Behind the Hype of Deling Holdings: Mining Expansion and Valuation Contradictions

At 16:30 UTC+8 on December 17, 2025, Tushare dc_hot (East Money App HK Stock Popularity List) recorded Deling Holdings登上 the hot list due to a series of cryptocurrency-related announcements. Behind the hype are actions like raising approximately HKD 960 million via placement on October 21, announcing the purchase of another 4,000 Antminer S21 XP on December 14 (adding to the previous nearly 6,000 mining machines), and subscribing to shares issued by Switzerland’s Youngtimers AG using cash plus equity—demonstrating the strategic transformation pace of “finance + mining + alternative asset management” [0][1].

For the 2025 fiscal year (ending March 31, 2025), the company’s revenue was approximately HKD 189.7 million, a year-on-year decrease of 6.3%, but gross profit and total comprehensive income attributable to owners rose by 6.4% and 36.9% respectively; ROE reached 27.4%, profit margin was close to 150%, P/E ratio was only 8.14-10.58, P/B ratio 1.83-2.29, Beta value -0.62, dividend yield 0.59%. At the same time, it still retains traditional businesses such as licensed financial services, lending, clothing sales, asset management, and family offices. On these foundations, it overlays the newly promoted Bitcoin mining segment, reflecting the exploration of diversified revenue structure [2][4].

The closing price on December 17 was approximately HK$1.79, with a daily drop of nearly 5.8%, trading volume of about 82.07 million shares—far higher than the average daily volume of ~59.15 million shares, volume ratio of 1.75—indicating active capital driven by popularity. The 52-week high was HK$5.78, low HK$1.71; the year-to-date decline was about 69%. After the October placement announcement with an ~11% discount, adjustments occurred; on December 8, it once climbed to HK$2.30 short-term due to the 10-day moving average crossing above the 20-day moving average to form a golden cross, showing that technical and news aspects jointly attracted momentum capital [1][2][3].

1. The October placement provided nearly HKD 960 million for expansion, which was directly used for successive purchases of approximately 9,000 mining machines and covering the equity subscription of Youngtimers AG, highlighting the strategic pace of the holding layer in overlaying traditional financial income with crypto mining income [1].
2. The high ROE, gross profit growth, and negative Beta characteristics in the 2025 fiscal year indicate profit leverage amid revenue decline, triggering interest from value-focused investors in low PE/low PB [2].
3. Higher-than-average daily trading volume and volume ratio of 1.75 indicate current hype is dominated by chasing funds, but the stock price is still down ~70% from the 52-week high—reflecting coexistence of speculative atmosphere and structural retracement [2][3].

• The stock price has dropped from the 52-week high of HK$5.78 to ~HK$1.79; the 11% placement discount and subsequent equity dilution have amplified volatility. Considering the price remains far below historical highs, the possibility of further short-term retracement still exists [1][2].
• Large-scale mining machine purchases and overseas deployment increase sensitivity to Bitcoin price trends; gold price pullback or rising mining costs will directly compress the marginal contribution of the new business. Given that complete financials of the mining segment have not been disclosed, execution risks need continuous observation [1].
• The lending business is concentrated on a few clients (top five clients account for ~28.2% of total loans), and new business disclosure is limited—making capital recovery and information transparency potential hidden risk points [2][4].

• Low valuation (PE 8-10, PB 1.83-2.29) paired with nearly 150% gross profit margin and 27.4% ROE is expected to amplify profit leverage when Bitcoin prices recover [2].
• Through subscribing to Youngtimers AG shares and extending family office services, the company has the opportunity to obtain relatively stable fees in alternative asset management, reducing reliance on single mining income [1][4].
• The golden cross on December 8 combined with high trading volume in mid-December—if Bitcoin prices stabilize or rise, dual drivers from technical aspects and market sentiment can guide capital to refocus on this stock [1][3].

• The December 17 Tushare dc_hot movement stems from high-frequency announcements and capital operations: October placement + December additional mining machine purchase + Swiss asset management platform investment—pushing the hype to the intersection of cryptocurrency and financial services [0][1].
• Although revenue slightly decreased and the stock price dropped from HK$5.78 to HK$1.79, net income and ROE in the 2025 fiscal year improved significantly—indicating profitability has not completely declined along with the stock price drop [2].
• Significant price retracement and popularity-driven trading bring high volatility; financing and mining execution still have uncertainties. It is recommended that decision-makers weigh continued attention based on their own risk tolerance and judgment on Bitcoin price prospects [1][2][3].