PANews reported on August 7 that Delin Holdings (01709.HK) announced that on August 7 (before trading hours), the company, seller DA Wolf, Mr. Chen, and the placing agent entered into a placing and subscription agreement. On the same day, the company entered into a special authorization subscription agreement with the subscriber (namely DA Wolf Investment I Limited, a company wholly owned by the company's controlling shareholder Mr. Chen Ningdi). The total estimated proceeds from the transactions to be conducted under the placing and subscription agreement and the special authorization subscription agreement is approximately HKD 653.3 million.
The company intends to use the net proceeds from the old-to-new subscription matters and the special authorization subscription matters for the following purposes:
(i) About 30% for supporting the group's strategic acquisitions and/or investments, as well as expanding the RWA tokenization program;
(ii) About 15% for developing Bitcoin mining operations and establishing Bitcoin reserves;
(iii) About 7% 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;
(iv) About 8% for further developing the group's digital assets, cryptocurrency, and stablecoin-related business plans, independently hiring blockchain experts to research and develop related systems and interfaces, or forming strategic joint ventures with globally recognized industry participants;
(v) About 10% for investing in the ONE Carmel premium residential project located in the United States, to further strengthen the group's position and network in Silicon Valley, and to expand the group's future development plans in artificial intelligence and real-world assets;
(vi) About 10% for investing in information technology infrastructure and system upgrades, to support the further development of the group's digital asset and fintech strategies;
(vii) About 10% for creating exchange-traded funds and developing quantitative investments, including establishing new exchange-traded fund products and algorithmic investment capabilities to expand the group's financial product range;
(viii) About 10% for supplementing the group's working capital and supporting daily operations.
