X.D. Network

What X.D. Network does

X.D. Network (心动公司 / XD Inc., HKEX: 02400) is a Shanghai-based, publicly-traded video game developer and publisher operating a dual business model: the TapTap mobile game community and app store platform, and a portfolio of self-developed and published games. Founded in 2003 as VeryCD (a P2P file-sharing site) by Huang Yimeng and Dai Yunjie, the company pivoted to gaming in 2010, launched TapTap on April 17, 2016, and listed on the Main Board of the Hong Kong Stock Exchange on December 12, 2019. As of 2025, XD operates 49 free-to-play and paid games with over 13 million MAU worldwide, while TapTap supports approximately 30,000 games and 40+ million MAU globally. The company employs 2,000+ people across R&D, publishing and platform functions, with more than 150 staff dedicated to RO maintenance and support alone.

TapTap is XD's most distinctive asset. It is structured as a zero-commission app store monetizing exclusively through advertising, and bundles TapTap Developer Services (TDS) — a free backend-as-a-service suite covering embedded social feeds, TapDB analytics, cloud storage, instant messaging, matchmaking, friend systems, leaderboards, achievement systems, customer-service tooling, and anti-DDoS/security services — backed by the April 2021 LeanCloud acquisition. XD's self-developed game portfolio spans battle royale (Sausage Man), MMORPG (Ragnarok M: Eternal Love, licensed from Gravity since 2015), licensed ARPG (Torchlight: Infinite, with full global IP rights acquired December 2025), multiplayer fighting (Flash Party), 3v3 hero battle royale (T3 Arena), tactical SRPG (Sword of Convallaria, 2023), idle RPG (Go!Go!Muffinlife, 2024), life simulation (Heartopia, 2024) and cross-platform superhero turn-based RPG (Etheria: Restart, 2025). The company also publishes premium indie titles (Terraria, To the Moon, ICEY, Muse Dash, Human Fall Flat).

XD generates revenue from four streams: TapTap advertising, in-app purchases on free-to-play self-developed games, one-time purchases of premium indie titles, and publishing/distribution fees. It targets two customer segments — mobile gamers globally (concentrated in Greater China, Southeast Asia, North America and South America) as end consumers, and independent game developers seeking commission-free distribution and backend tooling as business customers. Reported 2025 full-year revenue was RMB 57.64 billion (~USD 8B) with net profit of RMB 16.57 billion, both up materially year-over-year.

Name

X.D. Network

Legal name

心动网络股份有限公司

Website

https://xd.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

X.D. Network (心动公司, HKEX: 02400) is a Shanghai-based video game developer and publisher operating the zero-commission TapTap mobile game platform (~30,000 games, 40M+ MAU) alongside a portfolio of self-developed mobile titles including Sausage Man, Ragnarok M, Torchlight: Infinite, and Etheria.

Ownership category

akta.pro rank

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. TapTap Advertising Revenue: TapTap generates revenue exclusively through advertising, without taking any cut from game revenues. This is the primary platform revenue stream.
2. Game In-App Purchases (Free-to-Play): XD's self-developed games operate on free-to-play model with in-app purchases for enhanced gaming experience. Key titles include Sausage Man, Ragnarok M, Flash Party, T3 Arena, and others.
3. Premium/Buy-once Game Sales: Some XD-distributed indie games require payment for download (e.g., Terraria, To the Moon, ICEY, Muse Dash, Human Fall Flat).
4. Game Publishing & Distribution Fees: XD publishes and operates indie games on TapTap and other platforms, earning revenue from game sales and distribution.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

X.D. Network develops, publishes and distributes mobile games (self-developed titles such as Sausage Man, Ragnarok M: Eternal Love, Flash Party, T3 Arena, Torchlight: Infinite, Etheria: Restart, Heartopia, Go!Go!Muffin, and Sword of Convallaria) and operates TapTap, a mobile game community and app store platform hosting approximately 30,000 games on a zero-commission model with TapTap Developer Services (TDS) backend tools. The company combines in-house game development with a proprietary discovery/distribution ecosystem that serves both individual players and third-party game developers.

Product overview

X.D. Network (心动公司) is a global video game developer and publisher operating a dual business model: (1) TapTap, its proprietary mobile game community and app store platform launched in 2016, which distributes ~30,000 games on a zero-commission model and provides developer services (TDS); and (2) a portfolio of self-developed and published games. Self-developed titles include Sausage Man (香肠派对, a cartoon battle royale), Ragnarok M: Eternal Love (licensed IP, global MMORPG), Flash Party (multiplayer fighting), T3 Arena (3v3 hero shooter), Torchlight: Infinite (licensed ARPG), Etheria: Restart (伊瑟, a turn-based RPG), Heartopia (心动小镇, life simulation), Go!Go!Muffinlife (出发吧麦芬, idle RPG), and Sword of Convallaria (铃兰之剑, tactical SRPG). The company also publishes acclaimed indie titles including Terraria, To the Moon, ICEY, Muse Dash, and Human Fall Flat. TapTap acts as the central platform connecting the games portfolio with players and developers.

Differentiator

Problem solved

Functional benefit

Brands

• TapTap: Mobile games community and app store platform launched in 2016, featuring no-revenue-share model for developers
• 心动游戏 (X.D. Games)

Products and services

• TapTap TapTap is a mobile game community and app store platform featuring approximately 30,000 games from AAA to indie titles, social community features, game reviews, forums, and developer services. It generates revenue through advertising without taking a cut from game developers' earnings and serves both game players and third-party game developers.
• Sausage Man (香肠派对) Cartoon-style battle royale mobile game featuring stylized characters, physics-based gameplay with double-jump and grappling mechanics, identity card systems, and dragon/airship vehicles. Co-developed with Xiamen So Funny Technology and distributed primarily via TapTap to mobile gamers worldwide.
• Ragnarok M: Eternal Love (仙境传说RO: 守护永恒的爱) Open-world MMORPG licensed from Gravity, based on the classic Ragnarok Online franchise. Features job advancement systems, guild PvP, and in-game social mechanics. By 2019 it had accumulated over 33 million registered users and 5+ million monthly active users across 100+ countries.
• Flash Party (派对之星) Multiplayer platform fighting game featuring a roster of characters with unique abilities, competitive PvP modes, and cross-platform play, marketed internationally as Flash Party to mobile and PC gamers.
• T3 Arena (火力苏打) 3v3 hero battle royale shooting game featuring character-based abilities, multiple game modes, and fast-paced team-based combat. Available on mobile and PC for casual and competitive gamers.
• Torchlight: Infinite (火炬之光: 无限) Multi-platform action RPG built with Unreal Engine 4, licensed (now owned) Torchlight IP. Emphasizes equipment and skill build diversity, ongoing seasonal content, and a non-P2W monetization approach for mobile and PC gamers.
• Etheria: Restart (伊瑟) Turn-based superhero cultivation RPG featuring hundreds of collectible characters, tactical combat with elemental source gear sets, cross-platform play across Android/iOS/PC with synchronized accounts, built on Unreal Engine for global mobile and PC gamers.
• Heartopia (心动小镇) Slow-paced life simulation game featuring seamless open-world exploration, diverse hobbies (fishing, cooking, pet-raising, gardening), home decoration, social neighbor mechanics, and a no-stamina/no-daily-quest design for casual mobile and PC gamers.
• Go!Go!Muffin (出发吧麦芬) Healing adventure idle RPG with MMO-style dungeon content, five base job classes, skill tree and talent systems, companion collectibles, and offline progression for mobile gamers, developed by Team MEKA and distributed via TapTap and App Store.
• Sword of Convallaria (铃兰之剑) Next-generation tactical SRPG with NeoPixel pixel-art visuals, 3D isometric terrain, multi-chapter sandbox single-player narrative, mercenary company management, and a soundtrack by composer Hitoshi Sakimoto, targeting domestic and global mobile/PC gamers.
• TapTap Developer Services (TDS) Comprehensive backend-as-a-service suite for game developers, including embedded social feeds, TapDB analytics, instant messaging, cloud storage, matchmaking, leaderboards, friend systems, achievement systems, customer service tools, and anti-DDoS services. Provided free to game developers distributing through TapTap.
• Published indie titles (Terraria, To the Moon, ICEY, Muse Dash, Human Fall Flat) XD publishes and distributes acclaimed indie titles on TapTap and PC platforms in China, including Terraria (sandbox adventure), To the Moon (narrative RPG), ICEY (action meta-game, 1M+ copies sold), Muse Dash (rhythm action), and Human Fall Flat (physics puzzle platformer), targeting mobile and PC gamers.

Quantifiable outcome

• TapTap domestic MAU grew 43.7% YoY in 2020; International TapTap MAU grew 330% YoY in 2020
• +5 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Torchlight IP Rights HolderscoreOEM/ Whitelabel/ Licensing Partner · 31 December 2025XD completed acquisition of all global intellectual property rights to the Torchlight series IP in December 2025. Upon closing, XD gained full ownership of Torchlight trademarks and related rights worldwide, transitioning from a licensed developer to full IP owner. The Torchlight: Infinite game is already in operation with new season SS11 '渴瘾症' launching January 2026.
• Alibaba Cloud (阿里云)coreStrategic or Co-development Partner · 20 October 2021Alibaba Cloud and TapTap jointly established the 'Anti-Network Black-Gray Production Alliance' (反网络黑灰产联盟) at the 2021 Cloud Computing Conference. The alliance aims to help internet companies combat network black-gray market threats including DDoS attacks, fake reviews, account theft, and cheating. Alibaba Cloud provides free DDoS security protection for eligible small and medium developers, complementing TapTap's existing security services.
• miHoYo (米哈游)minorStrategic or Co-development Partner · 20 October 2021Member of the Anti-Network Black-Gray Production Alliance alongside TapTap, Alibaba Cloud, Lilith Games, Giant Network, and Eagle Angle Network. miHoYo previously used TapTap's TDS for Genshin Impact testing with targeted user recruitment and analytics.
• Lilith Games (莉莉丝)minorStrategic or Co-development Partner · 20 October 2021Member of the Anti-Network Black-Gray Production Alliance. Lilith Games collaborates with TapTap for game distribution and promotion.
• Giant Network (巨人网络)minorStrategic or Co-development Partner · 20 October 2021Member of the Anti-Network Black-Gray Production Alliance. Giant Network is a partner in industry collaboration for anti-black-gray market efforts.
• Eagle Angle Network (鹰角网络)minorStrategic or Co-development Partner · 20 October 2021Member of the Anti-Network Black-Gray Production Alliance. Eagle Angle Network participates in the alliance to address common industry challenges.
• LeanCloudcoreTechnology or Integration · 1 April 2021XD acquired LeanCloud in April 2021. LeanCloud is a leading backend-as-a-service provider whose team joined XD to lead TDS (TapTap Developer Services) development. LeanCloud's team brings expertise from Google, Microsoft, IBM, Baidu, Alibaba, Netease, and Sohu. Over 50% of LeanCloud's revenue came from game developer users in 2020.
• Xiamen So Funny Technology (厦门真有趣)coreChannel Partner/ Reseller/ Distributor · 1 January 2020Xiamen So Funny Technology (So Funny) is the developer of Sausage Man, which XD co-published exclusively on TapTap. The collaboration is a key case study in XD's long-term strategy where TapTap provides continuous iteration support for games. So Funny was a small team that created Sausage Man as their first 3D shooter, and XD invested unlimited resources to support the game's long-term development.
• Gravity Co., Ltd. (仙境传说RO授权)coreOEM/ Whitelabel/ Licensing Partner · 1 January 2015XD obtained the official license for Ragnarok Online IP from Gravity Co., Ltd. in 2015. XD developed and publishes Ragnarok M: Eternal Love, which has become one of the most successful MMORPG mobile games globally with 33M+ registered users.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• miHoYo (HoYoverse): Shanghai-based mobile/PC/console game developer behind Genshin Impact and Honkai: Star Rail. Comparable to XD as a Chinese mobile-first game developer/publisher with self-published global titles; member of the same Anti-Black-Gray Alliance and former TapTap TDS user.
• Lilith Games: Shanghai-headquartered mobile game developer/publisher (AFK Arena, Rise of Kingdoms). Closely comparable to XD on geography, mobile F2P model, and alliance membership; operates without a proprietary distribution platform of TapTap's scale.
• 37 Interactive Entertainment (37手游): Major Chinese mobile game publisher with a portfolio of F2P titles. Earlier-stage investor in XD; comparable business model around mobile F2P publishing without a zero-commission distribution platform.
• Giant Network (巨人网络): Shenzhen-based Chinese game developer/publisher (Zombies Ate My Friends, various MMOs). Co-member of the Anti-Black-Gray Alliance; comparable as a domestic Chinese mobile/PC game developer and publisher.
• Bilibili: Chinese video/community platform that has invested in XD and operates its own mobile game publishing arm. Comparable as both a game publisher and a community-driven content platform intersecting XD's TapTap and game businesses.
• Perfect World (完美世界): Beijing-based Chinese game developer and publisher with a strong MMORPG heritage (Perfect World, Jade Dynasty). Comparable to XD as a Chinese multi-genre developer/publisher with both self-developed and licensed IP titles.
• Kingsoft (Seasun) 金山软件: Hong Kong-listed Chinese software and game company with the Seasun game studio (Swords of Legends). Comparable to XD as a HKEX-listed Chinese game developer with both self-developed PC and mobile titles.

Broad incumbents

• NetEase: Hangzhou-based Chinese internet and gaming conglomerate with a global game portfolio (Marvel Rivals, Identity V, Onmyoji). Comparable as a much larger incumbent mobile/PC game developer and publisher operating broadly across genres.
• Tencent Games: Largest Chinese gaming conglomerate with vertically integrated distribution (WeChat, QQ), first-party studios (Riot, Supercel, TiMi), and publishing. Comparable as a broad incumbent that constrains TapTap's distribution reach via WeChat/QQ channels.

Regional players

• Gravity Co., Ltd. Korean owner of the Ragnarok Online IP and XD's licensing partner since 2015. Comparable as a regional Ragnarok publisher; competing more on IP-licensing than platform operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/xdnetworkinc
• LinkedInlinkedin.com/company/xd

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about X.D. Network