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Aside from developing and publishing games, XD operates a game platform called TapTap. We think that TapTap, at its core, is a game distribution platform even though XD is positioning it as a social platform that connects gamers with developers and allow gamers to recommend, review and discuss games. As a game distribution platform, the company has little competitive advantage over larger competitors like Tencent My App and Huawei App Market.
XD Inc. (心动有é™å…¬å¸) Pre-IPO - TapTap, overseas markets, and thoughts on valuation
XD Inc. (XD HK), an international game developer and operator in China, is looking to raise about US$200m in its upcoming IPO in Hong Kong.Aside from developing and publishing games, XD operates a game platform called TapTap. We think that TapTap, at its core, is a game distribution platform even though XD is positioning it as a social platform that connects gamers with developers and allow gamers to recommend, review and discuss games. As a game distribution platform, the company has little competitive advantage over larger competitors like Tencent My App and Huawei App Market.
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Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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