HashKey actually went public? The inside story is tougher than you think!
Dongda just cracked down on the crypto circle, but #HashKey can still go public? The core is not Xiao Feng, but the boss of the parent company Wanxiang Group—Lu Guanqu. He was received by Premier Deng in the 1980s, and when he passed away in 2017, the funeral wreath list included current and former leaders of Dongda. Just think about it, this level is unimaginable.
So we opened the prospectus to page 396, where the first major shareholder Lu Weiding (son of Lu Guanqu) holds over 40% of the shares. Plus, with employee platform voting rights, he actually controls over 60%, far exceeding Xiao Feng's 16%.
Lu Guanqu is into blockchain to solve the pain points of new energy—how to enable households with rooftop solar panels to automatically trade the electricity generated. Xiao Feng told him that blockchain can give each kilowatt-hour of electricity and each battery an "ID card."
Legend has it that Old Master Lu made three promises to Xiao Feng: not to look at financial statements, not to interfere, and to chase the future. Xiao Feng is also someone who understands the rules and knows that in China’s crypto circle, you either "lube" or "squat." What HashKey has taken is a third path—a special case, not a precedent.
📌 Never take going public as a sign of regulatory relaxation or a wind vane; it was clearly stated in the red-headed document of the thirteen ministries, written in black and white.