On May 20, Kingsoft Cloud fell 5.33% in regular trading, trading at HK$7.29/share, with trading volume of HK$218 million, marking consecutive sessions of weakness.

On the news front, China Telecom and China Mobile officially launched trial commercial Token packages on May 17, signaling a fundamental shift in telecom billing models from the traditional traffic GB era to a Token pricing era. This strategic pivot is viewed as a paradigm leap from the bit economy to the intelligent economy. Under the Token operating model, telecom operator revenue is directly tied to AI model invocation volume, triggering a fundamental reassessment of the value chain.

As an independent cloud services provider operating in compute leasing and cloud infrastructure, Kingsoft Cloud faces market concerns that the operators entry into standardized Token distribution could displace traditional cloud service models. The broader Internet Services and Infrastructure sector reflected similar pressure, with GDS-SW down 6.56%, Sunevision down 1.06%, Byte Meta down 1.19%, and Cloud Factory down 0.62%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)