The China Opportunity: Solana Company

While many Western crypto projects shy away from China due to regulatory fears, one veteran banker-turned-crypto advocate is making a compelling case that the world's most populous nation represents Solana's biggest untapped opportunity—and that the risks are far more manageable than most people think.

Summary

At Breakpoint 2025, Joseph Chee, a Malaysian crypto veteran who has spent 25 years split between Beijing and Hong Kong, delivered a candid presentation about why the Mandarin-speaking community should be a priority market for Solana's global expansion. His central thesis: while the Chinese crypto community has traditionally gravitated toward Ethereum, Solana's core values of speed, scalability, and user-friendliness align perfectly with how Chinese businesses have dominated industries from mobile phones to electric vehicles.

Chee's recent roadshow through Beijing, Shanghai, Hangzhou, Shenzhen, and Hong Kong proved his point dramatically—every venue was packed with young, entrepreneurial developers, despite no formal promotion. The presentation challenged widespread misconceptions about operating in China's crypto landscape, arguing that as long as companies avoid the cardinal sins of defrauding retail investors and facilitating capital flight, there's substantial room to build legitimate businesses.

The numbers tell a compelling story: China produces 5 million tech-capable graduates annually, with over 500,000 tech startups forming each year. Chee noted that the top 20 tech companies in China alone employ more programmers than the entire blockchain industry worldwide, which he estimated at around 30,000-40,000 developers. Even capturing 5% of China's technical talent pool could transform Solana's ecosystem.

Key Points:

China's Technical Talent Represents an Unmatched Resource

The scale of China's technical workforce defies comparison to any other market in the world. With 5 million tech-capable students graduating from universities and colleges annually, and more than 500,000 tech startups forming each year, the country represents the largest pool of potential blockchain developers on the planet. Chee emphasized that these aren't just numbers—these are hard-working, smart, and cost-effective engineers who could dramatically accelerate Solana's development capacity.

To put this in perspective, Chee noted that when he asked about the total number of programmers in the blockchain space globally, estimates ranged from 30,000 to 40,000. China's top 20 tech companies alone employ multiples of that figure. The opportunity cost of ignoring this talent pool is enormous, and Chee argues that even modest penetration—just 5%—would be transformative for Solana's ecosystem growth.

Solana's Performance Characteristics Match Chinese Business Philosophy

One of Chee's most insightful observations was the philosophical alignment between Solana's technical architecture and how Chinese companies approach markets. The Chinese business playbook—visible in their dominance of mobile phones, logistics, EVs, and internet applications—centers on scalability, low cost, speed, accessibility, and user-friendliness. These are precisely the characteristics that define Solana's value proposition.

This natural fit stands in contrast to the current reality where most Chinese crypto participants have gravitated toward Ethereum. Chee sees this as a significant white space opportunity rather than a competitive disadvantage. The challenge isn't convincing Chinese developers that Solana is better suited to their approach—it's simply reaching them with the message.

Debunking the "China Fear" Myth

Perhaps the most valuable portion of Chee's presentation addressed the fear that paralyzes many Western companies considering China expansion. He acknowledged the common concerns directly: fears of being detained, border control issues, or disappearing without a trace. Drawing on his own experience as a controlling shareholder and board member of major crypto companies over the past seven to eight years, Chee stated plainly: "I go in and out. It's not that hard to stay out of trouble."

His framework for operating safely in China boils down to two principles. First, don't exploit unsophisticated retail investors—the Chinese government's primary concern is protecting its massive population from scams and fraud. Second, don't facilitate capital flight, which is a concern shared by many countries with capital controls, including India and Vietnam. Beyond these red lines (and obvious political sensitivities), Chee suggests the operating environment is more hospitable than reputation suggests.

Hong Kong as the Gateway

While mainland China maintains restrictions on certain crypto activities, Hong Kong has emerged as the strategic gateway for legitimate crypto businesses targeting the Chinese market. Chee highlighted HashKey, a cryptocurrency company getting listed in Hong Kong, as an example—their entire tech team and substantial support operations are based onshore in mainland China, operating without issues.

Hong Kong's regulatory environment has become increasingly welcoming to crypto businesses, and Chee noted that capital is flowing back to the territory. In a notable data point, he mentioned that Hong Kong is projected to be the largest IPO market for 2025, suggesting robust institutional infrastructure for companies looking to establish formal presence in the region.

Recent Headlines Don't Reflect Actual Policy Changes

Chee addressed recent news articles suggesting China was "beating up" the crypto sector again, dismissing them as nothing new. The recent statements simply reiterated longstanding positions: stablecoins aren't fiat currency and lack full backing, some stablecoins carry risk, and crypto retail businesses cannot operate onshore. None of this represents a policy shift—these positions have been consistent for years. The key insight is distinguishing between dramatic headlines and actual regulatory changes.

Facts + Figures

• 5 million tech-capable students graduate from Chinese universities and colleges annually
• Over 500,000 tech startups are formed in China every year
• The global blockchain industry employs approximately 30,000-40,000 programmers, according to estimates cited
• China's top 20 tech companies employ multiples of the entire blockchain industry's workforce
• Capturing just 5% of China's technical talent would significantly transform Solana's ecosystem
• Hong Kong is projected to be the largest IPO market for 2025
• Chee has spent 25 years split between Beijing and Hong Kong
• The recent Solana China roadshow visited five cities: Beijing, Shanghai, Hangzhou, Shenzhen, and Hong Kong
• All roadshow venues were overcapacity despite no formal promotion
• HashKey cryptocurrency company is scheduled to list in Hong Kong, with tech teams operating from mainland China
• Chee entered the crypto industry in 2017 after a career in banking

Top Quotes

"There are 5 million tech-capable students graduating from university and colleges every year. There are more than 500,000 tech startups being formed every year in that country."

"If you have 5% of joining us in building our ecosystem, we'll be golden."

"I spent the last seven, eight years. I've been shareholders, sometimes controlling shareholders to major crypto companies and the board. I go in and out. It's not that hard to stay out of trouble."

"The last thing the Chinese government wants to do, wants you to do is to rip off these moms and pops and the taxi drivers. Don't do that."

"Go build something that has a real impact in the real world. Like Mike Norvad says, build ships that people would use that work. It'll be fine."

"A big part of the Chinese community are more Ethereum-based. They don't know much about Solana. That's a big white space for us."

"Without any promotion, every location has been to Beijing, Shanghai, Hangzhou, Shenzhen, Hong Kong. We are full of young, energetic, entrepreneurial people coming to a place that we can't fit everyone."

Questions Answered

Is it safe for foreign crypto companies to operate in China?

According to Joseph Chee, who has operated in the Chinese crypto space for nearly eight years as a shareholder and board member of major companies, the risks are manageable if you follow two core principles. The Chinese government's primary concerns are protecting retail investors from fraud and preventing capital flight. As long as companies avoid exploiting unsophisticated investors and don't facilitate money leaving the country illegally, there's substantial room to operate. Chee himself, a Malaysian national, has traveled in and out of China freely throughout his crypto career, suggesting the worst-case scenarios many foreigners fear are largely overblown for those operating legitimately.

What makes China an attractive market for Solana specifically?

Solana's core technical characteristics—speed, low cost, scalability, and user-friendliness—align remarkably well with how Chinese businesses approach markets. The Chinese have dominated industries like mobile phones, logistics, electric vehicles, and internet applications using exactly this playbook: making things scalable, cheap, fast, and accessible. This philosophical alignment suggests Solana could resonate strongly with Chinese developers and entrepreneurs, especially given that the current Chinese crypto community has gravitated mainly toward Ethereum, leaving significant white space for Solana expansion.

How large is China's technical talent pool compared to the blockchain industry?

The disparity is staggering. China produces 5 million tech-capable graduates annually and spawns over 500,000 tech startups each year. In contrast, the entire global blockchain industry employs an estimated 30,000-40,000 programmers—a number that China's top 20 tech companies alone exceed several times over. This means even modest penetration of China's developer market could dramatically expand the talent available to build on Solana.

Did recent Chinese government statements signal a crackdown on crypto?

No, according to Chee. Despite headlines suggesting China was taking new action against cryptocurrency, the recent statements simply reiterated longstanding positions that have been in place for years: stablecoins aren't backed like fiat currency, some carry systemic risk, and retail crypto businesses cannot operate onshore. Nothing has fundamentally changed in policy, and companies like HashKey continue operating with tech teams in mainland China while preparing to list in Hong Kong.

What role does Hong Kong play in accessing the Chinese market?

Hong Kong serves as the gateway for legitimate crypto businesses targeting Chinese talent and capital. The territory has developed a more permissive regulatory environment for cryptocurrency operations, and capital is flowing back into Hong Kong—evidenced by projections that it will be the largest IPO market for 2025. Companies can establish formal presence in Hong Kong while maintaining technical and support teams in mainland China, as HashKey demonstrates with its upcoming listing.

How did the recent Solana roadshow in China perform?

The roadshow exceeded expectations dramatically. Despite conducting no formal promotion, every venue across five cities—Beijing, Shanghai, Hangzhou, Shenzhen, and Hong Kong—was filled beyond capacity with young, energetic, entrepreneurial attendees. This organic turnout validated Chee's thesis that there's substantial latent interest in Solana within the Chinese technical community, waiting to be captured with focused outreach efforts.