On 28 April, 2020, XD Inc. (“XD” or the “Group”; stock code: 2400) published its Annual Report 2019, as well as the letter to shareholders from Mr. Huang Yimeng, Chairman of the Board & Chief Executive Officer of the Group. In his letter, Mr. Huang suggested that Xindong will shift away from the conventional ROI-based business model of game development, and move towards a content-oriented model. The new model features a virtuous cycle linking the platform, developers and users: Xindong will offer the premium and exclusive content for TapTap through game development and publishing, attracting more users to the platform; TapTap will retain users and generate income with its strengths in product operation, and encourage and reward first- and third-party developers in content creation; these content creators will deliver more quality contents to TapTap, and boost the sustainable growth of TapTap in return.