New round values business at $3 billion. :
Alibaba is among a group of investors that have closed a $300 million financing round for popular social and e-commerce site Xiaohongshu, which is also known as Red. The investment values the business at more than $3 billion, affirming its place among China’s ranks of unicorn companies. Participating investors also included GSR Ventures, Tencent Investment, GGV Capital, Genesis Capital, Tiantu Capital, Zhen Fund, and K11 Adrian Cheng, the company said in a statement yesterday. As of May 2018, Xiaohongshu had 100 million registered users, with Generation Z most active.