Hong Kong stocks slightly rebound, and the "Token" first stock rises happily

Ask AI · What is the deep connection between the surge in Xunce’s stock price and the translation of the term “Token”?

Reporter: Zeng Zijian Editor: Yuan Dong

On March 27, the Hong Kong stock market welcomed a slight rebound.

As of the close, the Hang Seng Index stood at 24,951.88 points, up 95.45 points, a rise of 0.38%.

The Hang Seng Tech Index closed at 4,778.01 points, up 16.47 points, a rise of 0.35%.

In terms of focus companies, “Token” first stock Xunce (HK03317) surged nearly 30% at one point during the trading session, ultimately closing up over 24%, becoming the biggest focus of the market today. At today’s close, Xunce reached a new high since its listing, with a total market value exceeding 60 billion Hong Kong dollars, and the stock price increased by 290% compared to the issue price.

In terms of news, the National Bureau of Statistics recently officially clarified that the Chinese translation of Token is “词元,” which serves as a settlement unit connecting technological supply with commercial demand, providing quantifiable possibilities for the implementation of business models. Public information shows that Xunce is a leading real-time data infrastructure provider in China, with AI Data Agent as its technological core, establishing a comprehensive service system covering data acquisition, cleaning, standardization, and large model tuning. With millisecond-level real-time data processing capabilities, its solutions have deeply penetrated various core sectors such as asset management, financial services, urban management, and telecommunications.

The recent earnings forecast disclosed by Xunce shows that the company expects to achieve revenue of 1.283 billion yuan in 2025, a year-on-year increase of 102.95%. Among them, Xunce anticipates a significant revenue explosion in the second half of 2025, with revenue in the second half expected to grow by 448% compared to the first half. At the same time, Xunce is expected to achieve an adjusted net profit of 160 million yuan in the second half of 2025, establishing a turning point for profitability. In 2025, the company’s ARPU is expected to double year-on-year to 5.59 million yuan, with performance growth synchronized with the expansion of Token.

In the hot sectors, innovative pharmaceutical concept stocks surged, with CSPC Pharmaceutical Group (HK01093) rising over 13%, and Genscript Biotech and 3SBio rising over 10%.

Recently, annual reports from innovative pharmaceutical companies have been intensively disclosed, showing that leading enterprises have significantly improved their profitability and have abundant cash flow, laying a solid foundation for long-term R&D investment. Several core enterprises have achieved dual growth in revenue and profit, with operating cash flow turning positive, and the realization of profits creating a positive cycle with R&D investment, highlighting the core competitiveness and sustainable development capabilities of the enterprises, providing solid fundamental support for the sector’s rebound.

On other fronts, the market saw mixed performances from tech stocks, with Kuaishou and Xiaomi rising over 1%, while Bilibili fell over 1%. The lithium battery sector led in gains, with Ganfeng Lithium rising over 9%. The commercial aerospace sector led in declines, with Junda Co., Ltd. falling over 9%.

In terms of capital, southbound funds saw a slight outflow today. By the close, southbound funds net sold over 2.8 billion Hong Kong dollars of Hong Kong stocks.

Outlook for the future:

CITIC Securities believes that the market’s emotional selling has been sufficiently realized, with a focus on AI computing power and HALO trading in the future. At the same time, CITIC Securities released a research report on the medical device industry, pointing out that in 2026, the Hong Kong stock medical device sector can focus on the sector effects brought by the listing of quality enterprises, as well as the profit release of leading companies in sub-segments and undervalued layout opportunities.

Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Please verify before use. Trading based on this information is at your own risk.

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