PhD students from the University of Hong Kong share insights on venture capital and their views on the Hong Kong encryption financial market

On June 19, 2025, a well-known investor had an in-depth conversation with the CEO of a technology company at the University of Hong Kong. As a student in the doctoral program at the University of Hong Kong, this investor shared his motivation for returning to campus for further study, the strategic layout of different investment firms, and insights into the cryptocurrency financial market in Hong Kong.

Systematic Twenty Years of Entrepreneurship Experience

In 2024, this investor officially applied for a PhD program at the University of Hong Kong, coinciding with the twentieth anniversary of his entrepreneurship. Looking back at his startup in 2004 and his experience of dropping out in 2005 due to entrepreneurship, he admitted that he had focused on entrepreneurship and investment practice for the past twenty years, leaving little time for systematic thinking. 2024 marks an important turning point, and he hopes to transform twenty years of entrepreneurial and investment experience into a systematic and reusable knowledge framework through the PhD program.

"My goal is to distill the practical experience of entrepreneurship and investment into a methodology, turning it into a structured tool that I and my colleagues can use." He stated that this process is not only a personal deepening but also a reflection and sublimation of past experiences. He hopes to outline a replicable knowledge framework from an academic perspective to provide guidance for future entrepreneurship and investment.

From encryption field to the layout of new technologies such as AI

As a co-founder of a well-known encryption investment firm, this investor's influence in the encryption field is undeniable. However, his newly established investment company demonstrates a more diverse strategic vision. In the conversation, he elaborated on the differences between the two companies in terms of positioning, structure, and business direction.

The investment company he originally helped establish operates as a primary market fund, using a traditional 5+2 investment cycle. The pressure for returns from external limited partners creates limitations when supporting long-term projects. "Some projects may take 8 years, 10 years, or even longer to succeed, and the traditional investment cycle is difficult to fully match," he explained. The role this company plays is more like that of a "selector" or "arbiter."

In contrast, his newly established investment company resembles a joint family office, with most of the funding coming from himself and another core shareholder. This structure provides the company with greater flexibility, avoiding the pressure of short-term returns and allowing it to accompany entrepreneurs from a longer-term perspective. "Our funding is relatively long-term, whether it's three years, five years, or ten years, it doesn't matter." He emphasized that the goal of the new company is to be an "accompanying runner" for entrepreneurs.

In terms of investment direction, the original company focused 100% on the encryption field, while the new company's strategy is more diversified. He revealed that the new company's investment focus has shifted to AI, with encryption projects accounting for only a small portion of its portfolio. The new company focuses on the AI application layer, especially projects that can generate cash flow, improve efficiency, or optimize processes.

"We do not invest in computing power or large models, because with our funding size and resources in North America, we do not have enough to support investments in the corresponding tracks." He admitted that the new company is more focused on the practical application of AI in real scenarios, such as AI security, AI talent recruitment, AI tax and financial tools, etc. These projects aim for "simple efficiency improvement" to be close to market demand, aiming to capture the best returns during the AI explosion period.

Hong Kong: A Strategic High Ground for Encryption Finance

As a leader in the encryption industry, this investor is confident in the layout of the Hong Kong market. He believes that Hong Kong, as a "bridgehead" connecting the mainland and the global market, has unique advantages in geographical location and policy environment. In recent years, Hong Kong has introduced a series of friendly policies, including a stablecoin regulatory framework and a talent introduction plan, attracting the attention of global blockchain companies and talents.

"The legislation related to cryptocurrencies in Hong Kong surpasses that of the United States in terms of advancement and enforceability," he commented. He pointed out that Hong Kong's stablecoin policy provides a clear compliance path for industry innovation, and combined with its international advantages, it is expected to foster new business models.

His team established a presence in Hong Kong through a listed company as early as 2022, and currently has an office while actively applying for relevant licenses. Among them, financial custody business is the core business direction of the new company in Hong Kong. He believes that, combined with Hong Kong's stablecoin policy, the custody business is expected to give rise to better business models, injecting new vitality into the encryption financial market.

Conclusion

From twenty years of entrepreneurial practice to systematic training as a PhD at Hong Kong University, this investor demonstrates a leader's pursuit of self-iteration in the industry. From founding an encryption investment company to establishing a new investment group, he has expanded his vision from the encryption field to AI applications, while supporting entrepreneurs from a long-term companionship perspective. At the same time, as an active participant in the development of the Hong Kong encryption market, his insights into local policies and business layout provide important references for the industry. "Continuous learning and embracing change are essential to maintaining a leading position in a rapidly evolving industry." This may be the most sincere advice offered by this industry veteran.