China telcos Token-based plans to monetize the AI boom

研报英文原文证据摘录

China telcos Token-based plans to monetize the AI boom

19 May 2026

China telcos EquitiesDiversified

Telecommunications

Token-based plans to monetize the AI boom China

◆ China Telecom announced a nationwide token package Piyush Choudhary*, CFA

offering on 17 May, spurring investor enthusiasm HeadThe Hongkongof Asia Telecomsand Shanghai Banking Corporation

◆ All three telcos introduced token-based subscription plans, Limited,piyush.choudhary@hsbc.com.sgSingapore Branch

but we expect little earnings impact in the near term +65 6658 0607

Charlie Bai*

◆ Retain Buy ratings for China Mobile (H/A), Hold for China Analyst, Asia Telecoms

Telecom (H/A), and Reduce for China Unicom (H/A) Thecharlie.bai@hsbc.com.hkHongkong and Shanghai Banking Corporation Limited

+852 22887184

Token-based plans gain traction: China telcos are packaging AI token usage into Ritchie Sun*, CFA

subscription plans, turning tokens into the industry’s newest data unit and billing Analyst, Internet Research

The Hongkong and Shanghai Banking Corporation Limited

metric (i.e. token as the new GB). For example, China Mobile (CM)’s Jiangsu branch ritchie.k.h.sun@hsbc.com.hk

offered monthly token plans (unit price: Rmb2/million token) on 17 April accessing +852 2822 4392

various LLMs such as DeepSeek. On 29 April, China Unicom (CU)’s Hubei branch

introduced token plans (unit price: Rmb1.3/million token) and coding plans (pricing by * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

requests) accessing MiniMax model. On 17 May, China Telecom (CT) launched a not registered/ qualified pursuant to FINRA regulations

tiered token plan covering both individuals (cRmb10/30/50 per month for

10m/40m/80m token) and SMEs (cRmb40/160/300 per month for 15m/70m/150m

token).