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Chinese gaming company operating TapTap, a popular gaming community and app-distribution platform, and developing/publishing its own mobile games.
Chinese gaming company operating TapTap, a popular gaming community and app-distribution platform, and developing/publishing its own mobile games.
Two engines: TapTap earns mainly from advertising bought by game publishers promoting titles to its community, while XD's own studios earn from players' purchases inside games they develop and publish. A hit title can shift results sharply, whereas TapTap's advertising ties to the amount game publishers spend to find players.
In one line: China's Discord-meets-Steam for mobile gaming, plus its own game studio.
Moat: narrow (network effects, brand). TapTap's community-driven gaming platform has built a loyal user base and reviewer culture that differentiates it from traditional app stores.
Headquarters: Hangzhou, China · Founded: 2011 · Employees: 1,554
Size XD, Inc. (2400.HK) is a Hong Kong Information Technology company (Packaged Software) with a market value of $2.77B, the 356th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$45.04 on 6 Nov 2026.
Performance Over six months the shares fell 28.4%, against -2.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 5.9% over the last twelve months (peer median +19.8%); the operating margin is 26.2% (peer median 6.5%).
Valuation It trades at 11.9× forward earnings against a peer median of 34.9× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 159.4 points above its cost of capital (12.4% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$6.71B | HK$6.25B | HK$5.43B | HK$3.74B | HK$3.99B |
| Revenue growth | — | +15% | +45% | -6% | — |
| Gross profit | HK$4.85B | HK$4.60B | HK$3.75B | HK$2.23B | HK$2.04B |
| EBITDA | HK$1.88B | HK$1.84B | HK$1.08B | HK$118M | -HK$497M |
| Net income | HK$1.67B | HK$1.67B | HK$880M | -HK$91.8M | -HK$644M |
| Free cash flow | HK$1.99B | HK$1.87B | HK$1.39B | HK$238M | -HK$449M |
| Capital expenditure | HK$468M | HK$462M | HK$29.9M | HK$18.2M | HK$106M |
| Total debt | n/a | HK$136M | HK$169M | HK$1.93B | HK$2.36B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| XD, Inc. 2400.HK | $2.77B | -28% | +6% | 26% | 11.9× | 3.0% |
| NTES 9999.HK | $81.4B | +8% | +10% | 35% | 14.0× | -3.5% |
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 12.5× | 6.4% |
| Perfect World 002624.SZ | $3.26B | -26% | -8% | 8% | 21.1× | 19.0% |
| Giant Network 002558.SZ | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% |
| Kingsoft 3888.HK | $4.46B | +4% | 0% | 14% | 15.1× | -5.8% |
| Bilibili Inc. Sponsored ADR BILI | $5.72B | -34% | +10% | 4% | 13.7× | -2.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2400.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.7% | +4.2% | 6th highest of 21 |
| 6-month return | -28.4% | -2.0% | 3rd lowest of 20 |
| Distance from 52-week high | -51.3% | -41.5% | 6th lowest of 21 |
| Revenue growth (TTM) | +5.9% | +19.8% | 8th lowest of 21 |
| Operating margin | 26.2% | 6.5% | 2nd highest of 21 |
| Forward P/E | 11.9× | 34.9× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 3.0% | 12.6% | 4th least demanding of 12 |
| Growth delivered (Del g) | +14.3% | +18.3% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | -11.3 pp | -3.5 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | +159.4 pp | -1.3 pp | highest of 20 |
| EV / EBITDA | 9.4× | 19.2× | cheapest of 9 |
| Net debt / EBITDA | -2.3× | 0.0× | 2nd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| XD, Inc. 2400.HK | Hong Kong | $2.77B | -28% | +6% | 26% | 11.9× | 3.0% | +14.3% |
| Vertex VERX | United States | $2.77B | +14% | +11% | 1% | 17.4× | 57.9% | +14.8% |
| JWIPC Technology 001339.SZ | China | $2.72B | -19% | +41% | 21% | 21.9× | n/a | n/a |
| Servyou Software 603171.SS | China | $2.84B | -16% | +6% | 5% | 72.7× | 40.3% | +5.9% |
| Tata Technologies TATATECH.NS | India | $2.86B | +6% | +22% | 13% | 34.9× | 28.3% | +18.3% |
| Shijiazhuang Changshan Beiming Technology 000158.SZ | China | $2.64B | -35% | -14% | 2% | n/a | n/a | n/a |
| SPS Commerce SPSC | United States | $2.90B | +45% | +7% | 17% | 15.3× | 7.3% | +19.2% |
| Beijing 51WORLD Digital Twin Technology 6651.HK | Hong Kong | $2.91B | -1% | +39% | -38% | n/a | n/a | n/a |
| Teradata TDC | United States | $2.96B | +1% | +1% | 8% | 11.6× | -5.4% | -2.0% |
| Intsig Information 688615.SS | China | $2.96B | -26% | +24% | 22% | 34.9× | 12.6% | +22.1% |
| Urban URBANCO.NS | India | $2.58B | +8% | +36% | -26% | n/a | n/a | n/a |
| Beijing Shiji Information Technology 002153.SZ | China | $3.02B | -27% | -4% | -3% | 492.7× | n/a | n/a |
| DHC Software 002065.SZ | China | $3.04B | -23% | -4% | 3% | 39.5× | 14.8% | +7.1% |
| Money Forward 3994.T | Japan | $2.52B | +51% | +35% | 2% | 2,235.1× | n/a | n/a |
| Meitu 1357.HK | Hong Kong | $2.50B | -9% | +24% | 24% | 12.8× | 7.5% | +25.5% |
| Shenzhen Infogem Technologies 300085.SZ | China | $3.06B | -23% | +2% | -11% | n/a | n/a | n/a |
| Liftoff Mobile LFTO | United States | $3.07B | n/a | +35% | 36% | 18.6× | -7.3% | +35.5% |
| Via Transportation VIA | United States | $3.07B | +118% | +29% | -17% | 259.2× | n/a | n/a |
| Cellebrite DI CLBT | United States | $3.13B | -2% | +18% | 11% | 38.0× | 22.8% | +19.5% |
| Guangdong Aofei Data Technology 300738.SZ | China | $2.44B | -34% | +24% | 23% | 42.6× | n/a | n/a |
| Blackbaud BLKB | United States | $2.43B | +44% | +2% | 21% | 9.4× | -1.6% | +4.3% |