Kingsoft Cloud's stock plummeted 5.09% during intraday trading on Tuesday, extending its recent weak performance following multiple consecutive sessions of decline.

The sharp decline comes as China Telecom and China Mobile officially launched trial commercial Token packages earlier this month, marking a paradigm shift from traditional traffic GB-based billing to Token-based pricing. Under this new model, telecom operators can leverage their cloud-network integration advantages and massive user base of over one billion subscribers to directly enter the computing power and AI service distribution segment.

The market remains concerned that traditional cloud service and computing power leasing companies such as Kingsoft Cloud may see their intermediary role structurally weakened, with their business models and growth prospects subject to ongoing repricing. This structural impact has triggered sector-wide adjustments, with Kingsoft Cloud's share price resuming its downward trajectory after a brief rebound, reflecting persistent investor concern over the fundamental reshaping of the competitive landscape in cloud services.