On May 18th, leading AI computing power firm Hongxin Electronics surged by the daily limit at the market open, reaching a latest share price of 43.4 yuan and a market capitalization of 20.9 billion yuan.
According to reports, on May 15th, Hongxin Electronics partnered with the Wuxi High-Tech Zone to establish Jiangsu province's first Huawei Ascend 384 super-node computing cluster in Wuxi. Concurrently, using this cluster as the initial infrastructure, Hongxin Electronics will build a large-scale "Token Factory" in Wuxi. This initiative is set to become a new benchmark for large-scale, high-performance domestic chip and model computing clusters.
Reports indicate that Hongxin Electronics' 2025 revenue exceeded 7 billion yuan, with computing power-related business contributing nearly 40%, approximately 2.8 billion yuan. The company's 2025 annual report revealed cumulative signed computing power orders of 5.16 billion yuan, with 1.28 billion yuan already settled.
In related news, on May 16th and 17th, China's three major telecom operators—China Mobile, China Unicom, and China Telecom—successively launched Token service plan products for consumer users.
On May 16th, Shanghai Telecom announced the official launch of Token computing power services for its users. The offerings include pay-as-you-go options where 1 yuan corresponds to 250,000 quota points, and volume-based discounts for larger purchases, supported by bill payment. On the same day, Shanghai Unicom released multiple tiers of Token products and bundled plans. On May 17th, Shanghai Mobile introduced a general Token service and partnered with Tencent to launch an AI-native workbench, where 1 yuan purchases 400,000 Tokens, offering "one quota, one price, any model selection," also supporting bill payment.
Following the disclosure of their 2025 annual reports, the three major operators have successively proposed a "Token Operation" strategic vision. Over the past two months, provincial and municipal branches of telecom operators across various regions have gradually initiated market-oriented implementation. This marks a critical step for the three operators in strengthening computing power service platforms, following their efforts in computing power infrastructure construction.
Token Plans Start at 9.9 Yuan Specifically, China Telecom's Token plans are divided into three categories:
For developers and small-to-medium enterprise clients, integrated "Token + Connectivity + Security" services are offered with Basic, Professional, and Flagship Token Plan tiers. Monthly fees are 39.9 yuan, 159.9 yuan, and 299.9 yuan, corresponding to 15 million Tokens, 70 million Tokens, and 150 million Tokens per month, respectively.
For individual and household clients, integrated "Token + Connectivity + Security" services are provided with Lite, Enjoy, and Premium Token Plan tiers. Monthly fees are 9.9 yuan, 29.9 yuan, and 49.9 yuan, corresponding to 10 million Tokens, 40 million Tokens, and 80 million Tokens per month, respectively.
For Token ecosystem partners, China Telecom will soon launch Tianyi Token Coins and Token benefits. Among these, Tianyi Token Coin serves as the unified metric for China Telecom's Token operation circulation, used for customers to exchange points for Token packages and AI applications.
Additionally, beyond Token Plans, operators are providing broadband uplink speed acceleration packages to enhance uplink speeds for home, enterprise broadband, and individual user 5G-A data. Furthermore, operators offer intelligent agent security butler value-added services, providing security checks and protection audits for agents like OpenClaw.
China Telecom stated that while strengthening its own Token capabilities, it will actively expand the ecosystem Token. By continuously enhancing the operational service platform capability of the Xingchen TokenHub and integrating ecosystem computing power, models, and applications, it aims to enable Token sharing and interoperability across terminals and applications.
Regarding China Mobile, Shanghai Mobile announced during World Telecommunication Day the launch of embodied intelligence services such as humanoid robots and robotic dogs. It also partnered with Tencent to launch a co-branded WorkBuddy intelligent agent workbench, where 1 yuan purchases 400,000 Tokens, supporting bill payment and multi-model generality.
In April, China Mobile Beijing Company introduced "Computing Power Token Plans" for individual users, featuring Token-based billing and pay-as-you-go. For existing cloud computer users, the plans offer computing power sub-packages starting as low as 5.99 yuan, or monthly packages as low as 24.99 yuan for 10 million Tokens. For users without a cloud computer, Beijing Mobile launched bundled cloud computer packages with the built-in intelligent agent tool OpenClaw (commonly known as "Lobster"), enabling immediate use upon startup without environment deployment and supporting mainstream general large language models.
On May 16th, China Unicom Shanghai Branch announced that from that day forward, it would provide Token services to Shanghai OPC customers. Each customer can freely receive a 30 million Token test quota (valid until the end of June) and enjoy exclusive benefits such as a 50% discount on the first purchase of a Coding Plan (AI programming subscription plan for developers) and a Token Plan (AI large model subscription service or plan package). Simultaneously, China Unicom Shanghai Branch also offers bundled packages of Token + AI Cloud Desktop + UniClaw (an autonomous execution intelligent agent platform launched by China Unicom) to Shanghai OPC customers, matching with an exclusive offer of one month free trial for a high-configuration 8-core 16G AI cloud desktop.
On China Unicom Cloud's official website Token Plan page, the individual version is priced as low as 15 yuan per month for 6 million Tokens, while the team version starts at 198 yuan per month for 25,000 Credits.
Shifting from Traffic to Computing Power Operation "Artificial intelligence is accelerating its evolution from an 'auxiliary tool' to an 'executing entity.' As the fundamental information unit of the intelligent era, Token provides a continuous core driving force for the digital lifeline," stated Ke Ruiwen, Chairman of China Telecom. He emphasized that China Telecom focuses on Token operation, building high-concurrency, low-latency, large-scale Token production capacity on the production end; strengthening the Xingchen large model system on the value end; and serving 37,000 industry clients on the application end, creating over 110 industry large models and more than 350 intelligent agents to transform Token value into real productivity.
Currently, Token has become the basic unit for billing and settlement in the AI era. According to the National Data Administration's definition, Token is the smallest unit for large models to process information, featuring measurability, pricing capability, and tradability, and serves as the foundational unit for AI service billing and settlement. NVIDIA founder and CEO Jensen Huang proposed at the GTC 2026 conference that Token is the "cornerstone" of the AI era, rapidly rising from an AI underlying technical unit to a core value carrier in the digital economy.
Statistics from the National Data Administration show that the domestic daily Token call volume was 100 billion in early 2024, surged to 100 trillion by the end of 2025, and exceeded 140 trillion by March 2026, representing growth of over a thousandfold in two years.
Dongfang Securities believes that Token has become the basic unit for AI service billing and settlement, rapidly rising from an AI underlying technical unit to a core value carrier in the digital economy. The "Token Factory" is the core production link in the "Token Economy." For Token factories, the speed, quality, and cost of Token production are the competitive core. Under fixed power capacity, manufacturers with the highest high-performance Token throughput per watt possess the strongest competitiveness and highest profitability.
However, regarding the pricing of the three major operators' Token Plans, some market commentary suggests that compared to Token Plans from large model and cloud computing providers, as well as prices offered by some API relay stations, the operators do not have a clear advantage. Yet, telecom industry experts note that this marks the first time the three major domestic operators have explicitly retailed Token as a telecom-grade standardized product and packaged "Token + Connectivity + Security" as integrated tariffs. If China Telecom, China Mobile, and China Unicom all follow suit, it could mean that the channel market for large model APIs may partially shift from cloud providers to the operator system.
In an interview, the chief editor of C114 Communication Network stated that the major telecom operators' vigorous promotion of Token plans is expected to hold significant market potential on the enterprise side. In his view, the true logic behind operators' push into the Token economy is not Token itself but a value chain transmitted along Token: "Intelligent agents use Tokens, Tokens drive computing power, computing power subsequently stimulates data traffic, and ultimately traffic enhances pipeline value." Surrounding this chain, operators' real incremental revenue will come from supporting enterprise services, such as uplink bandwidth and network security protection. Whether large uplink bandwidth demand becomes a core necessity for Token economy development requires further confirmation from subsequent industry data.
Reports indicate that on May 15, Hongxin Electronics, in collaboration with Wuxi High-tech Zone, established Jiangsu province's first Huawei Ascend 384 super-node computing cluster in Wuxi. Concurrently, using this cluster as the initial infrastructure, Hongxin Electronics will build a large-scale "Token Factory" in Wuxi. This is set to become a new benchmark for large-scale, high-performance domestic chip and model computing clusters.
It is reported that Hongxin Electronics' 2025 revenue exceeded 70 billion yuan, with computing-related business accounting for nearly 40%, approximately 28 billion yuan. The company's 2025 annual report revealed that it has accumulated signed computing orders totaling 51.60 billion yuan, with 12.8 billion yuan already settled.
In related developments, on May 16 and 17, China's three major telecom operators—China Mobile, China Unicom, and China Telecom—successively launched Token package products for consumer users.
On May 16, Shanghai Telecom announced the official launch of Token computing services for its users, offering pay-as-you-go options where 1 yuan corresponds to 250,000 quota points, with discounts for bulk purchases and support for bill payment. On the same day, Shanghai Unicom released multiple tiers of Token products and bundled packages. On May 17, Shanghai Mobile introduced a general Token service and partnered with Tencent to launch an AI-native workbench, where 1 yuan purchases 400,000 Tokens, enabling "one quota, one price, any model selection," also supporting bill payment.
Following the release of their 2025 annual reports, the three major operators have successively proposed a "Token Operation" strategic vision. Over the past two months, provincial and municipal branches of telecom operators across various regions have gradually initiated market-oriented implementation. This marks a critical step for the three operators in strengthening computing service platforms, following their efforts in computing infrastructure development.
Token Packages Start at 9.9 Yuan Specifically, China Telecom's Token packages are divided into three categories:
For developers and small-to-medium enterprise clients, integrated "Token + Connectivity + Security" services are offered with Basic, Professional, and Flagship Token Plan tiers. Monthly fees are 39.9 yuan, 159.9 yuan, and 299.9 yuan, corresponding to 15 million Tokens, 70 million Tokens, and 150 million Tokens per month, respectively.
For individual and household clients, integrated "Token + Connectivity + Security" services are provided with Lite, Enjoy, and Premium Token Plan tiers. Monthly fees are 9.9 yuan, 29.9 yuan, and 49.9 yuan, corresponding to 10 million Tokens, 40 million Tokens, and 80 million Tokens per month, respectively.
For Token ecosystem partners, China Telecom will soon launch Tianyi Token Coins and Token benefits. Among these, Tianyi Token Coin serves as the unified metric for China Telecom's Token operation circulation, used for customers to exchange points for Token packages and AI applications.
It is also noted that beyond Token Plans, operators offer broadband uplink speed acceleration packages to enhance uplink speeds for home, enterprise broadband, and individual user 5G-A data. Additionally, operators provide intelligent agent security butler value-added services, offering security checks and protection audits for agents like OpenClaw.
China Telecom stated that while strengthening its own Token capabilities, it will actively expand the ecosystem Token. By continuously enhancing the operational service platform capability of the Xingchen TokenHub and integrating ecosystem computing power, models, and applications, it aims to enable Token sharing and interoperability across terminals and applications.
Regarding China Mobile, Shanghai Mobile announced during World Telecommunication Day the launch of embodied intelligence services such as humanoid robots and robotic dogs. It also partnered with Tencent to launch a co-branded WorkBuddy intelligent agent workbench, where 1 yuan purchases 400,000 Tokens, supporting bill payment and multi-model generality.
In April, China Mobile Beijing Company introduced "Computing Power Token Packages" for individual users, featuring Token-based billing and pay-as-you-go. For existing cloud computer users, the packages offer computing power sub-packages starting as low as 5.99 yuan, or monthly packages as low as 24.99 yuan for 10 million Tokens. For users without a cloud computer, Beijing Mobile launched bundled cloud computer packages with the built-in intelligent agent tool OpenClaw (commonly known as "Lobster"), enabling immediate use upon startup without environment deployment and supporting mainstream general large language models.
On May 16, China Unicom Shanghai Branch announced that from that day forward, it would provide Token services to Shanghai OPC customers. Each customer can freely receive a 30 million Token test quota (valid until the end of June) and enjoy exclusive benefits such as a 50% discount on the first purchase of a Coding Plan (AI programming subscription plan for developers) and a Token Plan (AI large model subscription service or plan package). Simultaneously, China Unicom Shanghai Branch also offers bundled packages of Token + AI Cloud Desktop + UniClaw (an autonomous execution intelligent agent platform launched by China Unicom) to Shanghai OPC customers, matching with an exclusive offer of one month free trial for a high-configuration 8-core 16G AI cloud desktop.
On China Unicom Cloud's official website Token Plan page, the individual version is priced as low as 15 yuan per month for 6 million Tokens, while the team version starts at 198 yuan per month for 25,000 Credits.
Transitioning from Traffic to Computing Power Operation "Artificial intelligence is accelerating its evolution from an 'auxiliary tool' to an 'executing entity.' As the fundamental information unit of the intelligent era, Token provides a continuous core driving force for the digital lifeline," stated Ke Ruiwen, Chairman of China Telecom. He emphasized that China Telecom focuses on Token operation, building high-concurrency, low-latency, large-scale Token production capacity on the production end; strengthening the Xingchen large model system on the value end; and serving 37,000 industry clients on the application end, creating over 110 industry large models and more than 350 intelligent agents to transform Token value into real productivity.
Currently, Token has become the basic unit for billing and settlement in the AI era. According to the National Data Administration's definition, Token is the smallest unit for large models to process information, featuring measurability, pricing capability, and tradability, and serves as the foundational unit for AI service billing and settlement. NVIDIA founder and CEO Jensen Huang proposed at the GTC 2026 conference that Token is the "cornerstone" of the AI era, rapidly rising from an AI underlying technical unit to a core value carrier in the digital economy.
Statistics from the National Data Administration show that the domestic daily Token call volume was 100 billion in early 2024, surged to 100 trillion by the end of 2025, and exceeded 140 trillion by March 2026, representing growth of over a thousandfold in two years.
Dongfang Securities believes that Token has become the basic unit for AI service billing and settlement, rapidly rising from an AI underlying technical unit to a core value carrier in the digital economy. The "Token Factory" is the core production link in the "Token Economy." For Token factories, the speed, quality, and cost of Token production are the competitive core. Under fixed power capacity, manufacturers with the highest high-performance Token throughput per watt possess the strongest competitiveness and highest profitability.
However, regarding the pricing of the three major operators' Token Plans, some market commentary suggests that compared to Token Plans from large model and cloud computing providers, as well as prices offered by some API relay stations, the operators do not have a clear advantage. Yet, telecom industry experts note that this marks the first time the three major domestic operators have explicitly retailed Token as a telecom-grade standardized product and packaged "Token + Connectivity + Security" as integrated tariffs. If China Telecom, China Mobile, and China Unicom all follow suit, it could mean that the channel market for large model APIs may partially shift from cloud providers to the operator system.
In an interview, the chief editor of C114 Communication Network stated that the major telecom operators' vigorous promotion of Token packages is expected to hold significant market potential on the enterprise side. In his view, the true logic behind operators' push into the Token economy is not Token itself but a value chain transmitted along Token: "Intelligent agents use Tokens, Tokens drive computing power, computing power subsequently stimulates data traffic, and ultimately traffic enhances pipeline value." Surrounding this chain, operators' real incremental revenue will come from supporting enterprise services, such as uplink bandwidth and network security protection. Whether large uplink bandwidth demand becomes a core necessity for Token economy development requires further confirmation from subsequent industry data.
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