Xiaohongshu997 Archives a Chinese social platform that is increasingly seen as a real-time search engine favored by younger generations, has received financial injections from venture capital firm DST Global in a recent sale of existing shares to current and new investors. The Financial Times first reported the news on Thursday, saying the deal valued Xiaohongshu at $17 billion. Investors that already held stakes in the company, including Hongshan (previously Sequoia China), Hillhouse, Boyu, and Citic Capital, also participated in the new round of funding. Boosted by rising e-commerce and advertising business, the lifestyle platform reportedly earned $3.7 billion in revenue and $500 million in net profit last year, the first time it was profitable since it was founded in 2013. [Financial Times]
