Group 1 - Delin Holdings (01709) saw a morning increase of over 4%, currently up 4.58% at HKD 1.6, with a trading volume of HKD 8.511 million [1] - Delin Securities has recently opened virtual asset trading services to qualified clients, allowing seamless trading of mainstream digital assets through the NeuralFin platform without switching accounts [1] - All trading instructions will be processed through a Securities and Futures Commission (SFC) licensed platform, ensuring compliance and regulatory oversight for fund clearing and asset custody [1] Group 2 - Hong Kong's Financial Secretary Paul Chan announced in the 2026-27 budget speech that the first licenses for fiat-backed stablecoin issuers will be issued in March, with a regulatory framework already in place [1] - The budget also confirmed that a bill will be submitted within the year to establish a licensing system for virtual asset traders and custodians, expanding the regulatory scope to include over-the-counter trading and other digital asset transactions [1]

Group 1 - Delin Holdings (01709) saw a morning increase of over 4%, currently up 4.58% at HKD 1.6, with a trading volume of HKD 8.511 million [1] - Delin Securities has recently opened virtual asset trading services to qualified clients, allowing seamless trading of mainstream digital assets through the NeuralFin platform without switching accounts [1] - All trading instructions will be processed through a Securities and Futures Commission (SFC) licensed platform, ensuring compliance and regulatory oversight for fund clearing and asset custody [1] Group 2 - Hong Kong's Financial Secretary Paul Chan announced in the 2026-27 budget speech that the first licenses for fiat-backed stablecoin issuers will be issued in March, with a regulatory framework already in place [1] - The budget also confirmed that a bill will be submitted within the year to establish a licensing system for virtual asset traders and custodial service providers, expanding the regulatory scope beyond existing trading platforms and stablecoins to include over-the-counter trading and other digital asset transactions [1]

Core Viewpoint - Delin Holdings (01709) has launched virtual asset trading services through Delin Securities for qualified clients, leading to a significant increase in stock price by 5.88% to HKD 1.62 [1][4]. Group 1 - Delin Securities has opened virtual asset trading services for qualified clients who have completed the necessary professional investor certification [4]. - Clients can trade mainstream digital assets seamlessly using the same securities account opened with Delin Securities, without needing to switch platforms [4]. - All trading instructions will be processed through a Securities and Futures Commission (SFC) licensed platform, ensuring compliance and regulatory oversight for fund clearing and asset custody [4].

Group 1 - Delin Holdings (01709) saw a morning increase of over 4%, currently up 4.58% at HKD 1.6, with a trading volume of HKD 8.511 million [1] - Delin Securities has recently opened virtual asset trading services to qualified clients, allowing seamless trading of mainstream digital assets through the NeuralFin platform without switching accounts [1] - All trading instructions will be processed through a Securities and Futures Commission (SFC) licensed platform, ensuring compliance and regulatory oversight for fund clearing and asset custody [1] Group 2 - Hong Kong's Financial Secretary Paul Chan announced in the 2026-27 budget that the first licenses for fiat-backed stablecoin issuers will be issued in March, with a regulatory framework in place [1] - The budget confirms that a bill will be submitted within the year to establish a licensing system for virtual asset traders and custodians, expanding the regulatory scope to include over-the-counter trading and other digital asset transactions [1]

Core Viewpoint - Derlin Holdings has launched virtual asset trading services through Derlin Securities, allowing qualified clients to trade mainstream digital assets seamlessly using their existing securities accounts, under the regulatory framework of the Securities and Futures Commission [1][2] Group 1: Service Launch - Derlin Securities has opened virtual asset trading services to qualified clients who have completed the necessary professional investor certification [1] - The trading will be facilitated through NeuralFin, a fintech platform that has recently completed a Series B funding round with a valuation of approximately HKD 546 million and is preparing for a potential listing in the United States [1] Group 2: Strategic Importance - The launch of virtual asset trading services marks a milestone in the group's fintech strategy, responding to the growing demand for regulated virtual asset trading channels among investors [2] - This service expansion aims to enhance the product and service offerings for qualified clients within a regulated framework, improving customer experience through existing securities accounts [2] - The initiative is expected to create potential new business and revenue opportunities for the group, contingent on market conditions and regulatory requirements [2] - The plan supports the group's goal of establishing a diversified and regulated global asset allocation platform [2]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has issued new guidelines allowing licensed virtual asset brokers to expand their services to include margin financing for virtual assets, aiming to enhance market liquidity while ensuring investor protection [1][2] Group 1: Regulatory Changes - The SFC permits licensed virtual asset brokers to offer margin financing services to their securities margin clients, provided they have sufficient collateral and robust investor protection measures in place [1] - A high-level framework has been established for licensed virtual asset trading platforms to guide the development of leveraged perpetual contracts exclusively for professional investors [1] Group 2: Market Development - The SFC's initiatives are part of the ASPIRe roadmap, which aims to diversify products and services in the virtual asset market [1] - Licensed virtual asset trading platforms' affiliates are allowed to act as market makers, provided they implement strong measures to mitigate conflicts of interest, thereby introducing new liquidity channels [2] Group 3: Commitment to Market Safety - The SFC emphasizes its commitment to developing a sustainable and collaborative digital asset market in Hong Kong, enhancing market liquidity through targeted measures [2] - Continuous monitoring of the implementation of these initiatives will be conducted by the SFC, ensuring that they contribute to a safe and competitive market environment [2]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is actively engaging with licensed virtual asset trading platforms to discuss the future regulatory development of digital assets in Hong Kong, emphasizing the importance of balancing innovation with investor protection [1] Group 1: Regulatory Developments - The SFC held its third digital asset consultation group meeting on February 6, inviting licensed virtual asset trading platforms to discuss regulatory advancements [1] - Discussions included plans to enhance the liquidity of licensed virtual asset trading platforms and regulatory measures to expand the types of products and services offered [1] Group 2: Strategic Goals - Dr. Yip Chi-hang, Executive Director of the SFC's Intermediaries Division and Chairman of the Digital Asset Consultation Group, reiterated the commitment to establishing a robust and sustainable digital asset market in Hong Kong [1] - The SFC aims to ensure that regulatory policies are practical, effective, and appropriate through close collaboration with industry stakeholders [1] Group 3: Future Initiatives - Under the ASPIRe roadmap's pillar of Relationships, the SFC will continue to work with licensed virtual asset trading platforms to build a resilient and globally competitive digital asset ecosystem [1]

Group 1: Strengthening Hong Kong's Position as an International Financial Center - The Hong Kong Financial Secretary aims to enhance the stock market by implementing measures such as assisting mainland tech companies in financing, optimizing listing mechanisms, and exploring a reduction in the stock settlement cycle from T+2 to T+1 [2] - The Financial Secretary plans to submit legislative proposals to optimize tax incentives for funds and family offices, and to introduce statutory regulations for real estate investment trusts (REITs) [2] - The government will revise regulations to lower capital requirements for insurance funds participating in infrastructure financing and support local projects [3] - The Securities and Futures Commission and the Monetary Authority have announced a roadmap to position Hong Kong as a global fixed income and currency center [3] - The Financial Secretary will continue discussions with mainland institutions to enhance offshore bond futures and expand interest rate derivatives [3] Group 2: Accelerating New Growth Areas - The Financial Secretary aims to establish an international gold trading market and promote commodity trading, targeting over 2,000 tons of gold storage in three years [4] - The government will support the establishment of more recognized warehouses for commodity trading and enhance collaboration with mainland commodity markets [5] - The implementation of the Stablecoin Ordinance has begun, allowing for the licensing of fiat stablecoin issuers [5] - Legislative proposals will be submitted to implement a framework for reporting crypto assets, aiming for automatic exchange of tax information by 2028 [5] - The government is working on a regulatory framework for sustainable finance and carbon market development [6] Group 3: Enhancing International Engagement and Cooperation - The Financial Secretary is promoting the company migration mechanism, which has seen positive responses with 14 applications approved [7] - A committee has been established to study incentive policies to attract high-value industries and potential enterprises to Hong Kong [7] - The government is preparing to host the APEC Finance Ministers' Meeting in October, showcasing Hong Kong's financial development [7] - The Asian Infrastructure Investment Bank plans to establish an office in Hong Kong, with the government providing necessary support [8] Group 4: Improving Public Welfare - The government is reforming the Mandatory Provident Fund (MPF) system to ensure a smooth transition to the new platform [9] - Legislative work for the first phase of the MPF "full portability" scheme has been completed, with plans to consult on the second phase [10] - The government is drafting a bill to extend the tax exemption period for newborns from one year to two years [10]

Group 1 - The core viewpoint of the article highlights that HashKey Holdings is expected to experience significant growth driven by institutional investment in digital assets in Hong Kong, with a projected compound annual growth rate of approximately 85% from 2024 to 2027 [1] - The company is anticipated to achieve a revenue growth rate of around 80% by 2026, indicating strong performance relative to industry averages [1] - As a licensed virtual asset trading platform in Hong Kong, HashKey holds a substantial market share of 75% in the local market, benefiting from its brand reputation, compliance capabilities, and product coverage [1] Group 2 - The article notes that the expansion of digital asset services in Hong Kong, including the introduction of more cryptocurrencies, potential crypto derivatives, and stablecoin-related services, will usher in a new development phase for the industry [1] - HashKey is positioned to capitalize on these opportunities as a compliant one-stop digital asset platform, which is expected to lead to a valuation premium over local comparable companies [1]

Group 1 - The core viewpoint of the article highlights the positive market response to Derlin Holdings (01709), which saw its stock price increase by over 7%, reaching HKD 2.05 with a trading volume of HKD 92.2556 million [1] - The Financial Secretary of Hong Kong, Paul Chan, announced at the World Economic Forum on January 20 that Hong Kong is adopting a proactive and prudent approach to developing digital assets, promoting responsible and sustainable market development under the principle of "same activity, same risk, same regulation" [1] - Since 2023, Hong Kong has issued licenses to 11 virtual asset trading platforms and is expected to issue stablecoin licenses later this year [1] Group 2 - Derlin Holdings' wholly-owned subsidiary, Derlin Securities (Hong Kong), is actively advancing system integration and testing with licensed virtual asset trading platforms recognized by the Securities and Futures Commission (SFC), with a full launch of virtual asset trading services expected by February 2026 [1] - Recently, Derlin Securities received conditional approval from the SFC to provide virtual asset consulting services, pending the fulfillment of certain conditions related to its existing Type 4 (advising on securities) regulated activity license [1]