On May 21, Kingsoft Cloud fell 5.2% in regular trading, trading at HK$6.92/share, with trading volume of HK$382 million, marking consecutive sessions of weakness.

On the news front, China Telecom and China Mobile officially launched trial Token-based subscription packages on May 17, signaling a fundamental shift in operator billing models from the traditional traffic GB era to a Token pricing era. This transition is widely viewed as a paradigm shift from the bit economy to the intelligent economy, where operator revenue becomes directly tied to AI model invocation frequency. The market is concerned that operators, leveraging their cloud-network integration advantages and massive user bases exceeding one billion, are now directly entering the computing power and AI service distribution segments, potentially undermining the intermediary role of traditional cloud service and computing power leasing companies such as Kingsoft Cloud.

Within the Internet Services and Infrastructure sector, the broader segment is under pressure. Among peers, GDS-SW fell 14.26%, Sunevision fell 6.88%, Crypto Flow fell 4.86%, and Byte Meta fell 2.41%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)