On September 26, the special discussion meeting on listed company member visits and research, hosted by the Hong Kong Digital Asset Listed Companies Association (HKDALA) and co-organized by Techub News and Uweb, was successfully held. Representatives from Delin Holdings (1709.HK), HKDALA Secretariat, and guests from companies and institutions such as Xinhui Technology (1611.HK), Ocean Group (1991.HK), Boyaa Interactive (0434.HK), Huake Intelligent Investment (1140.HK), Guofu Quantum (0290.HK), HKE Holdings (1726.HK), Walnut Capital (0905.HK), Bit Strategy (6113.HK), Antalpha (ANTA.US), Nano (NA.US), Metalpha (MATH.US), Techub News, Uweb gathered to engage in in-depth discussions on core topics such as digital asset trading, coin-stock linkage, and the on-chain integration of Hong Kong and US stocks, exploring new ideas for industry development and the integration of digital assets with traditional finance.

Core Topic 1: Coin-Stock Linkage and DAT Model Differentiation - Incremental Buying Becomes the Key Measurement Standard for the Industry

The representative from Delin Holdings proposed "coin-stock linkage" as the core discussion theme and invited member institutions and industry representatives to share practical experiences. During the discussions, members summarized that the essence of coin-stock linkage lies in "business linkage"—only when digital assets are deeply integrated with the main business can they gain support at the compliance level.

Antalpha analyzed the DAT model from an industry perspective, categorizing it into two types: the first type is to broaden traditional financial channels (helping traditional investors without digital asset investment permissions to enter the market indirectly by purchasing stocks), which can convert raised funds into market liquidity, currently a quality path for the integration of digital assets and traditional capital; the second type faces challenges as short-term premiums are difficult to sustain, and the window period is short, with subsequent entrants facing greater challenges. He believes that coin-stock linkage injects new vitality into the market, and companies that lay out early and perform well will gain competitive advantages and development rewards in the track.

HKDALA President Vincent further added that from the perspective of the capital market, the core value of DAT also includes activating liquidity in the Hong Kong stock market. DAT companies can be refined into "incremental buying type" and "non-incremental buying type": among them, "incremental buying type" is further divided into two categories: one is companies with strong self-owned funds, which leverage the listing financing function (such as issuing convertible bonds, equity fundraising, etc.) to obtain funds and gain high premiums in the market through long-term layouts; the second is asset replacement type companies, which may enhance equity value by using highly liquid assets like Bitcoin. Meanwhile, "non-incremental buying type" companies (such as some companies replacing equity with low market cap tokens) have not formed effective buying power, making their model difficult to sustain.

Core Topic 2: Compliance Challenges and Development Prospects of On-Chain Hong Kong Stocks - Mature US Models Provide Reference Directions

Alma from Techub News raised the topic of "on-chain Hong Kong stocks" during the Q&A session, inquiring about the progress of various companies in exploring feasible solutions and comparing the potential of on-chain Hong Kong stocks with DAT.

Uweb Principal Yu Jianing added a global perspective, suggesting that the future of on-chain Hong Kong stocks could explore the potential of "programmatic trading"—after stock tokenization, API access will become more convenient (such as on platforms like Kraken, Bybit, etc.), and AI tools can lower the development threshold for bot trading, allowing non-programmers to participate in trading; at the same time, the demand from emerging markets (Africa, Southeast Asia, South Asia) is an important growth point, for example, Africa has 5 million Redpay users without bank cards who can participate in tokenized asset trading through USDT.

He also mentioned that Nasdaq's latest documents proposed a tokenized stock plan, which, although not yet implementing round-the-clock trading, acknowledges the legality of underlying asset transfers. In the future, Hong Kong RWA products may apply to be listed on Nasdaq to gain more liquidity, a direction worth the industry's attention.

The representative from Delin Holdings also pointed out that the core value of on-chain US stocks is to serve populations underserved by traditional finance. The on-chain Hong Kong stocks need to weigh compliance costs against actual benefits, and in the long run, market potential should be activated through ecological linkage.

Conclusion: Abandon Short-Term Speculative Thinking and Focus on Compliance and Ecological Synergy Development

In the summary, the representative from Delin Holdings emphasized that the essence of coin-stock linkage and asset on-chain is the organic combination of traditional funds with new assets and new play methods, rather than mere stock price speculation. In the future, the industry needs to deepen the construction of Web3 infrastructure, activate the liquidity of traditional assets, and align with the Hong Kong regulatory authority's "cooling" direction, abandoning short-term arbitrage thinking and focusing on building a healthy cyclical ecology in the industry. HKDALA President Vincent stated that the "Digital Asset Listed Companies Association" will continue to integrate traditional finance and digital asset resources, exploring diverse development opportunities in exchange business, Web3 sub-tracks, and welcomes participation and cooperation from all parties in the industry.

This special discussion meeting not only showcased the real challenges in the integration of digital assets and traditional finance but also clarified the direction of industry development—only by basing on compliance, centering on business linkage, and aiming for long-term value creation can coin-stock linkage and asset on-chain truly achieve a "breakthrough," bringing sustainable returns to enterprises, investors, and the industry.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。