Du Jun: Increasingly unable to agree with the current ecosystem in the primary market, hoping to contribute to things that promote industry progress.

ABCDE co-founder Du Jun tweeted, "ABCDE's decision to stop investing in new projects and raising a second fund is entirely a personal desire to change my approach and rethink how to participate in the industry's development. The team is great, and there are no issues with fundraising. The two cornerstone LPs have ample funds and are willing to continue their support. This isn't a matter of funds or ability, but a choice of direction.

Frankly, I am increasingly unable to agree with the current ecosystem in the primary market: many projects are extremely short-sighted, only thinking about how to get listed on exchanges as quickly as possible, and what is often left behind is a complete mess. What's even more worrying is that some primary funds not only show no reflection on this, but also heavily promote the "exchange-listed projects" they have invested in and their short-term market cap performance, while never mentioning the value creation of the projects themselves, let alone whether these projects survive healthily after being listed. This is not a game I am willing to participate in, nor is it the original intention of founding ABCDE. For me, this kind of work is a waste of time rather than creating value. I don't lack this money, nor do I want to earn it.

Going forward, I would rather invest my time and resources in things that truly promote industry progress: spending time, putting in effort, developing strategies, accompanying mission-driven teams, and incubating companies that can truly bring long-term value to the industry and society. As a member of the industry, I believe we have a responsibility to promote the return of the ecosystem to rationality and health, rather than being swept up in short-term games."