HashKey's ability to go public relies fundamentally not on Xiao Feng, but on the founder of Wanxiang Group—Old Master Lu Guanqu.

How significant is the Old Master's status? Let me share a story for you to ponder: when he passed away in 2017, there were floral tributes sent by leaders at his funeral. For a private entrepreneur to receive such high-level condolences speaks volumes.

Flipping to page 396 of HashKey's prospectus, the truth is laid bare: the largest shareholder is Lu Weiding, holding over 40% of the shares, and with the voting rights from the employee shareholding platform, he effectively controls over 60%. Xiao Feng's 16.25% stake is simply not on the same level. And Lu Weiding is Lu Guanqu's son.

As early as the 1980s, Lu Guanqu was a benchmark for township enterprise reform, having even met with Comrade Xiaoping in 1986. From a small blacksmith shop, he built a global automotive parts giant, adhering to a principle for forty years: what the country needs, I will produce; what the country fears is unstable, I will stabilize.

Some may wonder, how did a big player in car manufacturing turn his attention to blockchain? It is said that the Old Master was working on new energy vehicles but hit a snag with solar power trading—how could electricity generated by thousands of households be traded automatically? Coincidentally, Xiao Feng was researching Ethereum and mentioned that blockchain could solve it by giving each kilowatt-hour of electricity and each battery an “ID card.”

Thus, the founder of Bosera Fund, Xiao Feng, was personally invited by the Old Master to engage in blockchain. The Old Master also made him three hard-core commitments:

1. No need to look at the financial statements: it doesn't matter if there are losses for ten years, no need to worry about making money;

2. No interference: want to invest in Ethereum's Vitalik? Go ahead, if you lose, it's on me;

3. Focus on the future: Wanxiang needs to transform, and you are the guide.

So what does Xiao Feng want? In 2011, he was 50 years old, the head of Bosera Fund, earning tens of millions, at the peak of the industry. The new things he wanted to pursue were simply not accommodated by the traditional financial sector; only Wanxiang could support him.

Xiao Feng has a background in regulation and understands the nuances involved very well. There is an old saying in the crypto circle: to engage in cryptocurrency in China, you either have to go abroad or go to jail. For HashKey to go public and find a third path is an exception, not a precedent.

Don't think this is a compromise by regulators to the crypto sector; the direction has long been set, and the clear directives from the thirteen ministries are abundantly clear! #币圈生存法则 $ETH