Xiaohongshu, which was rumored to have confidentially submitted an IPO application to the Stock Exchange of Hong Kong at the end of last month, has reportedly been accused by a former senior executive through a real-name complaint to Hong Kong regulators.

The allegations involve suspected "malicious layoffs to evade option payouts" and "inconsistent information disclosure for onshore and offshore entities", which may create significant compliance uncertainties for the company's listing process.

A user identifying himself as Chen Hao, former head of Xiaohongshu's South China direct sales commercialization business, said he had submitted a "Xiaohongshu Listing Compliance Complaint" under his real name to the HKEX Listing Division and the SFC on 28 June.

The submission reportedly included first-instance and second-instance court judgments, legal documents related to option litigation, old and new resignation certificates, and extensive supporting materials from affected employees.

According to content publicly released by Chen, the three main requests submitted to the HKEX and the SFC included investigating contradictions in information disclosure, mandating disclosure of labor law violation records, and reviewing ESG labor compliance deficiencies.