Xiaohongshu’s biggest shareholders are in talks to sell shares in the Chinese Instagram-like service at a valuation of at least $20 billion, drawing interest from Tencent Holdings Ltd. and other big names as a potential TikTok US ban approaches.

People are going to Xiaohongshu a.k.a. RedNote, a Chinese social app, in the midst of TikTok's impending ban. Here's what you should know about it.

As the threat of a TikTok ban looms, U.S. TikTok users are flocking to the Chinese social media app Xiaohongshu – making it the top downloaded app in the U.S. Some of the “TikTok refugees,” as they call themselves,