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 fellow student in the doctoral program at the University of Hong Kong, Du Jun shared his motivations for returning to campus for further studies, the different strategic layouts of ABCDE and Vernal Group, and insights into the Hong Kong crypto financial market.

Returning to Campus: Systematic Reflections on Twenty Years of Entrepreneurship

In 2024, Du Jun officially applied for the doctoral program at the University of Hong Kong, coinciding with the twentieth anniversary of his entrepreneurial journey. Looking back at the start of his entrepreneurship in 2004 and dropping out in 2005, Du Jun admitted that for the past twenty years, he has been "working hard on the ground," immersed in entrepreneurship and investment, with little time for systematic thinking. 2024 became an important milestone for him, as he hoped to transform his emotional experiences from twenty years of entrepreneurship and investment into a systematic, reusable knowledge framework through the doctoral program.

"My goal is to distill the practical experiences of entrepreneurship and investment into methodologies, turning them into structured tools that I and my colleagues can use," Du Jun stated. This process is not only about personal development but also about reflecting on and elevating past experiences. He hopes to outline a replicable knowledge structure from an academic perspective to guide future entrepreneurship and investment.

Crossing from the Crypto Field to New Technologies like AI

As a co-founder of ABCDE, Du Jun's influence in the crypto field is undeniable. However, his new venture—Vernal Group—demonstrates a more diverse strategic vision. In his conversation with Jessica, Du Jun elaborated on the differences in positioning, structure, and business direction between Vernal and ABCDE.

ABCDE, as a primary market fund, adopts a traditional 5+2 investment cycle, and the return pressure from external limited partners (LPs) limits its ability to support long-term projects. "Some projects may take 8 years, 10 years, or even longer to succeed, and ABCDE's cycle is difficult to fully match," Du Jun explained. The role of ABCDE is more like that of a "selector" or "referee."

In contrast, Vernal Group resembles 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 with a longer-term perspective without the burden of short-term return pressures. "Our money is relatively long-term, whether it's three years, five years, or ten years," Du Jun emphasized, stating that Vernal's goal is to be a "running partner" for entrepreneurs.

ABCDE's investment portfolio is 100% focused on the crypto field, while Vernal's strategy is more diversified. Du Jun revealed that Vernal's investment focus has shifted to AI, with crypto projects making up only a small portion of its portfolio. Vernal concentrates on the AI application layer, particularly projects that can generate cash flow, enhance efficiency, or optimize processes.

"We don't invest in computing power or large models because, with our funding size and resources in North America, we cannot support investments in those tracks," Du Jun admitted. Vernal is more focused on the practical application of AI in real scenarios, such as AI security, AI talent recruitment, and AI tax and financial tools. These projects aim for "simple efficiency improvements," closely aligned with market demands, to capture the best returns during the AI boom.

Hong Kong: A Strategic Stronghold for Crypto Finance

As a leading figure in the crypto industry, Du Jun 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 talent introduction programs, attracting global blockchain companies and talent.

"The cryptocurrency-related legislation in Hong Kong even 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 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 as early as 2022 through the Hong Kong-listed company New Fire Technology, currently operating an office and actively applying for relevant licenses. Among them, financial custody is the core business direction for 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 crypto financial market.

Conclusion

From twenty years of "working hard on the ground" to systematic further studies as a doctoral student at the University of Hong Kong, Du Jun exemplifies a leader's pursuit of self-iteration in the industry. From founding ABCDE to establishing Vernal Group, he has expanded his vision from the crypto field to the AI application layer, supporting entrepreneurs with a longer-term perspective. At the same time, as an active participant in the construction of the Hong Kong crypto market, Du Jun's insights into local policies and business layouts provide important references for the industry. "Keep learning, embrace change, and you can continue to lead in a rapidly evolving industry." This may be the most sincere advice from this industry veteran.