The droves of Americans turning to Chinese-made social apps as an alternative to TikTok are helping boost some mainland consumer stocks as they represent a potentially new customer base.
More than 2 million users flooded to Xiaohongshu — now known in the US as RedNote — in just two days after the US Supreme Court signaled it was likely to uphold a law banning the popular TikTok app. Stocks such as Hangzhou Onechance Tech Corp. and Yantai China Pet Foods Co. have surged since then on optimism they will benefit as the new users search out Chinese made goods.
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