Du Jun shared his original intention of returning to campus for further study, the different strategic layouts of ABCDE and Vernal Group, and his insights into Hong Kong's crypto financial market.

Author: 0x9999in1, MetaEra

On June 19, 2025, at the University of Hong Kong, MetaEra CEO Jessica Yang engaged in an in-depth dialogue with ABCDE co-founder and Vernal Group Chairman Du Jun. As a student in the doctoral program at the University of Hong Kong, Du Jun shared his original intention of returning to campus for further study, the different strategic layouts of ABCDE and Vernal Group, and his insights into Hong Kong's 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 year of his entrepreneurship. Looking back to 2004 when he started his entrepreneurial journey and dropped out in 2005, Du Jun admitted that for the past twenty years he has always been "working hard on the ground," focusing on entrepreneurship and investment with little time for systematic thinking. 2024 is a significant milestone for him; he hopes to transform twenty years of entrepreneurial and investment experience into a systematic, reusable knowledge framework through the doctoral program.

"My goal is to distill the practical experience of entrepreneurship and investment into methodologies that can be structured tools for myself and my colleagues," Du Jun stated. This process is not only personal further education but also a reflection and sublimation of past experiences. He hopes to outline a replicable knowledge structure from an academic perspective to provide guidance for 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 layout—Vernal Group—demonstrates a more diverse 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 (LPs) limits its ability to support long-term projects. "Some projects may require 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 is more like a joint family office, with main funding sources from Du Jun and another core shareholder. This structure gives Vernal greater flexibility, without the burden of short-term return pressure, allowing it to accompany entrepreneurs with a longer-term perspective. "Our money is relatively long-term funds; three years, five years, or ten years doesn’t matter," Du Jun emphasized, stating that Vernal's goal is to be an "accompanying runner" for entrepreneurs.

ABCDE's investment portfolio focuses 100% 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 only accounting for a small part of its portfolio. Vernal focuses on the AI application layer, especially on projects that can generate cash flow, improve efficiency, or optimize processes.

"We do not 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, AI taxation, and financial tools. These projects aim for "simple efficiency improvement" and are close to market demand, intending to capture the best returns during the AI explosion period.

Hong Kong: A Strategic High Ground for Crypto Finance

As a leading figure in the crypto industry, Du Jun is confident about 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 geographical position and policy environment. In recent years, Hong Kong has launched a series of friendly policies, including a stablecoin regulatory framework and talent introduction plans, attracting global blockchain enterprises and talents.

"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, combined with its international advantages, which is expected to nurture new business models.

The team has already landed in Hong Kong through the publicly listed company New Fire Technology in 2022, and currently has an office while actively applying for relevant licenses. Among these, the financial custody business is Vernal's core business direction 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 study as a doctoral student at the University of Hong Kong, Du Jun demonstrates a leader's pursuit of self-iteration. From founding ABCDE to establishing Vernal Group, he expanded his vision from the crypto field to the AI application layer, providing long-term support for entrepreneurs from a more accompanying perspective. At the same time, as an active participant in the construction of Hong Kong's crypto market, Du Jun's insights into local policies and business layout provide important reference for the industry. "Keep learning and embrace change to maintain a leading position in a rapidly evolving industry." This may be the most sincere advice from this industry veteran.