During the Spring Festival,Token's overseas expansion became a hot topic in the market.
China’s large-scale models are capturing the global developer market. According to OpenRouter data, the total token volume of the top ten models on the platform last week was approximately 14 trillion tokens. MiniMax M 2.5 ranked first with 2.57 trillion tokens, followed by Kimi K2.5 with 1.04 trillion tokens. Zhipu GLM 5 and DeepSeekV 3.2 ranked fourth and fifth, respectively. This indicates that China's large language modelsare being widely licensed and applied tooverseas tech companies, gradually gaining an advantage in the underlying infrastructure.gaining dominance。
And asThe direct beneficiaries of Token's overseas expansion —— $KNOWLEDGE ATLAS (02513.HK)$、 $MINIMAX-W (00100.HK)$Since its listing, it has also cumulatively risen over 400%, becoming one of the 'two AI model giants' in the Hong Kong stock market.
This article will analyze for fellow investors the underlying logic behind Token’s rise as an 'export of the new economy,' and help you uncover investment opportunities worth planning ahead for in the Hong Kong stock market.
Why has Token risen to become an 'export of the new economy'?
The essence of Token exports lies in leveraging China’s extreme 'algorithm efficiency (low cost)' to directly challenge America’s 'computing power hegemony (high cost),' thereby establishing new value distribution rules within the global digital landscape.
Breaking down the costs of Token...