2026-01-06 01:26:18

Recently, I’ve been having tea with several entrepreneurs involved in Web3 and traditional industries, discussing financing. There’s a phenomenon that’s quite eye-opening—people used to scramble to get into the A-share market, believing the mainland market was the biggest and had the most fish. Now? Everyone’s turning around to Hong Kong, pursuing A+H listings, or even directly raising funds overseas.

Why? Simply put, it’s two words: saturation.

The A-share market values stories and sentiment. If your business plan is well-crafted, raising funds isn’t a problem. Essentially, this system makes money within the "internal cycle"—expanding capacity, building channels, engaging in price wars—all competing for that existing cake. But here’s the problem: the pool is limited, everyone’s casting their nets, and ultimately no one can get enough. Capital flows are restricted, and the incremental space is limited.

Looking at Hong Kong, what is it? It’s a "ferry" to the international market. Once listed or financed in Hong Kong, capital flows become smooth, making it easier to connect with international investors and expand overseas markets. From a certain perspective, the long-term growth potential of the Hang Seng Tech Index is no less than that of the Nasdaq.

For projects in blockchain, technology, or even some new economy sectors, this shift is even more apparent. Hong Kong’s policies are relatively flexible, financing channels are diverse, and it’s possible to access global institutional investors. In contrast, the days of relying on policy dividends and sentiment-driven growth in the domestic market are truly over.

So you’ll see, the real experts are now thinking about one question: how to effectively use the capital and operational experience raised from the domestic market to quickly penetrate the international market and compete for that larger incremental space. This isn’t abandonment; it’s an upgrade. Whoever can get the international capital entry ticket the fastest will stand a better chance in the next round of competition.

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RumbleValidator

· 01-09 01:16

Liquidity in Hong Kong is indeed good, but the key still depends on whether your node's stability can support the pressure of cross-border capital flows. That's the real bottleneck. Free flow of capital ≠ project survival; the verification mechanism and consensus stability are what international investors truly care about. It sounds impressive, but can the operational experience accumulated in the domestic market be directly applied to the foreign market? How big is the technical gap? It has to be proven with data. The saturation argument is too superficial. The problem is that A-share investors know nothing about consensus mechanisms. Is Hong Kong better? It's the same—access to truly knowledgeable capital is limited. Who can get the entry ticket the fastest? It's better to say who can achieve the utmost network reliability—that's the real competitive edge. Raising funds is easy, but the real test is how many verification nodes can be maintained at a sustainable cost. Turning to Hong Kong to talk about upgrades? I see it more as betting on liquidity rather than on the technology itself.

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fren.eth

· 01-08 23:06

To be honest, the storytelling approach in the A-shares market is really about to change.

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AirdropGrandpa

· 01-08 09:51

I've seen this coming a long time ago; the storytelling tricks in A-shares are becoming less and less effective. The ones who can really make money have already gone to Hong Kong. What are we still waiting for here? Raising funds is becoming increasingly difficult. Who's still holding on to that small slice of the domestic market? Hong Kong is a card that must be played; otherwise, how can we attract international capital? To be honest, once the policy dividends are exhausted, we have to rely on real skills.

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NftBankruptcyClub

· 01-06 01:56

Haha, the story-driven approach of A-shares is really outdated. Who still falls for that these days?

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rugged_again

· 01-06 01:56

It's the same old story again; the era of storytelling in the A-shares market has indeed passed.

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SeasonedInvestor

· 01-06 01:55

In short, the A-shares market is a place for storytelling. There are no new stories to tell now. --- I understand this move in Hong Kong; it's about escaping the deadlock of the existing market. --- Really, after getting tired of the internal cycle, who doesn't want to get a ticket to international capital? --- The pool is only so big, everyone is digging inside it, no wonder they're all running out. --- The era of relying on policy dividends is truly over; now it's about real skills. --- Hong Kong stocks are indeed a crossing point, but whether you can get through depends on whether you have real ability. --- The previous optimistic talk was just about that small piece of cake; the realization came pretty quickly. --- This change is called an upgrade in nice words, but honestly, it’s just that the A-shares market is saturated. --- Blockchain projects find it much easier to raise funds in Hong Kong; the relaxed regulation is definitely an advantage. --- Having multiple financing channels sounds great, but the key is whether you can attract international institutions. --- No wonder everyone in the startup scene is pondering how to tap into foreign markets; the core issue lies here.

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DancingCandles

· 01-06 01:42

Hong Kong has really become a crossing point; the cake we once imagined is indeed no longer enough to share.

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SignatureCollector

· 01-06 01:40

Hmm... No problem with that, it's just that the gameplay has upgraded from storytelling to actually doing things.

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