Local Chinese SOEs Shift from Utilities to Selling Tokens

The entry of a city investment group into token resale matters less as a new supply story than as a signal about where margins are heading. When local SOEs known for utility-style infrastructure move into a market, it usually means the product is being treated as a commodity rather than a differentiated service. The open question is whether this compresses pricing for existing telecom and cloud sellers, or simply expands distribution into state-linked channels they cannot easily reach.