DL Holdings (1709.HK) announced that on August 4, it has, through a private fund under its management, invested approximately HK$7.85 million (USD1.0 million) in Web3 gaming developer Pangu Software Pte Ltd (“Pangu”), along with a call option to subscribe for additional ordinary shares for the same consideration of approximately HK$7.85 million (USD1.0 million). The Investment aims to strengthen the Group’s strategic presence in digital entertainment and the Web3 sector.
Upon completion of the Investment, the private fund managed by DL Holdings will hold approximately 2.0% equity interest in Pangu. This move marks another key milestone in the Group’s digital asset strategy and signifies the beginning of a strategic collaboration to jointly explore the vast opportunities at the intersection of Web3 gaming and digital finance.
Figure 1: Metacene – Pangu’s Flagship Blockchain-based MMORPG
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Pangu Innovates the “Entertainment + Investment” Gaming Experience
Pangu is a Singapore-incorporated technology company specialising in the development of decentralised Web3 gaming platforms, leveraging blockchain and artificial intelligence (AI) technologies to enhance user engagement. Its publishing platform, MetaCene Universe, was founded by a team of top-tier gaming entrepreneurs and is currently valued at over USD100 million. With strong growth potential, the platform has raised over USD15 million from globally renowned investors including Sinovation Ventures, Galaxy Interactive, and Spartan Group, and has been selected for prominent programmes such as Binance Labs’ incubation and the Game3GG ecosystem collaboration.
MetaCene Universe has developed a diversified product matrix: its flagship title, MetaCene, is a high-engagement Web3 MMORPG built with Unreal Engine 5 (UE5), featuring immersive visual experiences and a sophisticated in-game economy. Within the first three months of launch, the game generated over USD2.6 million in NFT sales and in-game purchases, attracting more than 600,000 core users worldwide. Another breakthrough product, Otherworlds, is the world’s first AI-powered Web3 adventure game, pioneering AI-driven character personality modeling and achieving over USD5.2 million in top-up revenue in a single season. The upcoming cyberpunk-style card game Cyber Crash has shown promising performance in North American beta testing and is scheduled to launch its Web3 beta version in July, targeting 300,000 users—demonstrating the platform’s comprehensive layout and strong innovation capability in the Web3 gaming space.
Figure 2: Large-scale Cyberpunk-style Card Game “Cyber Crash”
MetaCene Universe is redefining the economic paradigm of blockchain gaming, offering players unprecedented autonomy over digital assets and real earning potential. In stark contrast to traditional gaming models, players within the MetaCene Universe ecosystem participate in the in-game economy using cryptocurrencies and earn tangible returns through a Play-to-Earn mechanism. All in-game assets are tokenised as non-fungible tokens (NFTs), each represented by a unique, blockchain-verified digital certificate that ensures full ownership and free tradability of virtual items.
More importantly, MetaCene Universe adopts an advanced decentralised autonomous organisation (DAO) governance model, whereby the ecosystem is collectively owned and managed by its community members. Players are empowered to participate in the decision-making and future development of the platform through on-chain voting. This innovative “play-and-earn” model breaks away from the consumption-only nature of traditional games and establishes a dual-value experience that integrates entertainment with investment—enabling gameplay time to be truly transformed into quantifiable digital asset returns.
Figure 3: The World’s First Web3 AI-driven Adventure Game “Otherworlds”
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DL Expands Its Digital Asset Footprint
This investment by DL Holdings is fully aligned with the Group’s long-term vision and its recent strategic initiatives in digital finance, virtual assets, and real-world asset (RWA) tokenisation. The investment in Pangu enables DL Holdings to capture high-growth opportunities in the increasingly converging fields of virtual assets and decentralised finance. Moreover, Pangu’s platform is expected to create synergies with the Group’s RWA and tokenisation strategy, enhancing DL’s competitive advantage in the virtual asset space and further strengthening its strategic positioning and leadership in digital finance.
To support the value appreciation of digital assets, DL Holdings will assist in the liquidity management of MetaCene Universe’s core token, $MAK, and facilitate its listing on additional exchanges to increase market exposure. On the global expansion front, both parties will prioritise emerging markets such as South Korea, aiming to attract both Web2 and Web3 user communities. In the area of AI + gaming innovation, the collaboration will explore cutting-edge technologies including intelligent interaction and dynamic economic systems to deliver a more immersive player experience.
DL Holdings will also support Pangu in securing compliant fundraising and custodial services in key markets such as Hong Kong SAR and Singapore, facilitating its global development strategy.
Figure 4: MetaCene Park – An AI and Crypto-powered Gaming Platform
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Defining a New Paradigm of GameFi Together
Mr. Andy Chen, Chairman of the Board of DL Holdings and NeuralFin, commented: “The Group is currently advancing its digital finance ecosystem. Pangu’s core technologies and global strategy form strong synergies with our RWA tokenisation initiatives. Leveraging our resources and expertise, we aim to accelerate the transition of Web3 gaming from conceptual exploration to scalable growth—building an open, interconnected, and truly player-owned metaverse gaming economy where digital assets can freely circulate.”
Qunzhao (Alan) Tan, Founder and Chief Executive Officer of Pangu, stated: “Pangu is inherently Web3-native, and simultaneously empowered by AI. This combination enables us to tackle key business model challenges while keeping costs under control. We want users to not only enjoy the gameplay, but also generate real returns. DL Holdings’ strategic investment brings new momentum to our ecosystem development. Together, we will co-develop game products that center on fun yet incorporate trading capabilities—unlocking massive market potential.”
DL Holdings’ strategic investment in Pangu marks a pivotal step in building its “Finance + Technology + Community” integrated ecosystem. As a leading asset management platform in the Asia-Pacific region, DL is actively executing its three-phase roadmap to establish a compliant cross-border digital asset infrastructure. Recent progress has been substantial: the Group has partnered with fintech leaders including ViaBTC, Asseto and Rich Dragon Consultants to promote stablecoin applications and RWA tokenisation. In parallel, its technology-driven platform NeuralFin has completed tens of millions of HKD Series A financing round and is preparing for a US IPO. Looking ahead, DL’s tokenised assets are expected to play an integral role within Metacene’s immersive game environments.
Figure 5: DL Holdings’ Prior Collaboration with Asseto to Tokenise HKD 500 Million in Real-world Assets
This strategic investment in Pangu will generate multidimensional synergies with DL Holdings’ existing digital asset business. On one hand, DL will leverage its capital markets expertise to support the listing of MetaCene’s core token, $MAK, on leading global exchanges—enhancing its liquidity and market recognition. The Group will also explore the tokenisation and securitisation of real-world assets (RWAs) within the in-game economy. On the other hand, Pangu’s mature Web3 gaming ecosystem will provide robust application scenarios for DL’s innovative initiatives in RWA tokenisation, stablecoins, and other digital finance solutions.
Through complementary strengths and resource sharing, the two parties aim to jointly build a sustainable Web3 gaming economy—setting a new industry benchmark for collaboration between finance and blockchain gaming, and enabling seamless integration between real-world assets and virtual game environments.
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