Du Jun: On the occasion of twenty years of entrepreneurship, returning to HKU for further studies, focusing on AI applications in the future and wishing to accompany investment projects for the long term.

Du Jun shared his original intention of returning to campus for further study, the different strategic layouts of ABCDE and Vernal Group, as well as his insights into the Hong Kong encryption financial market. Article author: 0x9999in1, MetaEra On June 19, 2025, at the University of Hong Kong, MetaEra CEO Jessica Yang engaged in an in-depth dialogue with Du Jun, co-founder of ABCDE and chairman of Vernal Group. As a student in the PhD program at the University of Hong Kong, Du Jun shared his motivation for returning to campus for further studies, the different strategic layouts of ABCDE and Vernal Group, as well as his insights into the Hong Kong encryption financial market.  Return to Campus: Reflections on Twenty Years of Systematic Entrepreneurship In 2024, Du Jun officially applied for a PhD program at the University of Hong Kong, which coincided with his twentieth year of entrepreneurship. Looking back on the start of entrepreneurship in 2004 and dropping out of school in 2005, Du Jun admits that in the past 20 years, he has always "worked on the ground", immersed in entrepreneurship and investment, and rarely has time for systematic thinking. The year 2024 will be an important juncture, and he hopes to transform the perceptual experience of 20 years of entrepreneurship and investment into a systematic and reusable knowledge framework through the doctoral program. "My goal is to distill the practical experiences of entrepreneurship and investment into a methodology that can be transformed into a structured tool for myself and my colleagues to use." Du Jun stated that this process is not only personal development 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. The leap from the encryption field to new technologies such as AI. As a co-founder of ABCDE, Du Jun's influence in the encryption field is undeniable. However, his new venture - Vernal Group, showcases a more diversified strategic vision. In a conversation with Jessica, Du Jun elaborated on the differences between Vernal and ABCDE in terms of positioning, structure, and business direction. As a primary market fund, ABCDE adopts a traditional 5+2 investment cycle, and the return pressure from external limited partners (LP) creates limitations when supporting long-term projects. "Some projects may take 8 years, 10 years, or even longer to succeed, and the cycle of ABCDE is difficult to fully match," explained Du Jun. The role of ABCDE is more like a "selector" or "referee." In contrast, Vernal Group is more like a joint family office, with primary funding coming from Du Jun and another core shareholder. This structure gives Vernal greater flexibility, allowing it to accompany entrepreneurs without the pressure of short-term returns, and to take a longer-term perspective. "Our money is relatively long-term funds, whether it's three years, five years, or ten years, it doesn't matter." Du Jun emphasized that Vernal's goal is to be the "running partner" for entrepreneurs. The investment portfolio of ABCDE focuses 100% on the encryption field, while Vernal's strategy is more diversified. Du Jun revealed that Vernal's investment focus has shifted towards AI, with encryption projects accounting for only a small part of its portfolio. Vernal focuses on the AI application layer, particularly projects that can generate cash flow, enhance efficiency, or optimize processes. "We do not invest in computing power or large models, because with our capital size and resources in North America, we are not able to support investments in the corresponding tracks." Du Jun admitted that Vernal 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 improvements," closely aligned with market demand, and are designed to capture the best returns during the AI boom period. Hong Kong: A strategic stronghold for encryption finance As a leader in the encryption industry, Du Jun is full of confidence in the layout of the Hong Kong market. He believes that Hong Kong, as a "bridgehead" connecting the mainland and the world, has unique advantages in terms of geographical location and policy environment. In recent years, Hong Kong has launched a series of friendly policies, including a stablecoin regulatory framework and talent introduction programs, attracting the attention of global blockchain enterprises and talents. "The legislation related to cryptocurrency in Hong Kong surpasses that of the United States in terms of advancement and enforceability," Du Jun commented. He pointed out that Hong Kong's stablecoin policy provides a clear compliance pathway for industry innovation, and combined with its international advantages, it is expected to foster new business models. The team has been established in Hong Kong through the publicly listed company New Fire Technology since 2022, currently having an office and actively applying for relevant licenses. Among them, financial custody services are the core business direction of Vernal in Hong Kong. Du Jun 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 the 20-year "work on the floor" to the systematic study of a Ph.D. at HKU, Du Jun has demonstrated the pursuit of self-iteration as an industry leader. From the founding of ABCDE to the establishment of Vernal Group, he has expanded his vision from the crypto field to the AI application layer, and supported entrepreneurs from the perspective of long-term companionship. At the same time, as an active participant in the construction of Hong Kong's crypto market, Du Jun's insight into local policies and business layout provides an important reference for the industry. "Keeping learning and embracing change is the key to staying ahead of the curve in a fast-evolving industry." This is perhaps the most sincere advice given by the old OG in this industry.