Core Viewpoint - Derin Holdings (01709) has completed a placement of 255 million shares at a price of HKD 3.05 per share, raising approximately HKD 9.56 billion for various business expansions and investments [1] Group 1: Placement and Subscription Details - The company completed the placement and subscription agreement on October 23, 2025, with all subscription matters successfully concluded [1] - DA Wolf subscribed to 237 million shares, while Chen Ningdi subscribed to 18.15 million shares [1] Group 2: Use of Proceeds - Approximately 56% of the net proceeds will be used to expand Bitcoin mining and digital reserve businesses [1] - About 24% will be allocated for the development and tokenization of RWA products [1] - Approximately 10% will be used for strategic and diversified investments, and another 10% for general working capital [1] Group 3: Shareholding Structure Post-Placement - Following the completion of the placement and subscription, DA Wolf holds 28.22% of the shares, while Chen Ningdi holds 0.93% [2] - Other public shareholders account for 47.45% of the total shares post-placement [2]

Core Viewpoint - Derin Holdings (01709) experienced a decline of over 9%, with a current drop of 8.14%, trading at HKD 3.16, and a transaction volume of HKD 905 million [1] Group 1: Share Placement and Subscription Agreement - Derin Holdings announced a placement and subscription agreement, where the seller (DA Wolf and Chen Ningdi) agreed to sell shares at a placement price of HKD 3.05 per share, which represents an approximate discount of 11.34% compared to the closing price of HKD 3.44 on October 20, 2025 [1] - The estimated net proceeds from the subscription are expected to be around HKD 761 million after deducting all related costs and expenses [1] - The estimated net subscription price per share is approximately HKD 2.98 after accounting for the associated costs [1] Group 2: Use of Proceeds - The net proceeds from the subscription and placement are intended to be used for expanding Bitcoin mining and digital reserve businesses, developing and tokenizing RWA products, strategic and diversified investments, and general working capital [2]

Core Viewpoint - Derin Holdings (1709.HK) announced a rights issue at a price of HKD 3.05 per share, representing a discount of 11.34% to the last closing price, aiming to raise a total of HKD 973 million for various business expansions and investments [1] Group 1: Rights Issue Details - The company will issue existing shares amounting to approximately 15.15% of the current issued share capital and will also issue 63.83 million new shares, which will account for about 3.18% of the enlarged issued share capital [1] - The subscription price of HKD 3.05 per share reflects an 11.34% discount compared to the previous day's closing price [1] Group 2: Use of Proceeds - Approximately 56% of the raised funds will be allocated to expanding Bitcoin mining and digital reserve operations [1] - About 24% will be used for the development and tokenization of Real World Assets (RWA) products [1] - Approximately 10% will be directed towards strategic and diversified investments, with another 10% allocated for general working capital [1]

Core Viewpoint - The article discusses the uncertainty surrounding potential interest rate cuts by the Federal Reserve, influenced by macroeconomic changes and political pressures, particularly from former President Trump advocating for lower rates to stimulate the economy [3][4]. Federal Reserve's Position - The Federal Reserve decided to maintain the federal funds rate in the range of 4.25% to 4.50% due to concerns over inflation and tariff expectations, despite calls for a rate cut from some members [3][4]. - Chairman Powell highlighted that the core PCE inflation remains above the 2% target at approximately 2.7%, and the labor market is still strong with GDP growth rebounding to 3% [3][4]. Trump's Rate Cut Logic - Trump criticized Powell for being slow to act and suggested lowering rates to 1% or lower to stimulate the economy and alleviate inflation pressures [3][4]. - The White House supports using tariff revenues to fund stimulus policies, believing that market reactions have not fully accounted for these effects [3][4]. Market Consensus - Current market expectations for a rate cut in September are around 45% to 60%, down from earlier expectations of 70% [4]. Delaney's Perspective on Web3 Assets - If a rate cut occurs, it could enhance market liquidity and leverage willingness, supporting risk assets [6]. - A loose dollar environment may drive global capital towards on-chain assets and DeFi, but excessive rate cuts could lead to credit expansion and potential asset bubble risks [6]. - If rates remain unchanged, the focus for Web3 asset allocation should shift from momentum trends to the dynamic intersection of economic and policy variables [6][8]. Neutral Integration of Market Views - Rate-cut advocates argue that inflation pressures are manageable and labor data shows signs of weakness, necessitating immediate cuts to relieve economic stress [6][9]. - The cautious stance of the Fed is seen as beneficial for controlling inflation, though it may suppress consumption and loan demand, impacting certain economic indicators that could affect on-chain assets [8][9]. - Data remains the core support for policy decisions, and the current policy debate should not be oversimplified as a political confrontation but viewed as a market response to data cycles and monetary policy [10].