In an ironic turn of events, American ‘TikTok refugees’ are flooding to yet another Chinese social media platform amid TikTok’s uncertain future. Aside from topping the download charts on iTunes and Google Play store, the migration of these users to XiaoHongShu, or Red Note, is also boosting shares of some mainland consumer stocks linked to the Chinese app.

From a digital marketing firm, to a pet food company and a language-learning app, join Dan Koh and Ryan Huang as they investigate the companies reaping the rewards of the internet’s new home.