Key Notes
- Hong Kong’s regulator says 24/7 secondary trading has begun in two ChinaAMC tokenized public money-market funds.
- Eligible retail and professional investors can trade through PantherTrade, subject to platform and broker rules.
- Secondary prices can differ from NAV, while primary redemption and bank withdrawals follow separate processes.
Hong Kong has opened round-the-clock secondary trading in two ChinaAMC tokenized money-market funds, giving eligible retail investors a way to buy and sell fund interests outside conventional dealing hours. The Securities and Futures Commission describes the approval as the world’s first for tokenized public funds on an SFC-licensed virtual asset trading platform.
The regulator’s October 26 announcement identifies two existing funds:
- ChinaAMC HKD Digital Money Market Fund
- ChinaAMC USD Digital Money Market Fund
Their tokenized shares trade through PantherTrade, a licensed platform established by Futu Holdings. The service extends secondary trading to weekends and public holidays; access remains subject to the platform’s operating rules and investor onboarding.
Existing Funds Gain a New Trading Channel
The change concerns secondary trading of the Class F HKD and Class F USD tokenized shares, rather than the creation of the underlying funds. ChinaAMC’s October 23 notice sets the arrangements to take effect around October 26 and names PantherTrade as the initial venue.
Investors may trade directly through the platform or through an eligible connecting broker after completing account-opening, identity and anti-money-laundering checks. A broker’s own trading hours can limit access through that channel.
PantherTrade’s separate listing notice names the CAMFF-HKD and CUMFU-USD pairs and allows retail and professional investors. It carries an earlier October 15 trading date; the SFC release and the issuer’s formal notice identify October 26 for the secondary-market rollout.
Ethereum Infrastructure With Regulated Recordkeeping
The funds’ prospectus describes Ethereum smart contracts used through Libeara’s permissioned digital platform. It identifies Standard Chartered Bank (Hong Kong) as administrator, tokenization agent, digital platform operator and token custodian. One token, or a fraction, represents one fund share or the corresponding fraction.
That infrastructure does not make every secondary trade an Ethereum transfer between investors’ personal wallets. The October 23 notice says PantherTrade remains the direct registered shareholder, while secondary trades are recorded as transfers on the platform’s ledger. Investors’ interests sit within that intermediary structure.
PantherTrade’s listing notice also says token deposits and withdrawals are not supported. The launch therefore provides a regulated trading channel for tokenized fund interests, rather than unrestricted wallet-to-wallet distribution.
Trading Around the Clock Is Different From Redemption
A secondary-market sale matches a buyer and seller at an agreed market price. Primary subscription and redemption remain separate fund processes; the new arrangement does not turn every fund-dealing or banking operation into a continuous service.
ChinaAMC says secondary transactions generally settle within one hour between platform accounts, subject to trading rules, with additional time possible through connecting brokers. That is not a promise of instant withdrawal into a bank account.
The distinction also affects price. The SFC’s April 20 framework warns that trading can be thin and prices can move away from net asset value, particularly outside normal Hong Kong financial-market hours and at weekends. Its safeguards cover pricing alerts, indicative NAV information, market making and disclosure.
The SFC also points to future links with tokenized deposits under Project Ensemble, which it is developing with the Hong Kong Monetary Authority. More flexible movement of sale proceeds is an intended further step, not confirmation that every part of that settlement model is already available.
Hong Kong is building payment-token infrastructure alongside these investment products. CoinScreamer’s RedCoin report covers HSBC’s separate consumer rollout through PayMe, with tokenized investment subscriptions planned as a later addition.
Disclaimer: CoinScreamer is an independent media brand owned and operated by NuvexMedia LLC, publishing news, research, and market insights on digital assets and related technologies. NuvexMedia LLC invests in and collaborates with companies across the digital asset, blockchain, and technology sectors. These relationships do not influence CoinScreamer’s editorial coverage, and the publication maintains full editorial independence to provide accurate, timely, and objective information. © 2025 NuvexMedia LLC. All rights reserved. This content is for informational purposes only and should not be considered legal, tax, investment, financial, or other professional advice.
