Miranda Qu

Miranda Qu cofounded Xiaohongshu in 2013 as a modest PDF shopping guide for Chinese consumers. Now, it’s one of the world’s most influential social media platforms with 300 million users, predominantly young women. Xiaohongshu was already popular among Chinese users, who used it to share photos and advice, driving tourists to sightseeing hotspots and photo-worthy restaurants around the world. But the platform broke into the global consciousness in early 2025, when a flood of “TikTok refugees”—looking for an alternative during a very brief U.S. ban of the Chinese social media app—went to Xiaohongshu instead. In September, reports suggested Xiaohongshu might earn as much as $3 billion in profits, a trajectory that has helped make the company one of the most hotly anticipated IPO candidates in China’s tech sector. The platform is still driving shopping decisions: Over 80% of users make a purchase decision after seeing content on Xiaohongshu.