MiAO today announced that XD Inc. (HKEX: 2400) has become a strategic investor, following a US$14 million investment for a 5.3% equity stake. This latest round brings the company’s valuation to approximately US$264 million (nearly RMB 2 billion).
Founded in 2022 by Mr. Wu Meng former CEO of Giant Network, MiAO has quickly established itself as a strong player in the gaming industry. Shortly after its inception, the company secured strategic partnerships with leading investors—including Sequoia Capital, Gaorong Ventures, and Monolith—raising an impressive angel round of RMB 100 million (approximately US$14 million). Over the past few years, MiAO has received multiple rounds of investment totaling close to RMB 500 million, including from a major internet company.
Achieving this level of investment and valuation at such an early stage is rare in the gaming industry. In fact, many listed game companies have yet to reach a similar scale.
Proven Expertise in High-DAU Evergreen Games
During his tenure at Giant Network, Mr. Wu and his team launched iconic evergreen titles, including Battle of Balls—which reached tens of millions of daily active users (DAU)—and Super Sus, with millions of DAU. Remarkably, these games achieved their reach and longevity through purely organic growth, without relying on heavy marketing spend.
This ability to take multiple titles from zero to large-scale DAU entirely through organic acquisition is rare not only among small and mid-sized studios, but also in larger publishers. The insights and expertise gained from building these franchises form the foundation of MiAO’s scalable approach to mass-market gaming.
Industry insiders note that Mr. Wu has developed a methodology for creating and sustaining large-DAU titles, with creative thinking that has influenced multiple successful games in the market.
Vision for the Future
MiAO believes that social interaction is shaping the future of gaming. As a new generation of lifelong gamers emerges, the growing user base creates exciting possibilities for platform-level innovation.
The company sees the combination of gaming and socializing as a once-in-a-generation opportunity—a chance to connect billions of players in a virtual world that fosters friendship, creativity, and shared experiences. In this magical social space, players can escape loneliness, find inspiration, and enjoy positive impacts in real life and society.
“XD’s investment is a strong vote of confidence in our approach to building large-scale, high-DAU multiplayer games,” said Wu Meng, Founder & CEO of MiAO. “Our goal is to connect players through evergreen experiences, using technology—including AI where appropriate—only to enhance scalability and social play.”
In Development
MiAO is currently developing a new multiplayer title that is already showing promising results in confidential testing. Early feedback indicates strong potential for player-driven content loops, long-term retention, and vibrant community interaction.
This new investment will allow MiAO to accelerate product development, attract world-class creative talent, and expand infrastructure to support large-scale social play and user-generated content.
About MiAO
MiAO is a Singapore- and China-based game studio founded in 2022 by industry veteran Wu Meng. The company specializes in mass-market, evergreen multiplayer games designed for high DAU and strong social engagement. The team has more than 15 years of experience in gaming and internet industries and has led products with tens of millions of daily active users.
Learn more at: www.miao.company
About XD Inc.
XD Inc. (HKEX: 2400) is a global game developer and publisher headquartered in China, with titles across multiple platforms and the TapTap distribution platform. Founded in 2008, the company has extensive experience in browser, mobile, and online games, and invests strategically in emerging game developers worldwide.
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Website: http://www.miao.company/