---
date: 2026-05-18
subject: "CXMT half-year profit 50B yuan | China Telecom rolls out token plans | MOFCOM preps AI+Consumption"
---


**CXMT projected 50 to 57 billion yuan** in first-half 2026 attributable net profit in its updated STAR Market IPO prospectus, alongside 110 to 120 billion yuan in revenue and Q1 2026 revenue of 50.8 billion yuan up 719.13% year over year, a projection that more than erases 36.65 billion yuan in cumulative losses through end-2025. **China Telecom launched nationwide AI token plans** on May 17 with developer and SMB tiers at 39.9, 159.9 and 299.9 yuan per month and consumer tiers at 9.9, 29.9 and 49.9 yuan, completing a three-carrier rollout after Beijing Mobile's April 22 plan and Shanghai Unicom's May 16 voucher. **MOFCOM is preparing an AI plus Consumption framework** tied to the GB/Z 177-2026 AI terminal grading standard from MIIT, SAMR and MOFCOM, with measures including transformation of 110,000 gas stations and whole-home smart home packages, Vice Minister Sheng Qiuping said on May 18.

# 1. Top Stories

- **CXMT prospectus projects 50 to 57 billion yuan H1 profit, erasing nine years of cumulative losses** — Changxin Memory Technologies updated its STAR Market IPO prospectus on the evening of May 17, projecting first-half 2026 revenue of 110 to 120 billion yuan and attributable net profit of 50 to 57 billion yuan, Huxiu reported. Q1 2026 revenue came in at 50.8 billion yuan, up 719.13% year over year, with attributable net profit of 24.76 billion yuan. Cumulative losses through end-2025 totaled 36.65 billion yuan, a figure the half-year projection more than wipes out. CXMT's 2016 Phase 1 investment was 18 billion yuan, of which Hefei Industry Investment contributed 14.4 billion yuan. [Huxiu](https://www.huxiu.com/article/4859261.html)
- **China Telecom launches nationwide AI token subscription plans, completing the three-carrier rollout** — China Telecom began selling nationwide AI token subscription packages at the group level on May 17, with developer and SMB tiers priced at 39.9, 159.9 and 299.9 yuan per month, Gelonghui reported. Consumer tiers run at 9.9, 29.9 and 49.9 yuan per month. Beijing Mobile launched a personal token plan on April 22 and Shanghai Unicom rolled out an Open Platform Cloud token voucher on May 16, putting all three state-owned operators in market. A compute stock cluster including Tongyu Technology and Hongxin Electronics hit 20% daily limits in May 18 trading. [Gelonghui](https://www.gelonghui.com/p/4808599)
- **MOFCOM says it is preparing an AI plus Consumption policy framework tied to the new AI terminal grading standard** — Vice Minister of Commerce Sheng Qiuping told a State Council Information Office press conference on May 18 that the Ministry of Commerce is preparing an "AI plus Consumption" policy framework, CLS reported. The framework references the GB/Z 177-2026 AI terminal grading national standard jointly issued by MIIT, SAMR and MOFCOM. Concrete measures include transformation of 110,000 gas stations under the energy transition track and whole-home smart home consumption packages under the urban renewal track. Sheng said the ministry will also expand quality consumer goods imports alongside the AI+ push. [CLS](https://api3.cls.cn/share/article/2374272?os=web&sv=8.4.6&app=CailianpressWeb) [govt]
- **Chinese AI video generation models lead U.S. peers in creator adoption** — Chinese AI video generation models from Kuaishou's Kling, ByteDance's Seedance 2.0 and MiniMax's Hailuo lead U.S. counterparts in creator adoption, the Financial Times reported in coverage relayed by CnBeta. Director AI founder Ben Chiang attributed the U.S. lag in part to stricter content moderation and less realistic output in U.S. tools. U.S. labs OpenAI, Google and Anthropic still lead in large language models and coding, by the same developer feedback and benchmark rankings. The Douyin and Kuaishou short video libraries serve as a Chinese training data advantage. [CnBeta](https://www.cnbeta.com.tw/articles/tech/1562784.htm)
- **Greater Bay Area Data Special Zone Innovation Cooperation Center opens with six cross-border data flow scenarios** — The National Data Administration and Guangdong's Provincial Government Services and Data Administration established the Greater Bay Area Data Special Zone Innovation Cooperation Center on May 18, Yicai reported citing Securities Times. The center runs two task lines: data foundation services for GBA government bodies and professional cross-border data flow services for enterprises. The six named application scenarios are cross-border manufacturing, healthcare, scientific research, education, e-commerce and inbound data processing. The center will push "Bay Area Standards" for mutual recognition with international norms in finance, healthcare and research. [Yicai](https://www.yicai.com/brief/103188273.html) [state-affiliated]

# 3. AI & Foundation Models

- **Tencent launches Ardot, a natural-language UI design agent built on its CodeBuddy stack** — Tencent Cloud's CodeBuddy team launched Ardot on May 18, a multi-user real-time collaborative UI and UX design tool that converts natural-language input into editable design drafts, Wallstreetcn reported. Ardot supports one-click conversion to code and direct Figma file import preserving layout, styles and components. The product targets the enterprise design tooling segment occupied by Figma. Ardot is built on the WorkBuddy and CodeBuddy underlying architecture with MCP integration. [Wallstreetcn](https://wallstreetcn.com/articles/3772509)
- **CAICT opens first-round capability testing for AI marketing and customer service platforms** — The China Academy of Information and Communications Technology's Telecommunications Terminal Lab opened first-round eligibility recruitment on May 18 for capability testing of AI marketing customer service platforms, ITHome reported. The testing spans 10 platform categories including intelligent customer service, enterprise agent platforms, conversational AI, intelligent outbound and call centers. Focus areas include platform architecture, smart recommendation, contact center functions, data security and interface management. The program runs in parallel with CAICT's existing AI terminal grading rollout under the GB/Z 177-2026 national standard. [ITHome](https://www.ithome.com/0/951/827.htm) [govt]

# 4. Chips & Semiconductors

- **Glass substrates land in Intel, TSMC and Samsung 2026 to 2030 advanced packaging roadmaps** — Western Securities projected the global advanced packaging glass substrate (TGV) market at roughly $8 billion by 2028, with 50% penetration of advanced packaging by 2030, in a research note Wallstreetcn carried. Intel listed glass substrates as a 2026 to 2030 packaging roadmap pillar targeting 10 times or more interconnect density. Samsung Electro-Mechanics began supplying semiconductor glass substrate samples to Apple in April 2026, with mass production targeted after 2027. TSMC has positioned glass substrates as core to the next CoWoS generation. [Wallstreetcn](https://wallstreetcn.com/articles/3772498)
- **CoWoS now sells near $10,000 per wafer with 50% value-add ratio** — The average selling price for a single CoWoS wafer sits near $10,000, comparable to 7nm logic wafer pricing, Gelonghui reported in an industry analysis. CoWoS value-add now sits near 50%, against a 15% to 25% range for traditional electronics manufacturing. Customers competing for TSMC CoWoS allocation include Nvidia, AMD, Broadcom, Google and Amazon. CoWoS now bundles HBM, interposer, micro-bumps, redistribution layer, through-silicon via and thermal management into a single integrated platform. [Gelonghui](https://www.gelonghui.com/p/4807359)

# 7. Defense & Dual-Use

- **Xidian University's Zhuri project demonstrates kilowatt microwave power transmission over 100 meters** — A research team led by Chinese Academy of Engineering academician Duan Baoyan at Xidian University demonstrated 1,180-watt wireless power transmission over 100 meters at 20.8% direct-current to direct-current efficiency and 88% beam collection, Xinhua reported via ITHome. The team also demonstrated wireless power transfer to a moving UAV at 30 kilometers per hour and 30 meters distance, with 143 watts stable reception. The Zhuri program's earlier 2022 milestone was the team's full-link ground verification system for space-based solar. [ITHome](https://www.ithome.com/0/951/894.htm) [state media]
- **Commercial space sector posts 3.9 billion yuan in losses, state players lock in 40% to 60% share** — China's commercial space sector posted roughly 3.9 billion yuan in cumulative losses across four years, TMTPost reported in an industry analysis. Lijian-1 rocket annual production capacity is around 30 vehicles, against an actual average launch cadence of 3.6 per year. State-owned players have already locked in 40% to 60% of future low Earth orbit constellation core networking share. The decision window for reusable liquid commercial rocket validation is 2026 to 2028. [TMTPost](https://www.tmtpost.com/7992001.html)

# 9. Talent & Capital

- **Yifei Technology robotics IPO opens on HKEX with 14,855 times oversubscription** — Industrial robot maker Yifei Technology (06871.HK) listed on the Hong Kong Stock Exchange Main Board on May 18, opening at HK$54.65, up 79% from the HK$30.5 offer price, Wallstreetcn reported. The company issued 24.6 million H shares for 10.04% of post-IPO total shares, with gross proceeds of HK$750 million and net proceeds of HK$673 million. The public offering tranche was oversubscribed approximately 14,855 times, freezing about HK$564.3 billion in funds and surpassing the 11,464 times record set by Golden Leaf International Group in 2025. About 40% of net proceeds will fund robot R&D including 60 to 100 senior R&D hires and AI server procurement. [Wallstreetcn](https://wallstreetcn.com/articles/3772522)
- **Hypershell raises $50 million B+ round led by Ant and Meituan, cumulative B series reaches $120 million** — Consumer exoskeleton startup Hypershell announced a $50 million Series B+ on May 18, led by Ant Group and Meituan Longzhu with Sofina and Granite Asia participating, Wallstreetcn reported. Cumulative Series B funding now reaches roughly $120 million. The company's self-developed single-motor Omega architecture maintains around 1 horsepower peak and 32 newton-meters of torque while compressing bill-of-materials cost to a thousand-yuan retail range. Hypershell says it sells in more than 70 countries with cumulative deliveries in the tens of thousands of units. [Wallstreetcn](https://wallstreetcn.com/articles/3772519)
- **Yushi Space closes 500 million yuan Series A with Zijin Mining co-investing** — Commercial space company Yushi Space closed a 500 million yuan Series A round on May 18, with Zijin Mining participating as co-investor, Jiemian News reported. Zijin Mining is a publicly listed gold and copper mining group, not a sector-focused venture firm. The company's cumulative funding over the past year-plus reaches roughly 1 billion yuan. [Jiemian News](https://www.jiemian.com/article/14443714.html)