On July 2nd, Delin Holdings opened with a strong surge, rising by 15% at one point and reaching a high of 3.81 Hong Kong dollars. Behind the stock's strong performance is the company's official announcement of a strategic partnership with the financial technology company Asseto, jointly entering the hot RWA track. Currently, with the gradual implementation of the "Stablecoin Regulation", RWA is experiencing dual catalysts from policy and technology: on one hand, stablecoins serve as low-cost, high-efficiency pricing and settlement tools, opening up funding channels for RWA products; on the other hand, they significantly enhance the liquidity of RWA assets, accelerating product innovation and scenario implementation. Hong Kong stock RWA concept stocks have thus sparked a new wave of enthusiasm. Delin Holdings: From Wealth Management to On-Chain Finance Delin Holdings Group is a fully licensed financial services group headquartered in Hong Kong, long focusing on global family wealth management and investment banking services. The company has resident offices in Shanghai, San Francisco, Singapore, and Tokyo, managing total assets of over $3.5 billion, covering core businesses such as securities trading, financial advisory, asset management, and investment research, providing comprehensive financial services for high-net-worth individuals and institutional clients. However, what truly caught the market's attention is Delin Holdings' quiet transformation from traditional to future. On July 2nd, Delin Holdings announced a strategic partnership with financial technology company Asseto Fintech Limited (Asseto), officially entering the RWA track. This is not just a capital-level collaboration, but an ecosystem-level cooperation driven by compliance and technology. Delin Holdings will collaborate deeply with Asseto across multiple dimensions: joint fund issuance, RWA infrastructure construction, customer and market integration, and stablecoin ecosystem cooperation. In the future, Delin Holdings will leverage Asseto's mature blockchain technology and its own expertise in asset management, securities trading, and family office services to accelerate the on-chain transformation of traditional financial businesses. Meanwhile, the Delin board is reviewing Hong Kong's latest stablecoin regulatory draft and plans to apply for a stablecoin issuance license, taking a crucial step from asset management towards crypto-native infrastructure. Notably, one of Asseto's shareholders is HashKey Group, the most representative licensed crypto trading platform in Hong Kong. HashKey's exchange holds an upgraded version of Type 1 and Type 7 licenses, which can issue securities or security tokens, perfectly matching RWA's compliance requirements. Currently, HashKey has collaborated with over 200 institutions on RWA on-chain initiatives, involving traditional financial institutions, asset management companies, tech enterprises, and Web3 native projects, promoting the on-chain transformation of traditional assets like money market funds, gold ETFs, bonds, and hedge funds, and being the first to launch tokenized USD and HKD money market ETF products on its platform. Delin Holdings' entry directly connects to this rapidly developing RWA compliance track, locking in a first-mover advantage. In fact, Delin's exploration of the crypto track is not a sudden impulse. As early as 2023, Delin's digital family office applied to the Hong Kong SFC for a virtual asset management license, with the weight of virtual assets in its investment allocation set to continue increasing. On June 24th this year, Delin Holdings further announced a strategic partnership with Bitcoin mining giant ViaBTC, planning to establish a joint venture to conduct crypto OTC trading, asset management, and family office services, and explore establishing a Bitcoin reserve system. Simultaneously, Delin revealed plans to develop a virtual asset trading and management platform licensed by the Hong Kong SFC, creating a closed loop of investment, custody, trading, and settlement.

As a subdivision track naturally aligned with RWA and ESG, green asset tokenization not only has policy support but also actual financial demand. The stock has soared from 0.28 Hong Kong dollars to a high of 1.63 Hong Kong dollars since the announcement was released in early May, with a surge of over 5 times, becoming a "monster stock" representative of the Hong Kong stock RWA sector.

Summary

It can be foreseen that RWA is no longer just a conceptual "future finance" but a realistic path being bet on by the market with real money. With the advancement of Hong Kong's "Stablecoin Regulation Draft", it will not only lay the regulatory foundation for stablecoins as RWA pricing and settlement tools but also clear obstacles for compliant circulation after assets are chained, and RWA ecosystem players are rapidly expanding.

Next, how to continue to release innovation space while ensuring financial stability, attracting more assets, capital, and developers to "go on-chain" will be the key to determining whether Hong Kong can stand out in the global RWA race. For Hong Kong, this is both a policy window of opportunity and a competition for the dominance of future financial infrastructure. The RWA wave has arrived, and whoever dares to take the first step may seize the initiative for the next decade.

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