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China's TapTap Billionaire Games Maverick Explains His Success
Posted
January 26, 2021
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3:19Now PlayingWhen China’s two big mobile powers Huawei and Tencent clashed publicly on New Year’s Eve, the stock of little-known gaming company XD surged the most ever, minting a new billionaire in 38-year-old maverick entrepreneur Huang Yimeng.
Shares in his indie game distributor XD Inc. rose 24% on the first trading day of 2021 after Huawei Technologies Co. temporarily removed all Tencent Holdings Ltd. games from its app store in a dispute over their revenue split. Investors flocked to the ByteDance Ltd.-backed creator of TapTap -- a Steam-like download service for games that bypasses the dominant app stores -- on the sign of schism between China’s big two.
Now Huang, inspired by Epic Games Inc.’s fight against Alphabet Inc.’s Google and Apple Inc.’s platform fees, hopes to ride that upswell of rebellion and challenge the status quo in the $30 billion Chinese mobile games arena.
TapTap users grew 52% in the first half of last year. XD’s stock has risen more than 480% since listing in Hong Kong at the end of 2019, pushing its market capitalization north of $3.8 billion and the value of Huang’s 35% stake to about $1.3 billion.
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