In a recent development, XUNCE (03317.HK) has announced the signing of a strategic cooperation memorandum with Europe's leading technology services group, Lutech S.p.A. The collaboration will focus on jointly developing a scenario Token factory tailored for the European market.

This event marks the inaugural overseas venture for the TokenOS operating system. It not only validates the adaptability of Xunce's products under different regulatory regimes but also opens up significant potential for increasing the proportion of overseas revenue contribution for the full year, which is expected to drive robust growth in Annual Recurring Revenue (ARR).

European Deployment of Scenario Token Factory: A Solid Step in Internationalization

Lutech is a prominent Italian enterprise and a key service provider in Europe's digital and artificial intelligence sectors. With a team of over 6,000 professionals and a business scale of approximately €1 billion, its service network spans numerous corporate groups across Europe. Its notable clientele includes Ferrari, Toyota Motor, and Fendi. Leveraging an end-to-end service system covering business consulting, implementation, and governance, Lutech helps enterprises maximize operational efficiency and develop comprehensive, integrated solutions.

Under this partnership, Xunce will provide advanced real-time AI data infrastructure technical support, while Lutech will contribute its industry expertise, local delivery capabilities, and experience with EU regulatory compliance. Together, they will develop AI transformation solutions for the European market that adhere to EU data sovereignty principles and regulatory requirements. This includes promoting the commercialization of solutions such as the AI Token factory within the European market.

Industry observers believe this cooperation provides a new validation window for Xunce's global strategy. By leveraging Lutech's established client trust and compliance framework, Xunce can bypass lengthy market entry cycles and directly access top-tier European enterprises. Once this cooperative model proves successful, it is expected to significantly accelerate the company's order conversion in Europe. The proportion of overseas revenue for the full year is anticipated to rise further, becoming a new engine for the company's performance growth.

Domestic Ecosystem Accelerates: Scenario Token Factory Validated Across Multiple Sectors

While expanding overseas, the horizontal replication of the domestic scenario Token factory is also gaining strong momentum, demonstrating the model's cross-industry adaptability and versatility. Recent collaborations have spanned several high-growth sectors: In the smart connected vehicle domain, a tripartite synergy with PATEO and Saimo Technology has been established to build a physical AI and world model training loop based on Tokens. In quantum computing, a strategic partnership with TuringQ has been formed to explore a new paradigm integrating "quantum acceleration + Token factory." For domestic computing power, cooperation agreements with leading GPU manufacturers like MetaX, Tianshu Zhixin, and Biren have been simultaneously secured. In industrial intelligent manufacturing, a strategic cooperation agreement has been signed with Gechuang Dongzhi to jointly promote the industrial implementation of AI data infrastructure and the Token factory model.

This industrial implementation is translating into quantifiable financial metrics. Xunce's Token call ARR in May 2026 increased by 320% month-over-month. Management had previously projected this figure to rise to 20%-30% by year-end.

Furthermore, the company recently formalized an agreement with the Beijing International Big Data Exchange. Combined with its earlier partnership with the Shenzhen Data Exchange, this establishes a strategic "north-south" dual-anchor with national-level data trading platforms. Consequently, Xunce's Token factory has progressed from single-industry pilots to a phase of parallel replication across multiple sectors, fully validating the scalable potential of TokenOS as a general-purpose data infrastructure operating system.

Placement Successfully Attracts Global Top-Tier Investors, Further Optimizing Shareholder Structure

On July 10th, following the successful completion of a share placement and convertible bond issuance, Xunce successfully attracted several global top-tier long-term institutional investors and sovereign wealth funds. This move not only bolstered the company's capital reserves but also significantly optimized its shareholder structure, enhancing its reputation and recognition in international capital markets. The ample capital reserves will provide solid financial support for the global deployment of TokenOS, deeper expansion into the European market, and cutting-edge technology R&D.

According to the announcement, post-placement, the total number of issued H shares increased from 267 million to 274 million, and the total number of issued shares increased from 323 million to 330 million. The bonds are expected to be listed on the Hong Kong Stock Exchange on or around July 13, 2026. The public float ratio rose from 61.08% to 61.94%; if the bonds are fully converted, this ratio would further increase to 63.35%.

The net proceeds from the placement will be used to advance the construction of full-link AI infrastructure and cross-industry commercial deployment, marking the company's transition from the product development phase to the large-scale deployment phase of enterprise-grade AI infrastructure.

Data Tokenization Creates New Paradigm for AI Infrastructure, Garnering Favor from Multiple Leading Brokers

Industry analysis suggests that Xunce's TokenOS, as a core technical solution in the field of data tokenization, is a typical representative in the critical area of "data." Policy direction is expected to provide strong support for the company's subsequent development.

Simultaneously, Xunce's business model shift has gained recognition from several leading securities firms. Firms including CITIC Securities, Huatai Securities, China Securities (CSC), and Haitong International have recently provided intensive coverage or upgraded their ratings, with target prices reaching as high as HK$352. Institutions generally believe that once the proportion of Token-based fee revenue surpasses the 20% threshold, Xunce's valuation anchor will shift from an "AI solutions provider" to an "AI infrastructure platform."

The recent stock price correction essentially reflects short-term market concerns about the "execution capability" of AI concept stocks. However, Xunce has responded with a series of strategic industrial advancements:

On the policy front, the national "15th Five-Year Plan" emphasizes data independent innovation, charting a clear direction for data tokenization.

On the international front, TokenOS, through Lutech, has gained access to Europe's core industrial sectors, marking a substantive step in its internationalization strategy.

Domestically, the Token factory model has been successfully validated across high-growth sectors including smart connected vehicles, quantum computing, domestic computing power, and industrial intelligent manufacturing.

Financially, the 320% month-over-month surge in Token call ARR in May validates the critical shift in the business model from project-based to Token-based fees, providing a core growth engine for the interim results.

A global AI real-time data infrastructure network, built upon the TokenOS foundation, is taking shape. For Xunce, whose current valuation is at a low level, the breadth and speed of its industrial implementation may well serve as the most powerful engine for value re-rating.