Demingli to Invest 400M Yuan in Hongqixin for 7.06% Stake

The structure matters more than the headline number: a minority stake with no control or consolidation, plus related-party participation, frames this as a strategic option rather than a balance-sheet commitment. The target's focus on new-type memory and companion select devices puts the deal in the semiconductor supply chain rather than in digital-asset infrastructure, so its RWA relevance is indirect at best. The real signal is the proposed 10-year cooperation agreement — unsigned, which leaves the commercial substance unconfirmed. Whether that agreement gets executed, and on what terms, is the open question.