The stock of XUNCE (ASX: 03317) rose more than 6% during the trading session. At the time of writing, the gain was 4.59%, with the share price at HK$189 and turnover reaching HK$285 million.

The catalyst for the move is the company's recent official launch of what it claims is the world's first TokenOS operating system, named TokenONE. This system is built around the token as the core asset unit, establishing an industrialised production pipeline that transforms raw data into high-value scenario-specific tokens.

Innovative Commercial Model

A key feature of TokenONE is its pioneering commercial model of "pay-per-token" usage. Currently, the pricing for calling vertical-specific tokens from XUNCE has reached a range of $10 to $100 per million tokens, significantly higher than the rates for general-purpose models.

The company reported that as of April 2026, its token call Annual Recurring Revenue (ARR) showed quarter-over-quarter growth of 300%. Token-related paid revenue currently accounts for approximately 5% of total revenue, with a company target to increase this proportion to between 20% and 30% by the end of 2026.

Broader Industry Momentum

This development comes amid a broader acceleration in the commercial deployment of AI agents since the beginning of the year, which is driving rapid growth in global token call volume for large language models.

Supporting this trend, China's Academy of Information and Communications Technology is set to convene a seminar to initiate a "High-Quality Token Service Capability Climbing Plan." Furthermore, Liu Liehong, Director of the National Data Administration, recently chaired a symposium on the token economy, proposing to integrate the promotion of token economy development into the agency's work framework to foster its healthy and sustainable growth and fully unlock the value of data elements.