Xiaohongshu’s biggest shareholders are in talks to sell shares in the Chinese Instagram-like service at a valuation of at least $20 billion, drawing interest from Tencent Holdings Ltd. and other big names as a potential TikTok US ban approaches.

Amid the looming TikTok US Ban, expected to take effect on Sunday, January 19, a similar Chinese social media app called Xiaohongshu, aka RedNote, has been making waves online, with memes about the app flooding the internet.

With days to go before TikTok may be banned in the US, users have sent a little-known app to the top of the app store charts. Xiaohongshu, also known as RedNote, may not be a household name here but it has millions of users in China,

BEIJING (Reuters) -Chinese social media app RedNote has been thrust into the limelight after more than half a million TikTok users recently joined the platform in protest against a likely imminent ban on the short video app in the United States.

TikTok users fleeing the ByteDance-owned social platform ahead of a crucial Supreme Court decision on its future sent a rival Chinese app to the top of Apple's charts in the US on Monday. While the exact number of downloads is unknown,

As the popular video platform heads to a Jan. 19 ban, more than half a million new users are now on another Chinese social app, Xiaohongshu.