**SHANGHAI, CHINA** – In the dynamic and fiercely competitive world of Chinese digital marketing, a single question reverberates through the boardrooms of advertising firms and the portfolios of investors alike: Which listed company holds the coveted, and increasingly crucial, title of being the primary advertising agency for Xiaohongshu, the social commerce behemoth? The quest to identify this corporate entity is more than an industry parlour game; it is a critical exercise in understanding the financial underpinnings of one of China's most influential tech platforms and the evolving landscape of influencer-driven commerce. The intrigue stems from Xiaohongshu’s own unique position. Founded in 2013, the platform, often dubbed "Little Red Book," has grown from a niche overseas shopping guide into a cultural phenomenon. With over 200 million monthly active users, predominantly Gen Z and millennial women, it has masterfully blended user-generated content (UGC), lifestyle sharing, and e-commerce. For brands, both domestic and international, a successful presence on Xiaohongshu is no longer optional; it is imperative. This has created a multi-billion dollar advertising and influencer marketing ecosystem orbiting the platform. Yet, Xiaohongshu itself remains a privately held company, leaving investors to seek indirect exposure through its key commercial partners. The search for its primary listed agency partner is a complex puzzle. Unlike the clear, singular agency-of-record relationships common in traditional marketing, Xiaohongshu’s ecosystem is fragmented and multi-layered. The platform works with a vast network of partners, making the designation of a single "advertising agency" somewhat anachronistic. The answer lies not in one name, but in a constellation of companies playing different roles. **The Contenders: A Multi-Tiered Partnership Model** Industry analysts and corporate filings point to several key players, each serving a distinct function within the Xiaohongshu universe. **1. The Strategic Partner: Lianchuang Group (SZSE: 300343)** Among the most frequently cited and credible contenders is Lianchuang Group (League-Champion Group). This Shenzhen-listed digital marketing giant has positioned itself as a dominant force in social media marketing, with a particularly strong and publicly acknowledged partnership with Xiaohongshu. Lianchuang’s role extends beyond simple ad-buying. The company has developed a deep, strategic collaboration with the platform. It operates as a "Key Ecological Partner" or a "Xiaohongshu KOL (Key Opinion Leader) Partner Agency." This means Lianchuang possesses privileged access to the platform's application programming interfaces (APIs), advanced data analytics tools, and early-bird information on policy changes and algorithm updates. They act as a bridge, helping major brands—from luxury fashion houses to fast-moving consumer goods (FMCG) companies—to design, execute, and measure sophisticated marketing campaigns on Xiaohongshu. Their service portfolio is comprehensive. It includes KOL selection and management, where they vet and contract thousands of influencers for branded content; content creation, producing the high-quality, "grass-feeding" style posts that resonate with Xiaohongshu's user base; and performance advertising, managing the paid promotion of these posts to achieve optimal reach and conversion. For investors, Lianchuang’s financial reports often highlight its growth in social media marketing revenue, with its Xiaohongshu business being a significant, though not always explicitly broken-out, contributor. Their sustained investment in this partnership, including joint hosting of industry summits with Xiaohongshu, underscores its strategic importance. **2. The E-Commmerce Enabler: Baozun Inc. (NASDAQ: BZUN, HKEX: 9991)** While Lianchuang focuses on the marketing funnel's top end, Baozun Inc. plays a critical role at the bottom. As a leading e-commerce service provider in China, Baozun helps brands operate their online stores across various platforms, including Tmall, JD.com, and, notably, Xiaohongshu. Baozun’s relationship with Xiaohongshu is symbiotic. As Xiaohongshu has aggressively expanded its own e-commerce capabilities, moving from pure advertising to a "closed-loop" model where users can discover, evaluate, and purchase without leaving the app, it needs expert partners. Baozun provides the logistical and operational backbone for this. They handle everything from store setup and design, customer service, and warehouse management to order fulfillment and after-sales support for brands selling directly on Xiaohongshu. For a brand, this means a seamless integration: a Lianchuang-like agency might drive traffic and awareness through influencer campaigns, and Baozun ensures that the traffic converts smoothly into sales and satisfied customers. Therefore, while not a traditional advertising agency, Baozun is an indispensable part of the commercial machinery that makes advertising on Xiaohongshu effective and measurable. Its status as a dual-listed company (Nasdaq and Hong Kong) makes it a key stock for those betting on the monetization of social commerce platforms. **3. The Influencer Marketplace and Rivals** Beyond these primary partners, the landscape includes specialized platforms like Hangzhou-based Weibo (not to be confused with Weibo Corp.), and a host of other listed marketing firms such as BlueFocus (SZSE: 300058) and PKU Jade Bird (SZSE: 002316), which also have dedicated teams and practices for managing Xiaohongshu campaigns. However, their scale and depth of integration are often seen as secondary to Lianchuang's focused dominance in this specific vertical. Furthermore, the rise of influencer marketing platforms like Xinbang (which has received investment from Alibaba), while not publicly traded, adds another layer of complexity. These platforms act as automated marketplaces connecting brands directly with influencers, potentially disintermediating the traditional agency role. **The "Why": Implications for the Market and Investors** The intense interest in pinpointing Xiaohongshu’s agency partner is driven by several compelling factors. First, it is a **proxy investment play**. With an IPO for Xiaohongshu perennially on the horizon but not yet realized, investing in its key partners is the closest thing to betting on the platform's continued growth. As Xiaohongshu’s advertising revenue swells, a significant portion flows directly to its primary agency partners, boosting their top and bottom lines. Second, it serves as a **barometer for marketing trends**. The success of companies like Lianchuang is a direct indicator of the health and growth of the influencer marketing and social commerce sectors. Strong earnings reports from these agencies signal that brands are continuing to allocate substantial budgets to platforms like Xiaohongshu, affirming the long-term viability of this marketing model. Third, it highlights the **strategic value of deep platform integration**. In today's fragmented digital environment, the most successful agencies are not just service providers but true "ecological partners." Their deep, platform-specific expertise and technological integration become a formidable competitive moat. Lianchuang’s early and sustained bet on Xiaohongshu has given it a significant first-mover advantage that is difficult for competitors to quickly replicate. **Challenges and the Road Ahead** The relationship is not without its risks and challenges. For the listed agencies, over-reliance on a single platform is a potential vulnerability. Changes in Xiaohongshu’s algorithms, advertising policies, or commission structures could directly impact their profitability. Furthermore, the platform itself is continuously evolving, and agencies must adapt rapidly to shifts, such as the growing emphasis on short-form video and live streaming within the app. The competitive landscape is also intensifying. Rival platforms like Douyin (TikTok’s Chinese sibling) and Kuaishou are also vying for marketing budgets, and agencies must maintain a multi-platform strategy to serve their clients effectively. In conclusion, the search for Xiaohongshu’s listed advertising agency reveals a nuanced reality. There is no single, simple answer. Instead, the title is shared among a select group of specialized public companies, with Lianchuang Group standing out as the preeminent strategic partner for brand advertising and influencer marketing, and Baozun Inc. serving as the critical e-commerce enabler. Together, they form the essential plumbing of Xiaohongshu’s commercial engine. For market watchers and investors, monitoring the financial health and strategic moves of these companies provides an unparalleled window into the future of Chinese digital commerce and the enduring power of the "grass-feeding" economy. As Xiaohongshu continues to refine its model and march towards a potential public listing, the fortunes of its key agency partners will remain inextricably and fascinatingly linked.