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.

Ahead of the possible TikTok ban, "TikTok refugees" are flocking to the Chinese social media app Xiaohongshu, or Red Note, with strange and fascinating consequences.

Backers of China's Xiaohongshu are looking to sell a part of their stake to the likes of Tencent , among others, in a deal that could value the TikTok-rival at at least $20 billion, Bloomberg News reported on Thursday.

With a TikTok ban set to go into effect in the U.S. on Sunday, social media users in the U.S. are migrating to Xiaohongshu, also known as ‘REDnote.’

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,

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.

The app that Americans are flocking to as a TikTok alternative is Xiaohongshu, or RedNote, which translates to “Little Red Book.” This name carries significant historical weight, as it alludes to Mao Zedong’s Little Red Book, a mandatory collection of his quotes and philosophies that symbolized the Cultural Revolution in China.

Chinese-made social media apps Xiaohongshu and Lemon8 have soared to the top two spots on Apple’s iPhone download charts in the U.S., as users look for alternatives to TikTok ahead of an imminent ban stateside.

The Chinese app’s new American users are connecting directly with their Chinese counterparts at a time when the two countries are interacting less overall.

Shanghai-based Xiaohongshu, or RedNote as it is known in English, is a Chinese social media platform growing in popularity as an alternative to TikTok, but with the same security risks.

Those who made the decision to switch from TikTok to Xiaohongshu were well aware of their actions: They were searching for a new platform akin to TikTok, hoping to find content that aligned with their familiarity.