Winner Fashion and Delin Holdings partnered to explore Real World Asset tokenization, with Delin investing HKD 29.9 million in Winner Fashion, signaling increased institutional interest in blockchain integration.

Executive Summary

Winner Fashion (03709.HK) and Delin Holdings (01709.HK) announced a strategic cooperation and investment agreement aimed at exploring Real World Asset (RWA) tokenization. Under the terms, Delin Holdings will subscribe for shares in Winner Fashion totaling HKD 29.9 million (approximately USD 3.8 million). This initiative reflects a broader trend of traditional companies integrating blockchain technology to innovate value creation for shareholders.

The Event in Detail

On September 12, 2025, Winner Fashion and Delin Holdings formalized a strategic partnership. The agreement includes an investment where Delin Holdings will acquire equity in Winner Fashion for HKD 29.9 million. Concurrently, both entities have reached a consensus on the overall framework and direction for a comprehensive RWA tokenization plan. This collaboration seeks to leverage blockchain technology to tokenize tangible and intangible assets, aiming to unlock new value and efficiencies for Winner Fashion shareholders.

Business Strategy & Market Positioning

This strategic move by Delin Holdings aligns with its expanding focus on digital assets and blockchain solutions. Previously, Delin Holdings signed a memorandum of understanding with Asseto Fintech Limited, a financial technology company specializing in RWA tokenization, and has expressed intent to apply for a Hong Kong stablecoin license. Furthermore, Delin Holdings invested $1.29 million in Asseto by subscribing for 77,352 Class A shares. The partnership with Winner Fashion extends Delin Holdings' strategy to integrate its asset management and securities trading expertise with blockchain solutions, positioning the company as a key player in the evolving RWA landscape. This strategy mirrors broader industry trends where traditional financial institutions are exploring hybrid models that combine real assets with digital tokens to automate operations, expedite settlement, and reduce costs.

Market Implications

This partnership contributes to the growing interest and discussion surrounding RWA tokenization, potentially encouraging more traditional companies to explore blockchain integration. If successful, this initiative could serve as a significant case study, attracting further traditional business engagement with blockchain for asset management and validating the RWA narrative as a substantial future trend. The total value of tokenized RWAs on-chain has reached $28.44 billion, showing a nearly 6% increase in the last 30 days, indicating robust market growth. Additionally, the development of new infrastructure, such as the ERC-7943 Ethereum token standard, aims to streamline compliance and reduce fragmentation within the RWA sector, creating a universal layer across Ethereum layer-2s and EVM chains.

Broader Context

The surge in Real-World Asset (RWA) tokenization marks a pivotal moment in finance, driven by technological advancements and institutional adoption. Major financial institutions like BlackRock, which launched its BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on the Ethereum blockchain accumulating nearly $2 billion in Assets Under Management (AUM), and Goldman Sachs with its Digital Asset Platform (GS DAP™), are actively advancing tokenization. Other key players, such as Ondo Finance and MakerDAO, also contribute to this ecosystem with platforms for tokenized US stocks, ETFs, real estate, and invoices. The market for tokenized RWAs (excluding stablecoins) reportedly surpassed $27.6 billion by mid-2025, a 223% increase since the year's beginning. Countries like Switzerland, Singapore, and Dubai are actively developing blockchain-friendly environments, with Dubai's 2025 VARA Rulebook legalizing the issuance and trading of tokenized RWAs, underscoring global regulatory advancements supporting this asset class.