HK Stock Market Move | DL Holdings GP (01709) fell by more than 9% and plans to discount about 11.34% of the old-for-new shares issuance to raise funds for expanding Bitcoin mining, etc.

DL Holdings GP (01709) fell more than 9%, dropping 8.14% to HK$3.16 as of press time, with a turnover of HK$9.05 billion. On the news front, DL Holdings GP announced that on October 21, 2025 (before trading hours), the company, the seller (DA Wolf and Chen Ningdi), and the placing agent entered into a placing and subscription agreement. Under this agreement, the seller has agreed to sell, and the placing agent has agreed to act as the seller's agent, to use its best efforts to encourage at least 6 underwriters to purchase placing shares at a price of HK$3.05 per share, and the seller has conditionally agreed to subscribe, while the company has conditionally agreed to allot and issue subscription shares at a price equal to HK$3.05 per share, in accordance with the general mandate, to the seller (with the number of subscription shares being the same as the number of placing shares actually placed by the placing agent under the placing and subscription agreement). The placing price is HK$3.05 per share, a discount of approximately 11.34% to the closing price of HK$3.44 per share on the Stock Exchange on October 20, 2025. After deducting all relevant expenses, costs, and fees related to the placing and subscription matters, the net proceeds from the subscription matters are expected to be approximately HK$7.61 billion. The net estimate of the subscription price after deducting such expenses, costs, and fees is approximately HK$2.98 per subscription share. The announcement states that the company intends to use the net proceeds from the subscription and placing matters for the following purposes: expanding bitcoin mining and digital storage business, developing and tokenizing RWA products, strategic and diversified investments, and general working capital.