in the country’s startup environment.
GSR Ventures, founded in 2004 with $3.7 billion in assets under management, has invested in over 100 companies, including Chinese ride-hailing app Didi and Horizon Robotics. The GSR fund in question includes some of the world’s largest pensions and US university endowments as limited partners.
