
Xiaohongshu
Founded Year
2013Stage
Secondary Market - II | AliveTotal Raised
$917.5MValuation
$0000Revenue
$0000Mosaic Score The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.
+238 points in the past 30 days
About Xiaohongshu
Xiaohongshu operates a lifestyle platform in the social media and e-commerce sectors. It enables users to discover, share, and connect through lifestyle content such as cosmetics, fashion, food, and travel, integrating user-generated content with commerce. The platform primarily serves individuals looking for inspiration and guidance in various aspects of their daily lives. The company was founded in 2013 and is based in Huangpu, China.
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Expert Collections containing Xiaohongshu
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Xiaohongshu is included in 2 Expert Collections, including E-Commerce.
E-Commerce
11,710 items
Companies that sell goods online (B2C), or enable the selling of goods online via tech solutions (B2B).
Unicorns- Billion Dollar Startups
1,276 items
Latest Xiaohongshu News
Jul 4, 2025
Share With over 660,000 copies sold and viral traction on Xiaohongshu and Bilibili, Sultan’s Game shows that great gameplay still goes the distance. Since its release, Sultan’s Game, a card-based role-playing game developed by a team of just over a dozen people, has gained widespread attention. Its distinctive visual style and narrative-driven approach have helped it move beyond niche circles, making it one of the most discussed Chinese games of the year. The game’s success stands out in two key areas. First, commercially: according to data from VG Insights, Sultan’s Game has generated USD 12.4 million in revenue, selling more than 660,000 copies. For comparison, most indie games are considered successful if they sell even 20,000 copies. Second, in terms of online reach: the game has become a viral topic on platforms like Xiaohongshu and Bilibili . A reporter from 36Kr, using a Xiaohongshu account with only 70 followers, posted a game-related note that received over 10,000 views and nearly 200 comments in just three days. A search for “Sultan” on Xiaohongshu now yields close to 100,000 posts. At the same time, user-generated content has proliferated across Douyin and Xiaohongshu, including story reenactments and cosplay videos. When marketing doesn’t matter, gameplay does Why did Sultan’s Game perform so well? The simplest and most compelling reason is that it is genuinely enjoyable to play. According to Qianshui (pseudonym), the editor-in-chief at TapTap—a partner in the game’s promotion and distribution—the platform scores games internally based on gameplay, mechanics, narrative, and audiovisual design. These scores influence a game’s visibility and support levels. Sultan’s Game, Qianshui said, ranked highly from the outset. “It was already a hit during the playtest phase, and even in early access, its polish was far above average.” Instead of using domestic distribution channels, the developers launched on Steam, one of the world’s largest gaming platforms. They also chose a pay-once model without in-app purchases. According to a representative from publisher 2P Games, the game had almost no paid user acquisition. Its commercial performance came down to one factor: the quality of the game itself. The appeal lies primarily in two areas: narrative and visual presentation. Narratively, Sultan’s Game offers rich content and tonal complexity. Whether players comply with the sultan’s rule or rebel against it, both paths offer substantial plot development. Players have highlighted the emotional depth of the story. Some praised the portrayal of love and hope, describing the protagonist’s wife Maggie as “a guiding light in the chaos and darkness.” Others favored the chaotic evil routes, enjoying the more twisted narrative arcs. “The harder a story branch is to unlock, the more unhinged we made the writing. If the player made it that far, they probably sacrificed a lot to get there,” said Zuanka (pseudonym), the game’s writer. The emotional range and sense of agency contribute to the game’s tension. Visually, the game distinguishes itself from the typical Japanese anime-influenced or US-style photorealistic indie titles. Set in a fictional medieval empire, Sultan’s Game features vibrant costumes and iconography inspired by Middle Eastern Islamic aesthetics, including mosaic tiles and Byzantine-style gold leaf backdrops. These elements create a mystical and immersive atmosphere. Image and header image source: 2P Games. Timing is everything, especially in gaming Beyond quality, market timing and context also played significant roles in the game’s success. A key factor is the growing number of Chinese players on Steam. In February, Valve reported that over half of its user base was using the platform in simplified Chinese. This reflects a broader trend: as China’s gaming industry matures, more players are willing to pay for high-quality games. Steam’s international scope and extensive content are increasingly appealing. Last year’s Black Myth: Wukong, which sold millions of copies on Steam, helped popularize the platform further. Steam’s data showed that just four hours after the Wukong pre-load began, download traffic peaked at 70 terabytes per second, a new record. Major Chinese publishers are reinforcing the trend by releasing titles directly on Steam. Examples include NetEase’s Once Human and Marvel Rivals, Tencent’s Delta Force: Hawk Ops, and Papergames’ Infinity Nikki. These are major releases with established fanbases. Meanwhile, platforms like Xiaohongshu and Douyin have increased their focus on gaming. Xiaohongshu recently reported a 34% rise in April’s in-feed gaming traffic, with role-playing, female-focused, and strategy games topping the charts. The platform is now incentivizing game content creation and recruiting talent from live streaming platforms like Huya and Douyu to expand its gaming ecosystem. RELATED ARTICLE
Xiaohongshu Frequently Asked Questions (FAQ)
When was Xiaohongshu founded?
Xiaohongshu was founded in 2013.
Where is Xiaohongshu's headquarters?
Xiaohongshu's headquarters is located at 388 Madang Road, Huangpu.
What is Xiaohongshu's latest funding round?
Xiaohongshu's latest funding round is Secondary Market - II.
How much did Xiaohongshu raise?
Xiaohongshu raised a total of $917.5M.
Who are the investors of Xiaohongshu?
Investors of Xiaohongshu include HongShan, Hillhouse Capital Management, Boyu Capital, DST Global, CITIC Capital and 12 more.
Who are Xiaohongshu's competitors?
Competitors of Xiaohongshu include Xingsheng Selected and 7 more.
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