Analysis of Heat Drivers and Market Performance of Delin Holdings (01709.HK)

1. Company Business and Core Catalysts
   : Delin Holdings (01709.HK) is mainly engaged in securities services, virtual asset trading license applications, and Bitcoin mining business. Recent heat is driven by two positive events: Delin Securities (in which it holds a 70% stake) received conditional approval from the Hong Kong SFC on December 29, 2025, to provide virtual asset trading services to professional investors under a comprehensive account arrangement [1][3]; the company announced a total Bitcoin production volume of 25.2107 coins in December 2025, has completed the acquisition of 9,148 mining machines with a total hash rate of approximately 3.993 EH/s, and expects full-year 2026 production to be 600-700 coins [2][3].

2. Price and Trading Volume Performance
   : On January 2, 2026, the stock rose by up to 44.6% intraday to HK$2.69, then pulled back to HK$2.32-2.36 in the afternoon, with gains ranging from 13.73% to 24.73% [1][3]; the daily trading volume was approximately 134 million shares, with a turnover of about HK$317 million [3], far exceeding daily levels, indicating strong market sentiment.

3. Market Sentiment
   : Positive sentiment stems from the dual benefits of the virtual asset trading license approval and mining business growth; negative sentiment comes from concerns among some market participants about the “delisting from Stock Connect” risk, although company supporters believe its market capitalization does not meet the delisting criteria [4][5]. Additionally, recent share increases by institutions and major shareholders reflect internal confidence [6].

• Industry Policy Alignment
  : The Hong Kong SFC’s approval of the virtual asset trading license is a regulatory acceptance signal for the virtual asset industry. Delin Holdings’ business layout has hit the industry development node, highlighting its first-mover advantage in the virtual asset field.
• Mining Business Competitiveness
  : The company has increased its hash rate through mining machine acquisitions and expanded production expectations, reflecting its expansion strategy in the Bitcoin mining industry. If Bitcoin prices rise, mining business revenue is expected to grow significantly.
• Market Sentiment Sensitivity
  : The sharp fluctuations in stock price and amplified trading volume indicate that the market is highly sensitive to virtual asset-related concepts, with strong short-term speculative sentiment. However, investors need to be alert to the correction risk after the good news is fully priced in.

• Regulatory Risk: The virtual asset trading license is conditionally approved, and formal documents are awaited. Future changes in regulatory policies may affect business operations;
• Cryptocurrency Price Risk: Bitcoin price fluctuations will directly affect mining business revenue;
• Liquidity Risk: If removed from the Stock Connect list, it may affect the liquidity of northbound funds;
• Financing Risk: The company is classified as a “controversial financing-driven stock”, with major shareholders’ pledge rate reaching 97.94%, so financing risks need to be watched [4].

• The acquisition of the virtual asset trading license makes the company one of the few institutions approved by the Hong Kong SFC to provide virtual asset trading services, with a leading position in the industry;
• The increase in mining business production will bring stable revenue growth to the company if Bitcoin prices remain high or rise.

Delin Holdings (01709.HK) has become a hot Hong Kong stock due to the approval of the virtual asset trading license and progress in its Bitcoin mining business, with significant increases in stock price and trading volume; however, attention should be paid to risks such as regulation, cryptocurrency prices, liquidity, and financing. The development of the virtual asset industry brings opportunities to the company, but market sentiment is highly volatile. Investors need to carefully evaluate based on their own risk tolerance.