- Gravity Co., Ltd. recently announced that Ragnarok M: Eternal Love 2, co-developed with X.D. Network Inc., received a Chinese government ISBN code on July 23, 2026, clearing a key regulatory hurdle for its Mobile and PC launch in China.
- As the successor to a prior Ragnarok title that previously topped free downloads and reached the Apple App Store’s top-grossing ranks in China, the new 3D semi-open-world installment could become an important content milestone for XD’s game portfolio.
- We’ll now examine how regulatory approval for Ragnarok M: Eternal Love 2 in China influences XD’s investment narrative and future growth drivers.
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What Is XD's Investment Narrative?
To be comfortable owning XD, you have to believe in its ability to keep turning successful game IP and the TapTap platform into sustained, high-quality earnings, while managing heavy competition and regulatory uncertainty. The recent ISBN approval for Ragnarok M: Eternal Love 2 in China adds a fresh potential catalyst on top of already-strong FY2025 numbers and active buybacks, but its financial impact will depend on timing, player reception and revenue sharing with Gravity. In the short term, sentiment could improve if investors start to see Ragnarok M: Eternal Love 2 as a credible follow-up to the prior hit and a support for XD’s forecast earnings growth, especially after a sharp share price pullback. The bigger risks now remain title concentration, execution around new launches and the decision to pause dividends despite higher profits.
However, there is a key risk around how concentrated XD’s success is in a few franchises. XD's shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.Exploring Other Perspectives
Explore another fair value estimate on XD - why the stock might be worth just HK$79.66!
Reach Your Own Conclusion
Don't just follow the ticker - dig into the data and build a conviction that's truly your own.
- A great starting point for your XD research is our analysis highlighting 3 key rewards that could impact your investment decision.
- Our free XD research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate XD's overall financial health at a glance.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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