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.
Known by its Chinese name “Xiaohongshu” in China, the platform is a popular lifestyle app where users document their lives and post recommendations.
Here are some details about the app:
WHAT IS THIS APP?
RedNote is often regarded as a localised adaptation of Instagram in China. Its Chinese name Xiaohongshu translates to “Little Red Book” in English, a phrase which traditionally refers to a collection of sayings by Chinese Communist leader Mao Zedong.
It is widely regarded as the go-to search engine these days in China for recommendations and the most popular topics on the app span beauty, fashion, travel and food. Its users in China are mostly young and female.
Its interface is different from TikTok or Instagram in that it displays multiple posts – either video, photos or longer-form texts – simultaneously.
Users are able to engage in discussions, share their posts, call each other and purchase products. The platform has recently been making a big push into livestreaming sales.
As of 2023, it had more than 300 million monthly active users, according to Chinese media reports.
WHO OWNS REDNOTE?
The app was co-founded by Miranda Qu, its current president, and Charlwin Mao, its CEO, in 2013 in Shanghai. They initially called the app “Hong Kong Shopping Guide” and targeted Chinese tourists looking for recommendations outside the mainland.
RedNote is viewed as a potential IPO candidate. Shareholders include Chinese tech giants Alibaba (9988.HK), and Tencent (0700.HK), Singapore state investor Temasek as well as venture capital firms GSR Ventures, DST Global, and GGV Capital.
Mao has personal wealth of some 18 billion yuan ($2.5 billion) while Qu has a fortune of 12 billion yuan, according to China’s Hurun rich list.
DOES IT HAVE GLOBAL AMBITIONS?
The app is mainly used by Chinese people and while users have the option to change the app’s language, most of the content to date has been in Mandarin.
The influx of TikTok users has appeared to catch RedNote by surprise. Two sources familiar with the company said they were scrambling to find ways to moderate English-language content and build English-Chinese translation tools.
RedNote maintains only one version of its app, rather than splitting it into overseas and domestic apps. In contrast, Tencent runs overseas and domestic versions of its WeChat app while ByteDance also has a version of TikTok for mainland China called Douyin, in part to comply with Chinese government moderation rules.
The company is keen to mine the sudden rush of attention, as executives see it as a potential path to achieving global popularity similar to TikTok’s, the sources said. RedNote did not respond to a request for comment.
($1 = 7.3317 Chinese yuan)
Source: www.reuters.com
