XUNCE (03317) saw its shares rise more than 7% in early trading. At the time of writing, the stock was up 5.7% to HK$285.7, with a turnover of HK$349 million.

The rally is supported by the accelerated transition of "Token Factory" from concept to practical deployment, benefiting from a surge in Token consumption driven by the explosive growth of AI applications. It is reported that Suihong Huachuang Token Factory, a subsidiary of Hongxin Electronics, has officially established its global headquarters in Wuxi High-tech Zone and deployed Jiangsu's first batch of Huawei Ascend 384 super-node clusters. Additionally, China Telecom, China Mobile, and China Unicom have launched a series of trial commercial Token packages.

Previously, the State Council included computing power networks in its "six networks" plan, further elevating the strategic importance of computing power infrastructure. Notably, a Deutsche Bank research report earlier positioned XUNCE as a "data fuel supplier + billing hub," providing high-quality scenario Tokens for vertical sectors. The report suggests the company is benefiting from the explosion in AI data demand and its transition to a "Token economy" model, leading to a reassessment of its valuation framework.

Data shows that in April 2026, XUNCE's Token invocation ARR surged 300% quarter-on-quarter, with Token-paid revenue share exceeding 5%. The company's full-year target aims to reach 20%-30%.