PANews reported on April 19 that ABCDE co-founder Du Jun tweeted, "ABCDE stopped investing in new projects and raising funds for the second phase because I wanted to change my attitude and rethink how to participate in the development of the industry. The team is great and there is no problem with fundraising. The two cornerstone LPs have sufficient funds and are willing to continue to support. This is not a problem of funds or ability, but a choice of direction.
Frankly speaking, I am increasingly unable to agree with the current ecological atmosphere of the primary market: many projects are extremely short-sighted and only think about how to get listed on the exchange as soon as possible, and what is left behind is often a mess. What is more worrying is that some primary funds not only have no reflection on this, but also hype up their "listed projects" and short-term market value performance, but never mention the value creation of the projects themselves, let alone whether these projects survive healthily after listing. This is not a game I am willing to participate in, nor is it the original intention of my founding ABCDE. For me, such work is a waste of time rather than creating value, and I don’t lack and don’t want to make this money.
Next, I hope to invest my time and resources in things that truly promote the progress of the industry. Spend time, effort, and strategy to accompany teams with a sense of mission and incubate companies that can truly bring long-term value to the industry and society. As a member of the industry, I believe we have the responsibility to push the ecosystem back to rationality and health, rather than being swayed by short-term games. "
