According to online reports, according to foreign media reports, Xiaohongshu's largest shareholder is negotiating to sell the company's shares, valued at at least US$20 billion. With a potential ban on TikTok in the United States looming, it is reported that Tencent and other large companies are interested in the deal. According to people familiar with the matter, GGV Capital, GSR Ventures and Tian Tu Capital are in talks to sell some of their shares in Xiaohongshu. People familiar with the matter said funds that have shown interest include existing shareholders HongShan Capital Group (formerly Sequoia China) and Hillhouse Investment. A person familiar with the matter added that Tencent is also considering whether to buy more shares. However, the person familiar with the matter said the deal has not yet been completed because existing shareholders have pre-emptive rights and if potential buyers decide to shelve it temporarily, especially as the situation in Tiktok remains unstable, the talks could still fail.