Token going abroad: Historical leap in China's AI productivity export! XUNCE Technology (03317) provides the Chinese answer.

When the global AI industry moves from the "training era" to the "inference era," Token is no longer a technical term hidden in the depths of code, but has evolved into a "digital currency" that is measurable, priceable, and tradable across borders - the "new oil" of the AI era. Whoever controls the pricing and circulation of Token holds the core resources of the AI world. Just 100 days after its listing, with a market value exceeding HK$100 billion - XUNCE (03317), known in the market as the "first stock of Token," has shown strong market performance, signaling to the market that this is not just a simple rise in stock prices, but a fundamental shift in the logic of the capital market, a profound definition of Chinese AI power in the global coordinate system. And this is just the beginning. In this global AI landscape reconstruction led by Token, XUNCE has not chosen to compete with bigger models or stack computing power. It has chosen a more fundamental role - the "digital fuel supplier of the AI world." Today, it is leading the way in launching Token outbound business, becoming a leader in taking Chinese AI data services global. Recently, XUNCE announced a strategic cooperation agreement with the national Shenzhen Data Exchange. This collaboration signifies an important step for XUNCE in the cross-border and outbound data element market. It means that China not only has Token, but also Token standards, circulation rules, and channels for compliant outbound operations - this is a key turning point for Token outbound from "barbaric growth" to "institutionalized export." The biggest risk in cross-border data is not a technical issue, but a compliance issue. As a national-level data exchange infrastructure, the Shenzhen Data Exchange provides an irreplaceable "data passport," allowing XUNCE's Token outbound to be well-grounded and have a clear path. 1. Token outbound: the comprehensive evolution of "AI productivity export" The global demand for Token is surging. "Token outbound" has quickly evolved from a concept to a hot track in the global AI industry. Data does not lie. According to the largest model aggregation platform, OpenRouter, Chinese models account for 61% of the total Token consumption in the top ten models. What's even more astonishing is that 47.17% of the platform's users are from the United States, while Chinese developers account for only 6.01% - this means that overseas users are voting with real money for Chinese large models. According to the latest data from the National Data Bureau, as of March 2026, China's daily Token call volume has exceeded 140 trillion. What does this mean? It's equivalent to generating about 2 trillion thousand-word articles every day - each of China's 1.4 billion people consumes hundreds of AI-generated thousand-word content every day. And among these, massive Token consumption comes from enterprise-level API calls, intelligent agent operations, and interactions between models. JPMorgan Chase predicts that China's AI inference Token consumption will soar from around 1 trillion in 2025 to 39 trillion in 2030, a 370-fold increase in five years. The reason why Token outbound has quickly "broken out" is because it has ignited people's collective imagination of "changing lanes to overtake." In the past, we exported shirts, household appliances, mobile phones, and new energy vehicles - all tangible products that correspond to low-value-added output in the value chain, earning "manufacturing differentials." Now, Token outbound has enabled China to achieve a historic leap from "physical exports" to "AI productivity exports." This leap can be positioned using three historical coordinates: In the first stage, China exported shirts and sneakers, with a value chain bias towards the lower end, exchanging quantity for exchange rates, corresponding to "general-purpose Tokens" - low computational costs, high substitutability, and scale and efficiency being key factors; In the second stage, China exported high-end equipment and new energy vehicles, with the value chain climbing, exchanging quality for premium, corresponding to "industry-specific Tokens" - embedded in vertical scenarios, possessing domain barriers; The third stage is happening now - China is exporting AI productivity itself, using Token as a unit of measurement, exporting reasoning capabilities and intelligent services to the world, entering the top end of the value chain. Behind Token is the accumulation of multidimensional resources such as electricity, computing power, algorithms, and specialized data, collectively refining a "smart computing power package" with high added value. Chinese infrastructure will once again drive global economic growth - but this time, the primary unit of motive power is not steel and cement, but Token. Electricity stays home, computing power does not export, but AI productivity crosses borders, completing the "value circulation" that physical goods could only achieve in the past, and doing so in a digital form. This is a new type of export that cannot be blocked by tariff barriers or require containerized shipping. The so-called Token outbound is essentially a new digital trade model where Chinese AI uses Token as the core pricing and circulation unit to export reasoning power and intelligent services to the world. It is not just about app migration or overseas chat tools, but the direct output of underlying computing power capabilities - packaging domestic reasoning capabilities into Tokens, charging global fees through cross-border APIs, and earning the "cross-border electricity fees" of the AI world. Its core features include: Localized computing: Overseas requests Domestic computing Results returned Cross-border value: Electricity stays in the country, profits flow globally Standardized pricing: Prices are only 1/5-1/20 of overseas models, but Token value leads by a wide margin Compliant and secure: Digital services and exports The more profound significance is that the emergence of Token has for the first time solved the problem of data assetization. After data is standardized and converted into Tokens, it becomes measurable, chargeable, completing a historic transition from "resource" to "asset." And China is defining new global rules in this transition. 2. The "moat" of Chinese Token outbound: deep and invisible The advantages of Chinese Tokens are currently evident in three dimensions: First, algorithm efficiency. Innovations like the MoE architecture and quantization technologies make the Token output per unit of computing power much higher than competitors; Second, open source strategy. Broader adoption of open-source versions like DeepSeek and Qwen has attracted global developers, forming an irreversible ecosystem flywheel; Third, ultimate pricing. The prices of domestic model APIs are only 1/5-1/20 of similar products overseas - for example, the MiniMax M2.5 input price is $0.3 per million Tokens, while Anthropic's Claude Opus 4.6 is as high as $5, making Chinese models 16.7 times more cost-effective. More crucially, Token is undergoing a "value stratification." The same Token can be worth a millionth of a dollar for casual chatting, $200 for writing code, and $1000 for legal document review - the value can differ by a factor of 100,000. Less than 5% of Token consumption creates over 80% of measurable value. The value of Token does not depend on its production costs, but on what it is used for. The real "moat" for Chinese Token outbound is not only the crushing of costs and efficiency but the ability to refine general-purpose Tokens into high-value "digital assets" through data refinement capabilities. This is not just about selling cheaper, but about selling more valuable and defining at a higher level - from the "world's factory" to the "world's Token factory." 3. Compliance first: XUNCE holds the "pass" for cross-border data On March 30, 2026, the World Data Organization (WDO), the world's first international organization dedicated to advancing data development and governance, was formally established in Beijing. With over 40 countries, 200 core members, and coverage in 14 key industries including industry, finance, and healthcare, the WDO provides a crucial multilateral coordination platform for Chinese data companies to go overseas at a time when rules for global data cross-border flow are yet to be unified. From a policy perspective, China's core logic of data cross-border flow has shifted from a defensive stance to a focus on value creation - emphasizing openness, cooperation, development, and win-win outcomes. XUNCE, as a representative enterprise in the field of real-time AI data infrastructure in China, is expected to accelerate the landing of its Tokenized data services in the global market by leveraging this international mechanism. The partnership with the Shenzhen Data Exchange is a key move for XUNCE in exploring Token outbound. According to the agreement, the two parties will deepen their cooperation in three main directions. First, jointly expand data elements and AI innovation businesses to promote enterprise digital transformation; second, build a data assetization and data asset entry service system to promote the development of data assetization and compliance businesses; third, create a smart data specification system to promote the development of the smart data industry. The Shenzhen Data Exchange is positioning itself to build a national data trading platform, explore feasible paths for large-scale cross-domain data circulation, accelerate the construction of a nationwide data trading platform for cross-domain and cross-border data elements, which is one of the core goals outlined in the Exchange's charter. This collaboration will help XUNCE deepen its exploration of data compliance and cross-border data compliance, accelerate the implementation of data assetization business, effectively promote enterprise-level AI applications, expand penetration across diverse industries, seize the first-mover advantage in smart data standards, and build long-term high competitive barriers. 4. XUNCE steadily expands overseas business, defining AI's future in China XUNCE plays the role of the most basic "data Token supplier." Leveraging years of high-quality data accumulation in finance, telecom, and other industries, the company has added an "efficiency enhancer" to each Token call. XUNCE's business model is transitioning from traditional subscription and transaction-based models to a fully Token-based payment model. Its core formula is clear and powerful: Revenue = Token price number of calls number of application modules. This means that enterprise revenue no longer depends on the traditional "number of customers" but on usage frequency, depth of use, and AI penetration - this is an exponential income model directly linked to AI usage intensity, operating in a different dimension from traditional SaaS, software subscription, and even internet traffic models. The capital market is not valuing the "XUNCE of the present" but is pricing a future based on a revenue structure centered around Token. In 2025, XUNCE achieved operating revenue of RMB 1.285 billion, a year-on-year increase of 103.28%, with adjusted net profits of RMB 50.13 million in the second half of the year, marking the first time it achieved positive half-yearly profitability. Token fee models already account for 5% of revenue, expected to rapidly increase to 20%-30% by 2026. Once the Token model is established, it will have a triple effect: revenue growth exponentially with the number of calls, deep linkage with data, and extremely low marginal costs. The combination of these factors forms a typical high-margin, highly reusable, and highly expandable model. The capital market does not price such models conservatively. A market value of over HK$100 billion is just the first anchor point for the revaluation of XUNCE's value. The true pricing coordinate should not be in Hong Kong dollars - it points to a billion-dollar valuation. In terms of overseas expansion, XUNCE is steadily developing its overseas business, building the foundation for a global presence, with the possibility of overseas revenue accounting for over 10% in 2026. The company's business has diversified from the asset management industry to telecom, electricity, energy, urban operations, high-end manufacturing, healthcare, satellite, Siasun Robot & Automation, and consumer sectors. Conclusion: China is defining the future on Token As China's daily Token call volume surpasses 140 trillion, as the World Data Organization establishes itself in Beijing, and as AI inference becomes the new battleground of global competition, the underlying rules of an era are quietly being rewritten by Chinese strength. Every generation of technology gives rise to new institutional demands: the railway era called for antitrust laws, the electricity era demanded public utility regulation, and the internet era focused on data privacy. The Token economy is no exception. It brings new challenges such as energy consumption management, cross-border flow, statistical blind spots, but the window for institutional development has always been in the early stages of technological breakthroughs. The evolution of the Token economy is much faster than that of mobile internet, and China is providing answers at the first opportunity. XUNCE Technology, the "first stock of Token," is evolving into the "first stock of Token outbound," participating in the reconstruction of the underlying rules of global AI services with its unique position in data infrastructure provision, exploring the path of Token outbound, and ensuring that China's AI technology and industrial advantages benefit globally.