Xiaohongshu (RedNote, 小红书) is using co-funded “mixed-funding coupons” (混资券) for merchants it treats as “friendly” during its 2026 11.11 promotion, the e-commerce outlet Ebrun (亿邦动力) reported on 16 October 2026. The report gives opening-period growth multiples by category but no absolute sales figures.
Two coupon types split funding between merchants and the platform
According to Ebrun’s report, republished by Sina Finance (新浪财经), the coupons are the promotion’s core subsidy tool. Under the order-bundling type (凑单混资), the merchant and the platform each fund 50 percent of discount coupons issued to users.
The hot-product type (爆品混资) is aimed at merchants that sell mainly through notes rather than livestreams. Platform subsidies rise by tier; at the volume-push tier (冲量档), merchants fund 10 percent and the platform 6 to 15 percent.
| Coupon type | Funding | Intended merchants |
|---|---|---|
| Order-bundling (凑单混资) | Merchant 50%, platform 50% | Livestream-led merchants with many products for bundled orders |
| Hot-product (爆品混资) | Tiered; volume-push tier: merchant 10%, platform 6–15% | Non-livestream, note-based merchants |
| Buyer welfare coupon (买手福利券) | — | Buyers (买手) who host livestreams |
Beauty merchants report the highest stated growth multiple
Ebrun gives growth against ordinary days (较日常) as multiples, using the Chinese form “增长N倍”, without base figures. Registered beauty and skincare merchants grew GMV by 5 times, snack food and furniture by 3 times, and womenswear by 2.5 times.
Unit: times
Merchant GMV growth vs ordinary days, as stated (增长N倍) · Source: Ebrun, 16 October 2026
View as table
| Item | Value |
|---|---|
| Beauty and skincare | 5.0 times |
| Snack food | 3.0 times |
| Furniture | 3.0 times |
| Womenswear | 2.5 times |
Products in the hot-product scheme grew GMV by 2 times against ordinary days, and new products by more than 3 times against the pre-promotion period. Stores of friendly merchants using order-bundling coupons grew by 2 times.
By price band, products above RMB 2,000 grew by 3 times, while the RMB 1,200–2,000 and RMB 800–1,200 bands each grew by 3.5 times.
Livestreaming buyers’ GMV grew by 2 times, with exposure up 1.5 times
Buyers who went live with buyer welfare coupons grew GMV by 2 times against ordinary days, and livestream exposure rose by 1.5 times. Registered beauty and personal care buyers grew by 5 times, food and tonics by 3.5 times and outdoor sports by 2 times.
Subsidies go to merchants with authentic content and competitive prices
Ebrun reports that the coupons go to merchants and buyers verified as “friendly”, and that subsidy efficiency depends on whether a merchant is “worth subsidising”: authentic content, service up to standard and competitive prices. Xiaohongshu also said the promotion continues its support for merchants that “make good products with care and operate sincerely”.
The report also states that Xiaohongshu has more than 400 million monthly active users and that 39 million users a day show explicit purchase-seeking behaviour.
Scope: what the report covers
- Source type: a media report by Ebrun; no Xiaohongshu release with these figures was located.
- Comparison base: ordinary days, except new products, which are compared with the pre-promotion period.
- Category figures cover merchants and buyers registered for the coupon schemes.
