Core Viewpoint - The article discusses the strategic maneuvers of Chen Guoqiang, a prominent figure in Hong Kong's capital market, particularly focusing on the transformation of Deshang Real Estate and the aggressive tactics employed by Ruikai Group to gain control over it [1][3][4]. Group 1: Strategic Moves - Ruikai Group's operation is characterized as a "textbook-level control battle," where it initially acquired a 10% stake and subsequently increased its holding to 30.90% through a secondary issuance and structured warrants, investing HKD 470 million at a 68% premium [3]. - The details of a HKD 1.70 exercise price and a one-year lock-up commitment reveal Ruikai's long-term ambitions, aiming for absolute control rather than short-term gains [3][4]. Group 2: Transformation of Deshang Real Estate - Chen Guoqiang's strategy involves selling off nearly HKD 1 billion in overseas and local properties, which appears to be asset reallocation but is actually a move to dismantle his real estate foundation for the next generation [4]. - The collaboration between Chen Guoqiang and Ruikai is framed as a "cross-generational dialogue," combining Chen's clean shell and market credibility with Ruikai's RWA technology and capital allocation system to pivot Deshang Real Estate into the digital asset infrastructure sector [4][5]. Group 3: Competitive Advantages - Ruikai's strength lies not only in financial resources but also in its ability to inject social resources and operational capabilities into the target company, providing long-term liquidity and connecting with high-quality resources in the new capital cycle [4]. - The involvement of Wu Jiezhuang, a legislative council member, adds a significant policy endorsement, reinforcing Deshang's compliance as an RWA vehicle and signaling strong market confidence in its long-term prospects [4]. Group 4: Valuation Perspective - Deshang Real Estate's valuation should no longer be based on traditional real estate logic, as Chen Guoqiang is transitioning the company from physical asset sales to digital asset issuance through RWA technology [5]. - The article emphasizes the need for investors to reconsider the potential valuation ceiling of a company that shifts its foundational logic from "selling land" to "issuing digital assets," highlighting the significance of this capital game in the Hong Kong market [5].
30.9% 持股锁定！壳王陈国强交棒，德祥地产的 RWA 估值革命来了