TikTok rival Xiaohongshu has reportedly rented a 7,000-square-foot office in Causeway Bay after rumors of a supposed Hong Kong listing plan surfaced last year.

The Chinese social media platform, which gained global fame as RedNote, is said to have leased a space in Times Square for its Hong Kong office, with a rent of HK$40 per sq ft, according to local media.

The move is viewed as a step forward in the platform's plan for a Hong Kong listing.

Times Square has leased offices to a number of large Chinese enterprises, such as Alibaba (9988).