中国置业投资(00736)发布公告，于2025年11月13日，本公司及军源数字科技(深圳)有限公司(军源数字) 订立合作框架协议(框架协议)，内容有关共同推动真实世界资产(RWA)模式的创新应用。 根据框架协议，双方将合作利用香港的商业优势及区块链技术，为RWA产品建立全球资本化路径，以 确保交易安全、透明。这包括透过"中国移动（600941）链"接收数字资产包、透过稳定币结算系统协助 法定货币及数字货币兑换，以及在一级及二级市场进行RWA产品的结算。同时，军源数字将运用人工 智能、区块链安全及监管平台推动资产数字化，将实物资产转换为合规的真实数据资产(RDA)及RWA产 品，传输脱敏数据，完成监管备案，并维护持续交付的优质资产的可持续管道。 根据框架协议，本公司的主要职责是提供资源协助建立RWA产品的资本化路径。军源数字将引领资产 数字化，以确保为RDA及RWA产品的布局提供稳定供应。 订立框架协议符合本公司进军RWA领域的策略规划。透过与军源数字的资源互补及合作，本公司得以 提升其在RWA领域的专业能力与项目执行效率。 鉴于全球机构对数字资产的接受度不断提高，本公司认为RWA业务具有增长潜力，RWA融资将 ...

智通财经APP讯，中国置业投资(00736)发布公告，于2025年11月13日，本公司及军源数字科技(深圳)有 限公司(军源数字)订立合作框架协议(框架协议)，内容有关共同推动真实世界资产(RWA)模式的创新应 用。 根据框架协议，双方将合作利用香港的商业优势及区块链技术，为RWA产品建立全球资本化路径，以 确保交易安全、透明。这包括透过"中国移动链"接收数字资产包、透过稳定币结算系统协助法定货币及 数字货币兑换，以及在一级及二级市场进行RWA产品的结算。同时，军源数字将运用人工智能、区块 链安全及监管平台推动资产数字化，将实物资产转换为合规的真实数据资产(RDA)及RWA产品，传输脱 敏数据，完成监管备案，并维护持续交付的优质资产的可持续管道。 根据框架协议，本公司的主要职责是提供资源协助建立RWA产品的资本化路径。军源数字将引领资产 数字化，以确保为RDA及RWA产品的布局提供稳定供应。 订立框架协议符合本公司进军RWA领域的策略规划。透过与军源数字的资源互补及合作，本公司得以 提升其在RWA领域的专业能力与项目执行效率。 鉴于全球机构对数字资产的接受度不断提高，本公司认为RWA业务具有增长潜力，RWA融 ...

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.HK) has successfully completed a placement of 255 million shares at a price of HKD 3.05 per share, raising approximately HKD 761 million after expenses [1][2] Group 1: Placement and Subscription Details - The placement involved 255 million shares, with 237,066,000 shares owned by DA Wolf and 18,147,000 shares owned by Mr. Chen Ningdi [1] - All conditions for the completion of the subscription have been met, leading to the issuance of 255,213,000 new shares under the subscription agreement [1] - The placement was conducted with independent third-party subscribers, ensuring no major shareholders emerged post-placement [1] Group 2: Allocation of Net Proceeds - Approximately 56.0% (around HKD 535.11 million) of the net proceeds will be used to expand Bitcoin mining and digital reserve operations [2] - About 24.0% (approximately HKD 229.33 million) will be allocated for the development and tokenization of Real World Assets (RWA) products [2] - 10.0% (around HKD 95.56 million) is designated for strategic and diversified investments, with another 10.0% (also around HKD 95.56 million) for general working capital [2]

Core Insights - The tokenization of Real World Assets (RWA) is seen as a crucial bridge between traditional and digital finance, with projections estimating a market size of up to $16 trillion by 2030 according to Boston Consulting Group [1] - In mainland China, any RWA model involving public token issuance for financing is strictly prohibited under current regulations, reflecting a cautious stance from regulatory authorities [1][4] Regulatory Landscape - The prohibition of Initial Coin Offerings (ICO) was established in a 2017 announcement by the People's Bank of China and other ministries, categorizing ICOs as illegal public financing activities [4] - RWA models that involve public issuance of financing tokens are deemed illegal in mainland China, with regulatory focus on "non-coin blockchain" applications that enhance business processes without public token issuance [4] Legal and Market Risks - The challenge of RWA lies in the disconnect between on-chain smart contracts and off-chain legal recognition, where on-chain ownership may not be enforceable legally [5] - RWA tokens are essentially digital representations or derivatives of underlying assets, not the assets themselves, leading to potential price dislocations in extreme market conditions [6] Alternative Pathways - Given the restrictions in mainland China, Hong Kong serves as a viable alternative for RWA financing, adhering to a "same business, same risk, same regulation" principle [8] - A complex compliance pathway has emerged, allowing mainland assets to be privately issued as RWA products in Hong Kong, as demonstrated by the collaboration between Longxin Group and Ant Group [8][10] Compliance and Future Directions - The compliance process involves legal due diligence in mainland China, establishing special purpose vehicles (SPVs) in free trade zones, and adhering to Hong Kong's regulatory framework [10] - Despite the prohibition of public financing, RWA technology still holds significant value in areas like asset verification and payment settlement, with two main paths: non-tokenized verification and tokenized payment solutions [12] Conclusion - The answer to whether public token issuance for RWA financing is illegal in mainland China is affirmative, driven by concerns for financial stability and risk prevention [13] - The future of RWA in China is expected to follow a dual-track approach, focusing on blockchain technology to empower the real economy while exploring financing opportunities through Hong Kong under strict compliance [13]

Core Viewpoint - Derin Holdings (01709) has experienced a significant decline in stock price, dropping nearly 4% after a previous drop of over 15%, indicating market volatility and investor concerns regarding the company's recent actions [1] Group 1: Stock Performance - The stock price of Derin Holdings fell by 3.78%, trading at HKD 2.8, with a trading volume of HKD 116 million [1] - The company has seen a total decline of over 15% in the previous trading session [1] Group 2: Share Placement - Derin Holdings announced a plan to place a total of 255 million shares, representing approximately 15.15% of the existing issued share capital and about 13.16% of the enlarged issued share capital [1] - The placement price is set at HKD 3.05 per share, which is approximately 11.34% lower than the closing price of HKD 3.44 on October 20 [1] - The company has entered into an agreement with Evergreen Wealth Investment Limited to issue up to 63.83 million new shares at the same placement price, accounting for about 3.18% of the enlarged issued share capital [1] Group 3: Use of Proceeds - The net proceeds from the share placement are expected to reach HKD 956 million [1] - The funds will be utilized to expand Bitcoin mining and digital reserve businesses, develop and tokenize RWA products, and for strategic and diversified investments [1] - The aim is to support growth in digital finance, virtual assets, and RWA tokenization, as well as to enhance the company's asset construction and allocation capabilities, and strengthen recurring revenue sources [1]

Core Viewpoint - Derlin Holdings (01709) has experienced a significant decline in stock price, dropping nearly 4% after a previous drop of over 15%, indicating market concerns regarding its recent capital raising activities [1] Group 1: Stock Performance - As of the latest update, Derlin Holdings' stock is trading at 2.8 HKD, with a trading volume of 116 million HKD [1] - The stock price has decreased by approximately 11.34% compared to the closing price of 3.44 HKD on October 20 [1] Group 2: Capital Raising Plan - The company plans to conduct a placement of a total of 255 million shares, representing about 15.15% of the existing issued share capital and approximately 13.16% of the enlarged issued share capital [1] - The placement price is set at 3.05 HKD per share, which is lower than the recent market price [1] - An agreement has been made with Evergreen Wealth Investment Limited to issue up to 63.8 million new shares at the same placement price, accounting for about 3.18% of the enlarged issued share capital [1] Group 3: Use of Proceeds - The net proceeds from the placement are expected to reach 956 million HKD [1] - The funds will be utilized to expand Bitcoin mining and digital reserve businesses, develop and tokenize RWA products, and support strategic and diversified investments [1] - The focus will be on enhancing capabilities in digital finance, virtual assets, RWA tokenization, and related infrastructure development for Bitcoin mining, aiming to strengthen asset construction and recurring income sources [1]

Core Viewpoint - Derin Holdings (1709.HK) experienced a decline of 8.72%, opening at HKD 3.14 following the announcement of a rights issue at a discounted price [1] Group 1: Rights Issue Details - The company announced a rights issue using a "first old, then new" method, offering shares at HKD 3.05, which represents a discount of 11.34% compared to the previous closing price [1] - Approximately 15.15% of the existing issued share capital will be allocated for this rights issue, along with the issuance of 63.83 million new shares, accounting for about 3.18% of the enlarged issued share capital [1] Group 2: Use of Proceeds - The total expected proceeds from the rights issue amount to HKD 973 million [1] - Approximately 56% of the 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% is earmarked for strategic and diversified investments, while another 10% will be used for general working capital [1]

Core Viewpoint - Derlin 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 - Derlin 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 expenses [1] Group 2: Use of Proceeds - The net proceeds from the subscription and placement are intended for expanding Bitcoin mining and digital reserve business, developing and tokenizing RWA products, strategic and diversified investments, and general working capital [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]