Group 1 - The core viewpoint of the article highlights the rapid increase in the use of stablecoins for real-world payments and transactions since the U.S. regulatory framework was introduced in July [1] - Tang Bo, Director of the Financial Research Institute at Hong Kong University of Science and Technology, emphasizes that stablecoins and RWA tokenization involve monetary control, cross-border capital flows, and investor protection [1][3] - Stablecoins are described as a form of "narrow banking," fully backed by safe assets, which may absorb deposits, reshape credit channels, and introduce new systemic risks, thereby putting pressure on traditional financial intermediaries [1] Group 2 - Tang Bo suggests that Hong Kong should focus on institution-led projects, such as the tokenization of government bonds and regulatory stablecoins for trade settlement, leveraging its position as a bridge between East and West [3] - According to a report from blockchain data provider Artemis, the total amount transacted through stablecoins for goods, services, and transfers exceeded $10 billion in August, representing a 70% increase from $6 billion in February and more than double the amount from August of the previous year [3]

Core Viewpoint - Derin Holdings (01709) has seen a stock price increase of over 5%, currently trading at 3.42 HKD with a transaction volume of 175 million HKD, driven by the company's active development and expansion of its digital asset strategy focusing on tokenization of private equity from well-known tech companies [1] Group 1 - The company is concentrating on the tokenization of private equity from ByteDance, Payward, Inc. (Kraken), and E-Self.AI Ltd. (eSelf AI) [1] - Derin Holdings has recently acquired approximately 5.7 million USD in private equity investments through various investment funds or special purpose vehicles (SPVs) [1] - The aim of these private equity investments is to facilitate future Real World Asset (RWA) tokenization [1]

Core Viewpoint - Delin Holdings (01709) has seen a stock price increase of over 5%, currently trading at 3.42 HKD with a transaction volume of 175 million HKD, driven by the company's active development and expansion of its digital asset strategy focusing on tokenization of private equity from well-known tech companies [1] Group 1 - The company is focusing on the tokenization of private equity from ByteDance, Payward, Inc. (Kraken), and E-Self.AI Ltd. (eSelf AI) [1] - Delin Holdings has recently acquired approximately 5.7 million USD in private equity investments through various investment funds or special purpose vehicles (SPVs) [1] - The private equity investments include indirect holdings in well-known tech companies such as ByteDance, Kraken, and eSelf AI [1]

Group 1 - Kaisa Capital's stock price surged over 300% on September 18, reaching HKD 0.61 per share, with an increase of 227.96% [1] - The company announced a strategic transformation on September 17, focusing on digital financial innovation in the Web3.0 space, leveraging shareholder resources and regional advantages [1] - Kaisa Capital has partnered with a licensed virtual asset trading platform to promote the tokenization of Real-World Assets (RWA) under Hong Kong's regulatory framework, aiming for integration between decentralized finance (DeFi) and traditional finance (TradFi) [1] Group 2 - Kaisa Capital primarily engages in the sale and rental of construction machinery and parts, as well as property development [2] - The company was acquired by Kaisa Group in 2021 and was previously known as Pengcheng Asia Limited, which was listed on the Hong Kong Stock Exchange in 2010 [2] - Kaisa Capital's direct parent company is Shengjun Group Limited, with Kaisa Group Holdings Limited as the ultimate parent [2]

Group 1 - The core point of the article highlights that Guofu Quantum (00290) has seen a significant stock price increase of over 8%, with a year-to-date cumulative increase approaching 180% [1] - As of the report, the stock price is at 2.19 HKD with a trading volume of 23.88 million HKD [1] - Guofu Quantum announced that its largest single shareholder, Liu Zhiwei, along with shareholder Wang Tao, will sell a total of 1.848 billion shares to FINAL TOUCH LTD., a wholly-owned subsidiary of Huajian Medical, for 3.142 billion HKD, which represents approximately 20.31% of the company's issued share capital [1] Group 2 - Following the completion of the transaction, Huajian Medical will become the largest single shareholder of Guofu Quantum [1] - The two parties plan to build a comprehensive strategic collaboration around "on-chain finance," focusing on the innovation and implementation of digital financial infrastructure [1] - They will integrate technology, licenses, assets, and channel resources to create an efficient, compliant, and open platform for on-chain asset issuance, trading, and management, accelerating the digitalization, fragmentation, and cross-border flow of traditional financial assets [1] Group 3 - On August 31, Guofu Quantum reached a cooperation agreement with Meinian Health and Jingbeifang to explore digital rights confirmation and RWA tokenization using the revenue rights of Meinian Health's equipment assets, data assets, AI, and other emerging technology digital assets as underlying assets [1] - This collaboration aims to explore new paradigms for releasing the value of equipment and data assets in the health care sector, contributing to the upgrade and innovative development of the health industry [1]

Core Insights - The report by CertiK highlights the rapid growth of the Real World Assets (RWA) market, which has reached over $26 billion by mid-2025, a fivefold increase from approximately $5 billion in 2022, making it one of the most dynamic segments in the digital asset ecosystem [1][2] - The integration of traditional finance (TradFi) and decentralized finance (DeFi) is driving RWA development but also introduces complex security challenges beyond smart contract issues, including oracle manipulation, counterparty risks, and legal enforceability problems [1][2] Security Threat Landscape - In the first half of 2025, direct losses from RWA-related security incidents reached $14.6 million, significantly up from $6 million in 2024, indicating a shift in risk focus from off-chain credit defaults to on-chain technical vulnerabilities and operational failures [2] - The increase in losses reflects a deep evolution in the RWA security landscape, necessitating heightened security measures as the number of on-chain users grows, thereby expanding the potential attack surface [2] Leading Protocols and Market Concentration - The top-performing protocols in the RWA space are primarily from traditional financial giants like BlackRock and Franklin Templeton, which demonstrate robust security levels through institutional-grade compliance and transparency mechanisms [2] - The RWA market is currently concentrated on a few key blockchains and protocols, with most RWA assets deployed on Ethereum, indicating that the overall stability of the RWA market is highly dependent on the security and operational status of these core participants [3]

Group 1 - The RWA market is projected to exceed $26 billion by the end of June 2025, representing a fivefold increase from approximately $5 billion in 2022, making it one of the most dynamic segments in the digital asset ecosystem [1][2] - The integration of traditional finance (TradFi) and decentralized finance (DeFi) is driving RWA development but also introduces complex security challenges beyond smart contract vulnerabilities, including oracle manipulation and legal enforcement issues [1][2] - Direct losses from RWA-related security incidents reached $14.6 million in the first half of 2025, a significant increase from $6 million in 2024, with losses primarily stemming from on-chain and operational vulnerabilities [1][2] Group 2 - The security landscape for RWA is evolving, shifting the risk focus from off-chain financial defaults to on-chain technical vulnerabilities and operational management errors [2] - Top-performing protocols in the RWA space are from traditional financial giants like BlackRock and Franklin Templeton, which demonstrate robust security through institutional-grade compliance and transparency mechanisms [2] - The growth of RWA is currently concentrated on a few key blockchains and protocols, with most RWA assets deployed on Ethereum, indicating that the overall stability of the RWA market heavily relies on the security and operational status of these core participants [2]

Core Viewpoint - Delin Holdings (01709) has announced a placement of 201 million shares at a price of HKD 2.95 per share, which is approximately 11.94% lower than the closing price on August 6, 2023, indicating a strategic move to raise capital for various investments and operational expansions [1] Group 1: Share Placement Details - The share placement represents about 11.96% of the enlarged share capital, with expected net proceeds of approximately HKD 581 million [1] - Additionally, the company will issue 20 million shares to DA Wolf, a company wholly owned by executive director and controlling shareholder Chen Ningdi, at the same price of HKD 2.95 per share, with expected net proceeds of around HKD 58.57 million [1] Group 2: Use of Proceeds - Approximately 30% of the proceeds will be allocated to support strategic acquisitions and/or investments, as well as to expand the RWA tokenization plan [1] - About 15% will be used for the development of Bitcoin mining operations and establishing Bitcoin reserves [1] - Approximately 7% is earmarked for establishing a licensed virtual asset over-the-counter trading and retail network in Hong Kong, along with applying for and upgrading compliance licenses for virtual asset-related businesses in Hong Kong and other jurisdictions [1] - Around 8% will be directed towards further developing the group's digital assets, cryptocurrency, and stablecoin-related business plans [1] - 10% will be invested in the ONE Carmel premium residential project in the United States [1] - Another 10% will be allocated for information technology facilities and system upgrades [1] - 10% will be used to create exchange-traded funds and develop quantitative investment strategies [1] - The remaining 10% will be reserved for replenishing working capital and supporting daily operations [1]

Core Viewpoint - The financing behavior of Delin Holdings, utilizing the "old before new" model, has led to significant stock price fluctuations, raising investor concerns about potential dilution and the implications of the financing strategy [2][3][4]. Financing Model - The "old before new" financing model involves two main steps: first, the major shareholder sells existing shares to a placement agent, who then sells them to market investors to quickly raise funds; second, the company issues an equal number of new shares to the major shareholder to restore their ownership percentage [2][9]. - This model is not uncommon in the Hong Kong market and has been used by companies like Tencent, Meituan, and Anta Sports for strategic development or shareholder structure optimization [2][9]. Market Reaction - Following the announcement of the financing plan, Delin Holdings' stock price dropped nearly 9%, with a trading volume of 988 million HKD, indicating a negative market response despite previous significant gains [3][4]. - The financing plan involves the placement of 201 million shares, representing approximately 11.96% of the expanded share capital, at a price of 2.95 HKD per share, which is an 11.94% discount to the closing price on August 6 [2][4][6]. Shareholder Impact - Although the major shareholder will maintain their ownership percentage through the issuance of new shares, the overall increase in total share capital will dilute the equity stakes of other shareholders [8][9]. - The financing plan includes a special subscription plan for the major shareholder to increase their stake, which may further complicate the equity structure [8]. Use of Proceeds - Approximately 30% of the net proceeds from the financing will be allocated to support strategic acquisitions and investments, including the expansion of the Real-World Asset (RWA) tokenization plan, which involves developing Bitcoin mining operations and establishing a licensed virtual asset trading network in Hong Kong [10][11]. - The RWA tokenization initiative aims to convert real-world assets into digital tokens for trading and other operations, with an initial target value of up to 500 million HKD in assets [11].

Core Viewpoint - Derin Holdings (01709) experienced a significant decline of over 7% in its stock price following the announcement of a share placement and capital raising plan [1] Group 1: Share Placement Details - The company announced a placement of 201 million shares, representing approximately 11.96% of the enlarged share capital, at a price of HKD 2.95 per share, which is about 11.94% lower than the closing price of HKD 3.35 on August 6 [1] - The expected net proceeds from this placement are approximately HKD 581 million [1] Group 2: Additional Share Issuance - The company will also issue 20 million shares to DA Wolf, a company wholly owned by executive director and controlling shareholder Chen Ningdi, at the same price of HKD 2.95 per share, with expected net proceeds of about HKD 58.57 million [1] Group 3: Use of Proceeds - Approximately 30% of the net proceeds will be allocated to support strategic acquisitions and/or investments, and to expand the RWA tokenization plan [1] - About 15% will be used for developing Bitcoin mining operations and establishing Bitcoin reserves [1] - Approximately 7% is earmarked for establishing a licensed virtual asset over-the-counter trading and retail network in Hong Kong, as well as applying for and upgrading compliance licenses for virtual asset-related businesses in Hong Kong and other jurisdictions [1] - Around 8% will be used for further development of the group's digital assets, cryptocurrency, and stablecoin-related business plans [1] - About 10% will be invested in the ONE Carmel premium residential project in the United States [1] - Another 10% will be allocated for information technology facilities and system upgrades [1] - Approximately 10% will be used to create exchange-traded funds and develop quantitative investments [1] - The remaining 10% will be used to supplement working capital and support daily operations [1]