According to foreign media reports, the largest shareholder of Xiaohongshu is negotiating to sell the company's shares, with a valuation of at least 20 billion USD. As a potential ban on TikTok in the United States approaches, it is reported that Tencent and other large companies have expressed interest in this transaction. According to informed sources, GGV Capital, GSR Ventures, and Tian Tu Capital are negotiating to sell part of their shares in Xiaohongshu. Funds showing interest include existing shareholders HongShan Capital Group (formerly Sequoia China) and Hillhouse Investment. One insider added that Tencent is also considering whether to purchase more shares. However, these insiders stated that the deal has not been finalized, as existing shareholders have the right of first refusal. If potential buyers decide to temporarily shelve their interest, especially given the unstable situation with TikTok, the negotiations could still fail.