$CHINASOFT INT'L(00354.HK) rose 23% today, with trading volume reaching over ten times the usual level—the catalyst being a signed agreement with Moonshot AI for "Moonshot Plan" token revenue sharing and joint innovation, co-building a lab for enterprise-level Agentic AI, igniting the narrative of transitioning from software outsourcing to a token operator.

$XUNCE(03317.HK) also surged 18%, with Token ARR more than tripling month-on-month in May; after the unlocking of restricted shares, the fundamentals actually supported the stock price.

$CHINASOFT INT'L(00354.HK) and $XUNCE(03317.HK) are both pitching the new business model of "charging by Token," maximizing the storytelling aspect, but valuations are also priced based on these stories. A single-day surge of around 20%: is this the starting point for a valuation re-rating or the peak of sentiment? I believe it's leaning towards the latter—the revenue-sharing agreement lacks income figures as backing; it's not too late to discuss re-rating once the first batch of Token revenue hits the financial reports.