The list of Chinese tech firms heading to the public markets is getting longer.

The latest to lay the groundwork for an initial public offering is Xiaohongshu, an Instagram-like social e-commerce platform. The company recently hired a chief financial officer and is considering going public in the U.S. as early as this year, according to people familiar with the matter. Investors say an IPO could value the Shanghai-based firm at more than $10 billion, up from its most recent private valuation of $6 billion.