Last week, HashKey, known as "Hong Kong's number one crypto stock," was listed in Hong Kong.

In the days leading up to the listing, several friends privately asked me for my views on the company and its stock; many venture capitalists in my social circle were excitedly sharing their enthusiasm and joy about participating in the subscription.

Indeed, with such a significant halo, and under the comparison and pressure of the crypto ecosystem racing across the ocean, Hong Kong finally has a landmark crypto company going public.

This is certainly eye-catching.

However, when I replied to my friends privately, I clearly expressed my opinion: I really do not have high hopes for this company.

This lack of optimism is partly due to the company's own development, but a larger part depends on complex non-economic factors.

To succeed in any endeavor, the three elements of timing, location, and human resources are essential.

In our era, all companies and individuals willing and able to strive in the crypto ecosystem undoubtedly occupy the element of timing to some extent, as we are fortunate to be living in this moment.

Meanwhile, the companies and individuals in the United States and Argentina, which I mentioned earlier, also enjoy advantages in location and human resources.

The so-called locational advantage of the United States and Argentina refers to their sufficient population and large potential user markets.

The human resources in the United States are reflected in the strong efforts from both the government and private enterprises to create a favorable environment for the development of the crypto ecosystem; this prevents the innovation of crypto companies from being innocently stifled.

Argentina's human resources are somewhat unique, as the absence of government regulation in financial matters has inadvertently allowed the crypto ecosystem and applications to grow.

The different expressions of human resources in the United States and Argentina also reflect completely different outcomes in practice:

The former has developed a large number of crypto giants but shows some shortcomings in actual applications, while the latter has developed deeply rooted crypto applications in daily life but seems to lack world-class crypto companies.

However, regardless of the final outcomes, we have seen the crypto ecosystem flourish in countries where "timing," "location," and "human resources" are all present.

Unfortunately, HashKey does not have such locational and human resource advantages.

In terms of location, its target user base appears quite vague: it certainly cannot be limited to Hong Kong alone, but there seems to be no visible potential for outward expansion.

As for human resources, the original advantage of Hong Kong's common law, which is "anything not prohibited by law is allowed," should have been very conducive to innovative development, just like in the United States.

However, now, after years of evolution, the performance of Hong Kong's common law is becoming less and less "common": the once ubiquitous crypto exchange shops are now nowhere to be seen, and the ability to freely use Hong Kong dollars to purchase stablecoins is no longer possible…

These details alone reveal the changes in Hong Kong.

In this context, HashKey's listing seems more like an "example" and "model" rather than a ripe commercial achievement.

In such circumstances, leading a company like this forward feels a bit like forcing a skilled cook to prepare a lavish feast without any ingredients.

In fact, everyone knows why this is the case, what the future holds, and where the root of the problem lies.

Yet, in this challenging environment, the HashKey team has been persevering in Hong Kong for years. Aside from my genuine admiration, I cannot find any other more suitable words to describe my feelings.

Historically, even a genius like Zhuge Liang, the Prime Minister of Han, could only repay the late emperor's kindness with his utmost dedication, barely sustaining the Shu Han for decades.

On the other hand, Sima Yi was wise, taking care of his health, hiding his talents, outlasting all unfavorable factors, and ultimately laughing to the end.

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