Today, @HashKeyGroup's Hong Kong IPO subscription has started. The broker defines it as "Hong Kong's first crypto stock." I put in a bit just for fun.

Besides the fact that the cornerstone investors listed in the prospectus are quite impressive—UBS (top foreign bank), Fidelity (top asset manager), and CDH Investments (top state-owned capital)—my confidence also comes from some insider news I heard in Dubai.

A person familiar with the Hong Kong capital market said that while HashKey may not be highly regarded within the crypto circle, its IPO subscription is extremely popular in the capital market. Institutions wanting to invest need to pull strings; it's got the same vibe as needing to bundle purchases to get a Hermès bag 😂😂😂

One of the cornerstone investors this time is also Bosideng, the down jacket company, showing that traditional enterprises are starting to get into digital assets. They might set a precedent for domestic traditional enterprises to join the secondary market frenzy as well.

Previously, during $Crcl , most people in the industry were bearish, but ended up missing out big time. This time, I won't be so skeptical. I'll just throw in the HKD I had left over from before and go for it. If I get allotted shares, I probably won't lose money 😂😂😂

Prospectus link:

@HashKeyGroup @siya