XUNCE (03317) saw its shares rise more than 8% during early trading. As of the latest update, the stock is up 2.93%, currently trading at HKD 288, with a turnover of HKD 615 million.

Benefiting from a general decline in generic token prices, demand for tokens has surged dramatically. At the same time, the premium for high-value scenario tokens remains highly stable. The call price for XUNCE's niche tokens has reached USD 10-100 per million tokens, over ten times that of Anthropic, and continues to grow based on specialized usage scenarios. In April 2026, XUNCE's token call ARR increased by 300% quarter-on-quarter. Currently, the token payment model accounts for approximately 5% of revenue, with a target to increase this to 20%-30% by the end of 2026. Token call revenue is becoming a new growth engine for XUNCE.

Analysts point out that, in the medium to long term, XUNCE's first-mover advantage in the vertical sector is sustainable, and its pricing power is difficult to dilute. Its barriers stem from private data in heavily regulated industries, real-time governance capabilities, and high replacement costs, whereas generic large models lack industry-specific know-how and compliance closure. The two are often complementary rather than competitive. The pricing of vertical tokens is derived from business value, with customers being less price-sensitive; price reductions in generic models may instead drive up demand for specialized tokens.