Chinese social media and e-commerce platform Xiahongshu intends to collect up to $500 million in equity financing.

Xiahongshu is securing the new funds from backers including SoftBank’s Vision Fund, Sequoia Capital China, and Hillhouse Capital.

The latest funding round is likely to value Xiaohongshu at $6 billion.

In June last year, Xiaohongshu secured $300 million in a Series D financing round led by Chinese e-commerce to retail company Alibaba.