The largest shareholders of the Chinese social network RedNote have begun negotiations for the sale of shares; Within the framework of the agreement, the company’s valuation could increase up to $20 billion, Bloomberg writes, citing informed sources.
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According to them, negotiations on the sale of part of the assets are being conducted by GGV Capital, GSR Ventures and Tiantu Capital. HongShan Capital Group, Hillhouse Investment and Tencent Holdings Ltd showed interest in acquiring shares.
A successful deal would raise RedNote’s valuation to its 2021 level, when the company was valued at $20 billion, Bloomberg noted. In the second half of 2024, several investment funds, including Citic Group and Loyal Valley Capital, bought shares of the company worth $17 billion.
Negotiations could fail if potential buyers decide to postpone them, the agency stressed. The agreement is being discussed in the context of a migration of American TikTok users to RedNote, who are awaiting a decision from the US Supreme Court on a possible blocking of the social network.
Sources familiar with Reuters previously reported that TikTok plans to shut down its app in the United States on January 19, when a law blocking access to the social network takes effect. Users who try to open the service will see a notification directing them to a website with information about the ban.
Author:
Anastasia Kossakovskaya
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
