ChinaAMC's tokenised HKD and USD money-market funds now trade 24/7 on secondary markets under Hong Kong SFC oversight with NAV deviation safeguards.
Regulation & Gov ·
On October 26, 2026, Hong Kong's Securities and Futures Commission authorized around-the-clock secondary trading for two ChinaAMC tokenised funds—one denominated in HKD and one in USD—on a licensed virtual asset platform. The regulator characterized this as the world's first instance of secondary-market trading for tokenised public funds on an SFC-licensed venue. The trading venue itself remains unnamed, and no data on initial spreads or volumes has been disclosed.
The framework operationalizes SFC rules released in April that govern pricing, liquidity disclosure, and risk controls across continuous secondary markets and the fund's underlying dealing schedule. Trades execute at prices potentially divergent from the fund's portfolio value; platforms must alert investors when execution prices deviate materially from real-time or near-real-time indicative NAV, calculated typically every 15 seconds during market hours. Before trading, investors receive notice that redemption at NAV through the primary market remains available via normal dealing windows, which may yield a different exit price than secondary-market sales.
Market functioning depends on provider-arranged market makers, each required to maintain minimum bid-ask spreads, quote sizes, and order duration commitments, with at least three months' notice required for termination. Platform supervision of market-maker performance and contingency liquidity planning are mandatory. The circular warns explicitly that thin trading and large premiums or discounts to NAV may occur, particularly outside standard Hong Kong trading hours.