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 social apps Xiaohongshu and Lemon8 have soared to the top two spots on Apple's iPhone charts ahead of the U.S.'s impending TikTok ban.

With a possible TikTok ban just days away, many U.S. users are looking for alternative social media platforms to help them keep up with pop culture or provide the type of entertaining videos that popularized the short-form video app.

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.

The Supreme Court ruled on Friday, Jan. 17, to uphold a law that would ban the app for the 170 million people who use the app in the U.S. The ruling lines up with decisions other courts have made and sets up the ban to go into effect on Sunday, Jan. 19.