ChainCatcher news, according to Jinshi reports, informed sources revealed that Xiaohongshu's largest shareholder, GGV Capital, GSR Ventures, and Tian Tu Capital are negotiating to sell part of their shares, with a valuation of no less than $20 billion. Existing shareholders Sequoia Capital (formerly Sequoia China) and Hillhouse Investment have shown acquisition intentions, and Tencent is also considering increasing its stake.Due to the potential ban on TikTok in the United States, this transaction has attracted market attention. Informed sources pointed out that due to existing shareholders having the right of first refusal and the uncertain situation regarding TikTok, the transaction still carries uncertainties.