<div id="readability-page-1"><div>The three major Chinese telecom stocks advanced this morning (19th). CHINA TELECOM (00728.HK) +0.010 (+0.177%) Short selling $173.50M; Ratio 16.975% opened 0.89% lower today (19th), then once rebounded more than 4% to a peak of HKD5.89. It is now quoted at HKD5.66, up 0.35%, with turnover of 82.5423 million shares, involving HKD476 million.CHINA MOBILE (00941.HK) +0.750 (+0.868%) Short selling $280.96M; Ratio 17.031% opened 0.12% higher, with a peak of HKD88.05. It is now quoted at HKD87.05, up 0.75%, with turnover of HKD1.598 billion. CHINA UNICOM (00762.HK) +0.220 (+2.771%) Short selling $93.99M; Ratio 15.766% opened flat and then moved higher, once reaching HKD8.23. It is now quoted at HKD8.15, up 2.64%, with turnover of HKD311 million.Morgan Stanley published a research report stating that CHINA TELECOM has launched a nationwide Token plan for enterprise and consumer customers, adopting a monthly subscription model. The bank noted that CHINA MOBILE and CHINA UNICOM had previously introduced similar products, but only at the provincial level; CHINA TELECOM is the first operator to roll out such a product nationwide.The bank believes that as mobile data penetration has peaked and data prices continue to decline, Chinese telecom operators are seeking new revenue sources leveraging their extensive data and computing infrastructure. This move represents a positive step to test new business models in the AI era.Assuming full utilization under the plan, the average cost per million Tokens for enterprise users is RMB2 to RMB2.7, while for consumer users it is RMB0.6 to RMB1. Morgan Stanley pointed out that although hyperscale cloud service providers such as Alibaba Cloud also offer Token plans, their packages include monthly per-user credit quotas, and different underlying models result in varying credit consumption. In contrast, CHINA TELECOM appears to adopt the same Token pricing across all models.Morgan Stanley considers that in the short term, consumer adoption will still depend on the emergence of AI applications, while competition in the enterprise market will hinge on service capabilities, MaaS unit metrics and proprietary models. (ad/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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CHINA TELECOM shares rose over 4% after Morgan Stanley reported the launch of a nationwide Token plan for enterprise and consumer customers, marking a significant move to explore new business models in the AI era. The plan offers a monthly subscription model, differing from previous provincial-level offerings by competitors. Morgan Stanley believes this initiative is crucial for telecom operators seeking new revenue sources as mobile data penetration peaks.

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CHINA TELECOM  Once Jumps Over 4% as M Stanley Says Nationwide Token Plan Is Positive Move to Test New Business Models in AI Era