Congratulations to Mr. Jack Ma, the "former richest man in China," "spokesperson for rural teachers," and "co-chairman of the Taohuayuan Ecological Protection Foundation," for joining the ranks of E Guardians.

Big news has arrived. Recently, Yunfeng Financial announced the purchase of 10,000 ETH through HashKey Exchange, officially making Ethereum a strategic reserve asset.

Let’s clarify the relationships involved.

It is known that:

Yunfeng Fund is a fund under Jack Ma.

Yunfeng Financial is a company under Jack Ma (Jack Ma personally holds 11%, and Yunfeng Fund holds 47.25%).

From this, we can deduce:

Jack Ma indirectly holds ETH.

The more important question is: why @HashKeyExchange again?

Previously, another Hong Kong-listed company, Huajian Medical, purchased ETH through HashKey Exchange as a reserve asset.

HashKey Exchange is opening up a brand new track, providing digital asset allocation services for Hong Kong-listed companies. Examples include:

Yunfeng Financial 10,000 ETH (approximately 44 million USD)

Huajian Medical 149 million HKD ETH

These are not small transactions; they reflect HashKey Exchange's core competitiveness in executing large transactions, providing liquidity support, and offering compliance services.

From a traditional financial perspective, these companies are executing a "regulatory arbitrage" strategy:

Allocating digital assets under the compliance framework in Hong Kong

Enjoying the paper gains from the appreciation of ETH

Gaining valuation premiums through the concept of "blockchain transformation"

Laying the foundation for subsequent Web3 business layout

This reinforces my previous judgment: Hong Kong stocks are ushering in the "Ethereum reserve" era.

However, with such good news, why is $HSK not moving at all…

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