Xunce (03317) saw its shares rise more than 6% during the trading session. At the time of writing, the stock was up 4.2%, trading at HK$272.6, with a turnover of HK$421 million.

Unlike general tokens that frequently face price wars, Xunce's high-value scenario tokens are gaining increasing market recognition. The pricing for dedicated token calls has reached between US$10 and US$100 per million tokens and continues to grow as specialized usage scenarios expand.

It is reported that in April 2026, the annual recurring revenue (ARR) related to Xunce's token usage surged by 300% quarter-on-quarter. The company aims to increase the proportion of token-related revenue to 20%–30% by 2026.

Deutsche Bank issued a research report maintaining its "buy" rating on Xunce and significantly raising its target price from HK$85 to HK$351. The bank stated that with the rapid development of agentic AI and the transition toward a "token economy" model, Xunce is poised for a structural revaluation opportunity.

The report noted that Xunce underwent a significant value reassessment last month, driven primarily by two factors: the rapid advancement of agentic AI, which has spurred a surge in demand for the company's high-quality data, and its shift toward a token economy model, which directly links its growth to robust token consumption.