I see many groups discussing this topic, but they're not getting to the point.

The key to HashKey's IPO was not Xiao Feng, but Lu Guanqiu, the founder of its parent company, Wanxiang Group.

What is Lu Guanqiu's status?

I'll just describe one scenario.

Lu Guanqiu passed away in October 2017. The list of funeral wreath bearers included the current and former top leaders of Southeast University, as well as several former members of the Standing Committee.

Think about it: for a private entrepreneur's funeral to receive this level of condolence.

So we turn to page 396 of Hashkey's prospectus.

The largest shareholder, Lu Weiding, holds over 40% of the shares. Including the voting rights of the employee shareholding platform, his actual control exceeds 60%, far exceeding Xiao Feng's 16.25% stake.

This is Lu Guanqiu's son.

Lu Guanqiu was established as a typical example of "township enterprise reform" as early as the 1980s.

As early as November 1986, Lu Guanqiu was received by Deng Xiaoping and other central leaders.

Lu Guanqiu started from a small blacksmith shop and built a global auto parts empire. Over the past forty years, Wanxiang Group (the parent company of HashKey) has done one thing right: it manufactures whatever the country needs and stabilizes whatever the country is worried about.

The question is, why did Lu Guanqiu, who was focused on building cars, suddenly decide to get involved in blockchain?

It is said that when Lu Guanqiu was developing new energy vehicles, he had a pain point: how to enable automatic trading of electricity generated by rooftop solar panels in thousands of households.

I happened to be talking to Xiao Feng, who was researching Ethereum at the time. Xiao told him that blockchain could solve the problem. It could give every kilowatt-hour of electricity and every battery an "identity card".

As a result, Xiao Feng, the founder of Bosera Funds who had already achieved great success in traditional finance, was invited out of retirement by Lu Guanqiu.

Rumor has it that Old Master Lu made three promises to Xiao Feng:

First, "I don't look at reports." If you're involved in blockchain, I won't ask how much you'll make this year; I'll even allow you to lose money for ten years.

Second, "I won't interfere." You want to vote for that Vitalik Buterin guy called Ethereum? Go ahead, if you lose, it's on me.

Third, "What I want is the future." Wanxiang is transforming from a manufacturing company, and you are the one to guide it.

Now let's solve the last mystery: What is Xiao Feng after?

In 2011, Xiao Feng was 50 years old, the head of Bosera Funds, with an annual salary in the tens of millions and a top position in the industry.

It is said that the new things he wants to do are things that traditional financial institutions cannot do, and only Wanxiang can protect him to do them.

Xiao Feng comes from the regulatory system, and he understands the operating logic of this system all too well.

There's an old saying in the cryptocurrency world: In China, you either make a fortune or you fail miserably.

Hashkey was able to find a third path: going public. This is an exception, not a precedent.

Therefore, please do not misinterpret HashKey's listing as a compromise by Dongda University to the cryptocurrency industry.

The weathervane was clearly stated in black and white in the official documents issued by the thirteen ministries.