Shi Xingguo Talks to Jack Kong: New Opportunities for Hong Kong Web3 in The Crypto Winter and Lessons from The FTX Crisis

On the evening of November 14th, the 13th episode of ” Observing the Langya List” was broadcasted, and Mr. Shi Xingguo (member of the Blockchain Special Committee of the China Computer Federation, founder of Hyperchain, winner of the National Science and Technology Progress Award, and former chief engineer of the Internet Laboratory of the Software Institute of the Chinese Academy of Sciences) was the host. He was joined by Jack Kong (founder of Nano Labs, a Nasdaq-listed company with ten years of industry experience and successful incubation of the first blockchain industry stock and the first Chinese metaverse stock). The two discussed the latest ” Policy Statement on Virtual Asset Development in Hong Kong,” the problems exposed by the FTX liquidity crisis, and hot topics such as new public chain economic models and NFT.

Regarding the “Policy Statement on Virtual Asset Development in Hong Kong,” which has ignited the Web3 fire in China, Jack Kong stated that he had discussed with Hong Kong government officials, Web3 academics, and peers in the industry, and everyone’s views were very positive. “Now the policy allows Chinese people, especially those from the mainland, to have a soil for entrepreneurship.” He suggested that Chinese Web3 entrepreneurs register their companies in Hong Kong and see the future policy changes at a very low cost as a company. “Overall, for Chinese Web3 entrepreneurs, Hong Kong is the only place that can compete the efficiency of mainland China and the legal system of Europe and the United States, so I recommend that entrepreneurs start from Hong Kong in the future, then go to Singapore for development, and then try to scale up in the United States.”

Regarding the Hong Kong topic, Shi Xingguo comments that this policy statement is enough to ignite his and his peers’ expectations for Hong Kong’s future. He was particularly interested in the digital Hong Kong dollar and the Hong Kong government’s understanding of Web3 itself. “Considering that the Hong Kong dollar itself has a nature of free convertibility and is pegged to the US dollar, I feel that the imagination of the digital Hong Kong dollar is very wild.” In addition, the most exciting thing about the announcement of this policy statement for him was the Hong Kong government’s positioning of Web3 itself, as it clearly regards Web3 as an opportunity and trend, and recognizes the position of virtual assets in the future financial infrastructure. “The government’s attitude can help to establish order in the early stages of industry development. This order will avoid the situation of bad money driving out good money, and to some extent, it can also help the stigmatized virtual asset industry win market trust again.”

In the discussion of the FTX liquidity crisis, Jack Kong believed that it would exacerbate bearish performance in the short term but undoubtedly play a more significant role in promoting the crypto industry in the long term. “This will push many exchanges to disclose their asset proofs, and the industry will develop towards a healthier way. The more practical the financial infrastructure, and the more solid the industry’s foundation, the stronger the industry’s explosive power will be.”

Regarding new opportunities in the Web3 field, Shi Xingguo sees three promising directions: the combination of real equity and digital collections or NFTs, private traffic operations, and brand construction in communities, or we called the ecological construction of brand.

Highlights of today’s talk

  1. How can Chinese Web3 entrepreneurs seize the opportunity in Hong Kong?
  2. What are the characteristics of active Web3 entrepreneurship regions around the world?
  3. What warnings does the FTX crisis bring to the crypto industry?
  4. Based on the current development process of the meta-universe, which part of the infrastructure we need to tackle the most?
  5. Are there more suitable economic models and business logics for new public chains?
  6. What new opportunities in the Web3 field are promising?
  7. What is the ideal NFT business model?
  8. How can Web2 companies enter Web3?

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