What does 'far fragrance and near stink' mean? This time #HashKey for new shares is the most typical contrasting example.

Within the cryptocurrency circle, everyone insults HashKey mercilessly, but outside the circle, ordinary investors are eager to push their heads in.

The result was astonishing, with oversubscription at 305 times, clearly showcasing the misalignment of the disdain chain.

To be safe, at least 125 lots, with a threshold of about 350,000 Hong Kong dollars,

yet the sentiment remains 82% bullish.

According to theoretical deduction: funds that couldn’t grab the first tier will naturally spill over to the second tier market.

The information density, risk preference, and game structure in the cryptocurrency circle and traditional stock market are completely different.

People in the cryptocurrency circle focus on the authenticity of narratives, liquidity strength, and project motivations;

while stock market participants look at regulatory endorsement, scarce chips, and growth expectations.

The same subject presents drastically different value judgments under the two systems.

The US stock market has already showcased this cognitive gap to the extreme, and this time it’s the turn of the Hong Kong stock market.

Is it the beginning of a capital feast, or yet another emotional misjudgment,

worth observing.