As the global AI industry transitions from the 'training era' to the 'reasoning era,' the term 'Token' has evolved from a technical term buried in code into a measurable, priceable, and cross-border tradable 'digital currency' – the 'new oil' of the AI age. Whoever controls the pricing power and circulation rights of Tokens holds the core resource of the AI world. XUNCE (03317), listed for just 100 days and with a market capitalization exceeding HKD 100 billion – dubbed by the market as the 'first Token stock' – is signaling to the market through its powerful performance that this is not merely a simple stock price increase. It represents a fundamental shift in the underlying logic of capital markets and a profound definition of China's AI power within the global context. And this is only the beginning.
In this global AI landscape restructuring led by Tokens, XUNCE has not chosen to compete on large models or amass computing power. Instead, it has chosen a more foundational role – that of a 'supplier of digital fuel for the AI world.' It is now pioneering the launch of Token export services, positioning itself as a leader in taking China's AI data services global.
Recently, XUNCE announced a strategic cooperation agreement with the national-level Shenzhen Data Exchange. This collaboration marks a significant step for XUNCE in the cross-border and international expansion of the data factor market. It signifies that China not only has Tokens but also possesses Token standards, circulation rules, and compliant export channels – a crucial turning point for Token exports moving from 'unregulated growth' to 'institutionalized export.'
The greatest risk in cross-border data flow has never been technical issues, but compliance. As a national data trading infrastructure, the Shenzhen Data Exchange provides this unique 'data passport,' giving XUNCE's Token exports a basis and a clear path.
I. Token Export: The Comprehensive Evolution of 'AI Productivity Exports' Global Token demand is exploding. 'Token export' has rapidly evolved from a concept into a highly sought-after track within the global AI industry. Data does not lie. According to OpenRouter, the world's largest model aggregation platform, Chinese models already account for 61% of the total Token consumption of the top ten models. More strikingly, 47.17% of the platform's users are from the United States, while Chinese developers account for only 6.01% – indicating that overseas users are voting for Chinese large models with real money.
The latest data from the National Data Administration shows that as of March 2026, China's daily average Token calls have exceeded 140 trillion. To put this in perspective, this is equivalent to generating approximately 200 billion thousand-word articles daily – meaning each of China's 1.4 billion people 'consumes' over a hundred AI-generated articles per day. A massive portion of this Token consumption comes from enterprise-level API calls, agent operations, and inter-model interactions.
J.P. Morgan predicts that China's AI inference Token consumption will surge from about 10 quadrillion in 2025 to 3,900 quadrillion by 2030, a 370-fold increase in five years.
The reason Token exports have rapidly gained traction is that they ignite collective imagination about 'leapfrogging development.' In the past, China exported shirts, home appliances, mobile phones, and new energy vehicles – all physical products corresponding to lower-value-chain generic exports, earning 'manufacturing margins.' Now, Token exports enable China to achieve a historic leap from 'physical exports' to 'AI productivity exports.' This transition can be understood through three historical benchmarks.
The first stage involved China exporting shirts and sneakers, operating in the lower value chain, trading volume for foreign exchange, corresponding to 'generic Tokens' – low computing cost, high substitutability, competing on scale and efficiency. The second stage saw China exporting high-end equipment and new energy vehicles, climbing the value chain, trading quality for premium, corresponding to 'industry-specific Tokens' – embedded in vertical scenarios with domain barriers. The third stage, now unfolding, involves China exporting AI productivity itself, using Tokens as the unit of measurement, exporting reasoning capability and intelligent services globally, reaching the top of the value chain.
Behind each Token lies a multi-dimensional accumulation of electricity, computing power, algorithms, and specialized data, collectively refined into a high-value-added 'intelligent computing capability package.' Chinese infrastructure will once again drive global economic growth – but this time, the core unit is no longer steel and cement, but Tokens. Electricity stays within the borders, computing power isn't exported, but AI productivity crosses national boundaries, completing the 'value circulation' once only possible with physical goods, in digital form. This is a new type of export that cannot be blocked by tariff barriers and requires no container shipping.
Essentially, Token export is a new digital trade model where China's AI, using Tokens as the core unit of pricing and circulation, exports inference computing power and intelligent services globally. It is not simply about app出海 or overseas chat tools, but the direct export of underlying computing capability – packaging domestic inference capacity into Tokens and charging globally via cross-border APIs, earning the 'cross-border electricity fee' of the AI world. Its core characteristics are: Computing Localization: Overseas requests → Domestic computing power → Results transmitted back. Value Cross-Border: Electricity remains domestic, revenue flows globally. Standardized Billing: Prices are only 1/5 to 1/20 of overseas models, but Token value is significantly higher. Compliance and Security: Digital services and exports.
A more profound implication is that the emergence of Tokens has, for the first time, solved the challenge of data assetization. Once standardized into Tokens, data becomes measurable and chargeable, completing the historic leap from 'resource' to 'asset.' And China is defining new global rules in this transition at a remarkable pace.
II. The 'Moat' of China's Token Exports: Profoundly Deep China's Token advantage currently manifests in three dimensions. First, algorithm efficiency. Innovations like MoE architecture and quantization technology enable Token output per unit of computing power to far exceed that of peers. Second, open-source strategy. Open-source versions like DeepSeek and Qwen have attracted global developers, creating an irreversible ecosystem flywheel effect. Third, extreme pricing. The API prices of domestic models are only 1/5 to 1/20 of comparable overseas products – for instance, MiniMax M2.5 input price is $0.3 per million Tokens, while Anthropic's Claude Opus is $5, 16.7 times higher.
More crucially, Tokens are undergoing a 'value stratification.' The same Token used for casual chat might be worth $0.01 per million; used for coding, it could be worth $200; used for legal document review, it might be worth $1000 – a difference of a hundred thousand times. Less than 5% of Token consumption creates over 80% of measurable value. A Token's value is determined not by its production cost, but by what it is used for.
The true moat for China's Token exports is not just the overwhelming advantage in cost and efficiency, but the ability, through data refinement capability, to transform generic Tokens into high-value 'digital assets.' This is not just about selling cheaper, but about selling greater value and defining it higher – transitioning from the 'World's Factory' to the 'World's Token Factory.'
III. Compliance First: XUNCE Holds the 'Passport' for Cross-Border Data On March 30, 2026, the World Data Organization (WDO), the first international organization promoting data development and governance, was formally established in Beijing. It has already attracted over 40 countries and more than 200 core members, covering 14 key industries including industry, finance, and healthcare. At a time when rules for cross-border data flow are yet to be unified, the establishment of the WDO provides a crucial multilateral coordination platform for Chinese data enterprises going global.
From a policy perspective, the core logic of China's cross-border data flow has shifted entirely from a past defensive stance to a value-creation focus – emphasizing openness, cooperation, development, and mutual benefit. As a representative enterprise in China's AI real-time data infrastructure sector, XUNCE is poised to leverage this international mechanism to accelerate the deployment of its Tokenized data services in the global market.
The partnership with the Shenzhen Data Exchange is a key move in XUNCE's exploration of Token exports. According to the agreement, the two parties will collaborate deeply in three main areas. First, jointly expanding data factor and AI innovation businesses to promote enterprise digital and intelligent transformation. Second, co-building a service system for data assetization and data asset recognition on balance sheets to advance data assetization and compliant business development. Third, establishing an embodied intelligence data standard system to foster the development of the embodied intelligence data industry.
The Shenzhen Data Exchange is positioned as a national data trading platform, exploring feasible paths for large-scale cross-domain data circulation and accelerating the construction of a national platform for cross-domain and cross-border data element flow, which is one of its core charter objectives. This cooperation will help XUNCE deepen its exploration of data compliance and cross-border data compliance, accelerating the implementation of data assetization businesses; effectively promote enterprise-level AI applications, broadening penetration across diverse industries; and seize the first-mover advantage in embodied intelligence data standards, building long-term, high competitive barriers.
IV. XUNCE Steadily Expands Overseas Business, China Defines the AI Future XUNCE plays the most fundamental role of a 'data Token supplier.' Leveraging its years of accumulated high-quality data in sectors like finance and telecommunications, the company adds an 'efficiency booster' to every Token call. XUNCE's business model is undergoing a comprehensive upgrade from traditional subscription and transaction-based models to a Token payment model. Its core formula is clear and powerful: Revenue = Token Price × Call Volume × Number of Application Modules. This means enterprise revenue no longer depends on the traditional 'number of clients,' but on usage frequency, depth of use, and AI penetration rate – an exponential revenue model directly tied to AI usage intensity, operating on a different dimension compared to traditional SaaS, software subscriptions, or even internet traffic models.
The capital market is not pricing 'the current XUNCE,' but rather a future where Token forms the core revenue structure. In 2025, XUNCE achieved operating revenue of RMB 1.285 billion, a year-on-year increase of 103.28%. Its adjusted net profit for the second half of the year reached RMB 50.13 million, marking its first half-year of positive profitability. The Token charging model already accounted for 5% of revenue and is expected to rapidly increase to 20%-30% in 2026.
Once the Token model proves successful, it will simultaneously possess three characteristics: revenue growing exponentially with call volume, deep data binding, and extremely low marginal costs. The combination of these three forms a typical high-margin, high-reusability, and high-scalability capability profile. The capital market's pricing for such models is never conservative. A market cap of HKD 100 billion is only the first anchor point for XUNCE's value reassessment. The true pricing benchmark should not be measured in Hong Kong dollars – it points towards hundreds of billions of US dollars.
Regarding overseas expansion, XUNCE is steadily developing its international business, building the initial framework of a global layout. The proportion of overseas revenue is expected to exceed 10% in 2026. The company's business has now expanded from the asset management industry to diverse fields including telecommunications, power, energy, urban operations, high-end manufacturing, healthcare, satellites, robotics, and consumer sectors.
Conclusion: China is Defining the Future on Tokens As China's daily Token calls surpass 140 trillion, as the World Data Organization establishes itself in Beijing, and as AI reasoning becomes the new high ground in global competition – the underlying rules of an era are being quietly rewritten by Chinese strength. Every generation of general-purpose technology spawns new institutional demands: the railroad era brought antitrust laws, the electricity era utility regulation, the internet era data privacy. The Token economy is no exception. It brings new challenges like energy consumption governance, cross-border flow, and statistical blind spots, but the window for institutional construction has always been early in the technology explosion. The evolution speed of the Token economy far surpasses that of the mobile internet, and China is providing answers at the earliest opportunity.
XUNCE Technology, this 'first Token stock,' is set to advance into the 'first Token export stock.' From its unique position as a data infrastructure provider, it is participating in reshaping the underlying rules of global AI services, exploring the path for Token exports, and enabling China's AI technology and industrial advantages to benefit the world.
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