香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 補充公告 Asseto已於穩定幣領域建立強大的戰略產業夥伴網絡，其中包括兩家正 籌備申請香港穩定幣牌照的實體。該等夥伴皆屬香港金融管理局穩定幣 「沙盒」計劃的早期參與者。其中一家積極與香港虛擬銀行合作開展跨境 試點項目，致力推動可編程支付與結算解決方案；另一家則為中國領先 電商集團的金融科技分支，在於香港開發穩定幣解決方案中扮演關鍵角 色，其核心原則為重視透明度、強健託管機制及儲備金披露。透過該等合 作關係，Asseto得以取得關鍵穩定幣基礎設施與監管專長，支持其參與香 港日益擴大的代幣化金融市場中受監管穩定幣及合規數字資產解決方案 的開發及未來供應。 認購價概覽及基準 (1)認購ASSETO HOLDINGS LIMITED股權；及 (2) ...

Summary of Key Points from the Conference Call Industry and Company Involvement - The discussion revolves around the Real World Asset (RWA) market and its relationship with Real Estate Investment Trusts (REITs) in the context of the energy sector and stablecoins [1][4][7]. Core Insights and Arguments - The introduction of stablecoin regulations in Hong Kong and the Bullish IPO have positively influenced market sentiment, indicating a clear development direction for stablecoins in a liquidity-rich environment [1][3]. - RWA and REITs share similarities in their financing functions and underlying assets, both aimed at enhancing the liquidity of existing assets and providing exit channels for real estate operators and local governments, particularly in green finance and infrastructure [1][4][5]. - The development of RWA has progressed through three stages: 1. Legal currency tokenization (starting in 2014 with USDT) 2. Financial asset tokenization (notably advancing since 2024) 3. Physical asset tokenization (currently a topic of discussion) [6]. - In the renewable energy sector, both RWA and REITs have significant potential to revitalize existing assets, although energy public REITs have not fully realized their effectiveness due to high cash flow stability requirements and stringent compliance checks [5][7]. - The combination of RWA and stablecoins may serve as a crucial financing tool for domestic companies' overseas infrastructure projects, highlighting their complementary roles in functionality and underlying assets [1][7]. Additional Important Content - To enhance the liquidity of financing-oriented RWA markets, introducing mature Swiss products for secondary circulation can be effective, which would help expand market size and improve liquidity levels [8]. - In the investment-oriented RWA market, it is advisable to select companies that have already issued RWA, such as Longxin Group, and to focus on companies with low price-to-book ratios that are advancing RWA projects, like Jinke Technology and Xiexin Energy [2][9]. - Utility companies with strong underlying renewable energy assets can experience valuation uplift due to the spillover effects of these assets, suggesting a focus on companies like Zhongmian Energy with high ROE levels [10].

Core Viewpoint - The Hong Kong government aims to establish the region as a global digital asset center through the "LEAP" framework, focusing on legal and regulatory optimization, expanding tokenized product offerings, advancing application scenarios, and developing talent and partnerships [1][6][28] Group 1: Legal and Regulatory Streamlining - A unified and comprehensive regulatory framework for digital asset service providers will be established, covering trading platforms, stablecoin issuers, and custodians [2][10] - The Securities and Futures Commission (SFC) will be the main regulatory body for digital asset trading and custody service providers, with a public consultation on licensing mechanisms planned [12][13] - The government will review laws and regulations to facilitate the tokenization of real-world assets and financial instruments, enhancing efficiency and transparency [15][18] Group 2: Expanding Tokenized Product Offerings - The issuance of tokenized government bonds will be regularized, with the government having previously issued approximately HKD 6.8 billion in tokenized green bonds [16][17] - Incentives will be provided for the tokenization of real-world assets and financial instruments, including tax exemptions for tokenized ETFs [19][20] - The government encourages the tokenization of various assets, including precious metals and renewable energy, to enhance market liquidity and accessibility [19][28] Group 3: Advancing Use Cases and Cross-Sectoral Collaboration - The stablecoin issuer licensing regime will be implemented on August 1, 2025, to support practical application scenarios [22][23] - Collaboration among regulatory bodies, law enforcement, and technology providers will be strengthened to develop digital asset infrastructure [23][24] - The government welcomes market participants to propose how to experiment with licensed stablecoins to improve payment efficiency [22][28] Group 4: People and Partnership Development - The government will collaborate with industry and academia to promote talent development in digital assets, focusing on blockchain applications and innovation [26][27] - Hong Kong aims to become a center for knowledge sharing and international cooperation in the digital asset field [27][28] - Initiatives will be launched to support startups and financial institutions, ensuring a sustainable talent pool for the digital asset industry [26][28]