HashKey's IPO was nearly 400 times oversubscribed, but the stock immediately fell below its issue price after opening, dropping over 10% at one point, and is still below the offering price! Honestly, I'm extremely disappointed! This was supposed to be a star project in Hong Kong's Web3 sector, and it turned out like this. How can this not be disheartening? I'm really starting to worry. Is the future of Hong Kong's Web3 sector becoming increasingly uncertain? Has market confidence been destroyed? Investors' enthusiasm for emerging technology sectors is clearly cooling down. Think about the previous #Conflux ($CFX), its current state speaks for itself. Now HashKey is doing the same thing. Is Hong Kong's Web3 sector really falling into a vicious cycle? Regulatory policies, liquidity, market acceptance—these issues are all increasingly thorny. HashKey's performance this time is not only its own problem, but also a heavy blow to Hong Kong's positioning as a Web3 center. If market confidence cannot be restored, can Hong Kong still maintain its foothold in global Web3 competition? I'm really worried for this industry!