XD Inc. makes, publishes, and runs mobile and web games for players in China and overseas. It also operates TapTap, an online community where players discover and discuss games, and where game makers can promote their titles.

What is XD's fair value?

On an owner-earnings DCF, XD's most-likely fair value is about HK$68, versus a recent price near HK$40. A margin-of-safety estimate, not a price target. Analysis, not advice.

Communication Services · Electronic Gaming & Multimedia · 2400.HK

What XD Does & How It Makes Money (2400.HK)

Updated October 2026 · reflects XD's latest reported financials

Chinese mobile game developer, publisher, and operator of the TapTap platform. It earns revenue from its own online games and paid premium games, and from selling online marketing and information services on TapTap to game developers and publishers.

XD's story, moat and numbers — in a 3-minute visual book.

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How XD makes money

It earns revenue from its own online games and paid premium games, and from selling online marketing and information services on TapTap to game developers and publishers.

What XD does

XD Inc. is a Shanghai-based game company founded in 2011 that develops, publishes, operates, and distributes mobile and web games in Mainland China and internationally. Its portfolio spans online games and premium (paid) titles, and it also invests in game development studios and runs a small catering business. The company reports two segments: Games and the TapTap platform. TapTap is a game community and discovery platform where XD earns money by providing online marketing and information services to game developers, publishers, and their agents, giving the company a platform business alongside its own game content.

Products & services

TapTap game community and platform
Online mobile and web games
Premium (paid) games
TapTap online marketing services for game developers
Game publishing and distribution services

What is XD worth?

On an owner-earnings DCF, XD's most-likely value is about HK$68 versus a recent price near HK$40 (41% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~HK$24) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.

Verdict: Fairly priced — no edge

Owner-earnings fair value · recent price ≈ HK$40

Fair value (most likely)

HK$68

Range

HK$41–HK$143

No-growth floor

HK$24

Price

~HK$40

Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.

Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →

Sector Communication Services Industry Electronic Gaming & Multimedia HQ China Ticker 2400.HK Official site

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