Hong Kong Stock Concept Tracking | Telecommunications Operators Start Selling Tokens Valuation System Reconstruction (Including Concept Stocks)

On May 17, 2026, China Telecom Corporation officially launched a nationwide trial commercial Token package, marking a transition of the operator's billing model from the traditional "GB era of data usage" to the "Token pricing era of artificial intelligence". Here, "Token" is the basic unit of measurement for processing information in large artificial intelligence models (usually, about 1000 Tokens is equivalent to 750 English words or 500-750 Chinese characters). China Telecom Corporation has packaged Tokens into standardized products, allowing individuals, households, and enterprises to directly purchase Token quotas for accessing various AI large model services. On the same day, China Mobile Limited (00941.HK) also started operating Token services. Targeting the general public and office scenarios, Shanghai Mobile launched Token general services, enabling "universal number usage, cross-platform use, phone bill payment", and joined forces with Tencent to introduce an AI native desktop, allowing citizens and small businesses to easily use AI capabilities in a low-cost and convenient manner, offering 40 Tokens for 1 yuan, realizing "one quota, one price, model selection", and supporting phone bill payments. The transition of China Telecom Corporation and China Mobile Limited from traditional "data management" to "Token management" is essentially a paradigm shift from "bit economy" to "intelligence economy". This strategic shift is deeply restructuring the underlying business logic of the two operators, leading to a fundamental reassessment of their valuation system. With the explosion of AI large models and intelligent body applications, Tokens have become the smallest unit of measurement that can be priced and traded in the era of artificial intelligence, essentially serving as the "new currency" of the AI era. Data from the National Bureau of Statistics shows that the daily average Token usage in China has skyrocketed from 100 billion in early 2024 to 140 trillion in March 2026, a growth of over a thousand times in two years. Under the Token management model, the revenue growth of operators is directly linked to the number of model calls. With the popularization of precise reasoning in vertical scenarios and the complex calls of intelligent bodies, the unit value of high-value Tokens has a significant premium space, with consumption scale growing exponentially. Compared to NVIDIA's "high-growth-high-valuation" and cloud vendors' "ecosystem-stable valuation", operators are currently in the left layout interval of "low valuation + high transformation expectations". The realization of their valuation reassessment depends not on simple computing power stacking, but on the actual penetration rate of Token packages and the slope of the increase in ARPU value (average revenue per user) per user. This highly elastic revenue characteristic is leading the market's valuation system to shift from the traditional PE ratio to the PS ratio. This means that the same AI data center (AIDC) asset can obtain a higher value reassessment under the Token factory model. Token trades involve related HK stocks: Three major operators: China Mobile Limited (00941), China Telecom Corporation (00728), China United Network Communications (00762) Cloud vendors + computing power leasing: BABA-W (09988), GD-HKGBA HLDGS (01396), GDS-SW (09698), SUNEVISION (01686), KINGSOFT CLOUD (03896), etc.