China’s social e-commerce app Xiaohongshu, also known as Little Red Book, has raised $500 million and reached a $20 billion valuation. Investors of the round include existing investors such as Temasek Holdings, Tencent, and Alibaba. The platform was reportedly mulling a Hong Kong IPO after it suspended its US listing plan in June due to Beijing tightening rules on Chinese companies seeking overseas IPOs. [36Kr, in Chinese]