Deling Holdings (01709.HK) Hot Analysis: SFC Virtual Asset License Drives Stock Price Volatility

On December 29, 2025, Deling Securities, a subsidiary of Deling Holdings (01709.HK) in which it holds a 70% stake, obtained conditional approval from the Hong Kong Securities and Futures Commission (SFC) to provide virtual asset trading services under the integrated account arrangement [1]. Under Hong Kong’s strict virtual asset regulatory framework, obtaining this license is an important milestone for the company’s business expansion, clearing key obstacles for its entry into the high-growth virtual asset trading market.

Driven by this positive news, the company’s stock price fluctuated sharply on December 31, 2025: it opened with a 14.5% increase, rose to a maximum of 44.6% intraday (HK$2.69), and finally closed with a 24.73% gain (HK$2.32); the trading volume on that day exceeded 1.34 billion shares, with a turnover of approximately HK$317 million, once exceeding HK$500 million [1]. In addition, the company’s latest disclosure on its Bitcoin mining business (owning 9,148 mining machines, with a daily output of about 1.72 BTC and an expected output of 600-700 BTC in 2026 [1]) also enhanced market attention to the company’s layout in the crypto asset field, further boosting stock price volatility.

1. Core Value of Regulatory License
   : The SFC’s virtual asset trading license provides the company with the qualification to conduct relevant businesses legally and compliantly, enabling it to leverage Hong Kong’s position as a global crypto asset hub to expand new revenue sources and achieve business diversification.

2. Two Sides of Market Sentiment
   : The sharp rise in stock price after opening reflects investors’ positive expectations for the license event, but the narrowing of intraday gains (from 44.6% to 24.73%) shows pressure from short-term profit-taking, indicating that there are certain differences in the market regarding the company’s future performance realization.

3. Uniqueness of Dual Business Layout
   : The company has both a traditional financial service foundation and crypto asset-related businesses (mining, virtual asset trading). This dual layout gives it a unique competitive advantage in the Hong Kong market and is expected to attract the attention of investors with different risk preferences.

• Growth Potential of Virtual Asset Market
  : With the SFC license, the company can enter the continuously expanding virtual asset trading market and share the dividends of industry growth.
• Location Advantage of Hong Kong’s Crypto Hub
  : As a global important financial center and a frontier of crypto asset regulation, Hong Kong provides the company with broad business expansion space and customer resources.

• Volatility of Crypto Market
  : The company’s business is highly correlated with Bitcoin and other crypto assets, so sharp fluctuations in the crypto market may have a negative impact on the company’s performance and stock price.
• Uncertainty of Regulatory Policies
  : Regulatory policies in the virtual asset field are still evolving, and future policy changes may affect the development of the company’s virtual asset trading business.
• Short-term Price Volatility Risk
  : The huge trading volume and narrowing gain phenomenon on that day indicate that the stock price faces high volatility risks in the short term, and investors need to remain cautious.

This report analyzes the reasons for the stock price fluctuation of Deling Holdings (01709.HK) and its market impact around the core event of obtaining the SFC virtual asset trading license. The company’s current core driving factor is the acquisition of the virtual asset license, while the progress of the Bitcoin mining business also provides an additional focus for the market. The report reminds to pay attention to the company’s future virtual asset business implementation, crypto market fluctuations, and changes in regulatory policies. All analyses are based on publicly disclosed information and internal databases [0].