HashKey's listing price was HKD 6.68, and it broke below the offering price immediately after opening. Talking about this is a bit painful—this phenomenon has become more and more common in recent years.

It's not just Web3 projects; even new Web2 stock offerings are starting to play out this kind of drama. The basic logic is: overhyped financing prices, and the price starts to fall as soon as it hits the market. Investors chase the high and buy in, only to end up as the biggest losers in the end.

Thinking about it, what does this reflect? Some projects hype up bubbles during their fundraising stages, promising dazzling futures, but when they actually go public and face market testing, the valuation myth is shattered. These kinds of events happen time and again, inevitably causing doubts about the credibility of the cryptocurrency industry—why are there always so many "cutting leeks" operations?

Of course, you can't generalize and blame everyone. But to restore market confidence, project teams and exchanges really need to focus on fundamentals like fundraising pricing and information disclosure. Don’t let breaking below the offering price become the norm.