Source: China – South China Morning PostSocial e-commerce app Xiaohongshu, known as China’s answer to Instagram, has raised US$500 million from existing investors in a new fundraising round after the company was forced to put its plans for an initial public offering on the back burner amid Beijing’s heightened scrutiny of overseas listings, according to a source briefed on the matter.The new funding for Shanghai-based Xiaohongshu, which means “little red book”, boosted the company’s valuation to US$20 billion, according to the source…Read More