HK Stock Market Move | XUNCE (03317) rose more than 7% again, domestic large models entering the commercialization and realization stage, tokens will become the industry's "core commodity".

XUNCE (03317) rose nearly 24% yesterday and rose over 7% in early trading today. As of the time of writing, it has risen by 3.46%, to 293 Hong Kong dollars, with a turnover of 11.61 billion Hong Kong dollars. On the news front, recently, AI assistant "Dou Bao" with 345 million monthly active users has disclosed its subscription price for the first time (up to 500 yuan/month), marking the official departure of domestic large models from the "free to scale" era. At the same time, vendors like KNOWLEDGE ATLAS, Tencent Cloud, and Alibaba Cloud have raised API prices or service fees, and Token is transitioning from being a "burning money gift" to a "core commodity". Deutsche Bank recently released a research report, positioning XUNCE as a "data fuel supplier + billing hub", providing high-quality scene Tokens for vertical fields. The company is believed to be benefiting from the explosion in demand for artificial intelligence data and transitioning to a "Token economy" model, with a revaluation of its valuation system. Data shows that in April 2026, XUNCE Token call ARR quarterly soared by 300%, with Token revenue from fees surpassing 5%, and the annual target aiming at 20%-30%.