Xunce (03317) surged more than 9% in afternoon trading. At the time of writing, the stock was up 9.02% to HK$275.6, with a turnover of HK$208 million. Against a backdrop of generally declining generic token prices, Xunce AI's "scene token" usage price has reached $10-100 per million tokens, more than ten times higher than Anthropic's, demonstrating strong pricing power that continues to improve. In April 2026, Xunce's token usage annual recurring revenue surged 300% quarter-over-quarter. According to previous disclosures by company management, the token payment model currently accounts for approximately 5% of revenue, with a target to increase that to 20%-30% by the end of 2026. Token usage revenue is becoming a new growth engine for Xunce. Notably, Deutsche Bank, in its latest report, positioned Xunce as a "data fuel supplier + billing hub," providing high-quality scene tokens for vertical sectors such as finance, robotics, and energy. The bank believes the company is benefiting from the explosion in artificial intelligence data demand and the transition to a "token economy" model, leading to a revaluation of its valuation system. Deutsche Bank set a target price of HK$351 for Xunce and maintained a "Buy" rating.
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