<div id="readability-page-1"><div>UBS published a report stating that CHINA TELECOM (00728.HK) -0.050 (-0.887%) Short selling $173.50M; Ratio 16.975% , CHINA UNICOM (00762.HK) +0.050 (+0.630%) Short selling $93.99M; Ratio 15.766% and CHINA MOBILE (00941.HK) +0.550 (+0.637%) Short selling $280.96M; Ratio 17.031% have recently launched Token packages, offering individual and enterprise customers access to multiple mainstream LLM models. Among them, CHINA TELECOM has made the fastest progress and has rolled out nationwide Token packages, while CHINA UNICOM and CHINA MOBILE are gradually introducing the services through regional pilots and provincial cloud platforms.The report noted that Chinese telecom operators had already announced plans to expand Token services at their March results briefings. The broker believes the launch of Token packages marks an important step toward standardizing AI consumption in China and is expected to further accelerate Token usage growth. Leveraging their nationwide customer base and extensive distribution networks, telecom operators can expand AI adoption from hyperscale cloud providers and large enterprises to small and medium-sized enterprises as well as individual users.UBS believes this will help gradually transform Token consumption into a utility-like subscription model, similar to the evolution of mobile data pricing in the past, thereby further increasing AI Token usage and ecosystem stickiness.Year to date, telecom stocks have shown muted performance, mainly due to limited organic business growth and the negative impact of higher value-added tax on traditional telecom services. The broker views Token packages as a new growth driver. If telecom operators achieve accelerated recovery in revenue and net profit and are increasingly regarded by the market as AI infrastructure plays, this could bring re-rating opportunities. UBS assigns a &#34;Neutral&#34; rating to the three major Chinese telecom stocks. (ha/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-18 16:25.)</div></div>

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UBS reports that China Telecom, China Unicom, and China Mobile have launched Token packages for customers, enhancing AI adoption. China Telecom leads with nationwide rollout, while the others pilot regionally. This move is seen as a step towards standardizing AI consumption in China, potentially transforming Token usage into a subscription model. Despite muted stock performance, UBS views these packages as a new growth driver, assigning a 'Neutral' rating to the telecom stocks.

UBS: 3 Key CN Telecoms Launch Token Packages, Providing New Growth Drivers