Xiaohongshu’s valuation surged 19% to $31 billion in just three months during recent transactions via a major fund, underscoring the intense investor demand for a Chinese equivalent to Instagram.The valuation came to light through portfolio documents distributed by a GSR Ventures Management Co. vehicle, which logged shares of the fund changing hands in the first half of 2025. Xiaohongshu comprised 92% of the fund’s total assets as of June’s end, a slight rise from the previous quarter, according...