FINANCE

Hong Kong Opens Secondary Trading for Retail Tokenized Funds

Published: Oct. 27, 2026 12:41 a.m. GMT+8

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As of October, Hong Kong had 17 tokenized products available to retail investors, with total assets under management of $1.3 billion. Photo: VCG

Hong Kong’s securities regulator has approved the city’s first tokenized funds for round-the-clock secondary market trading by retail investors, allowing them to buy and sell the products on licensed virtual asset platforms starting Monday.

Two tokenized money market funds managed by China Asset Management (Hong Kong) Ltd. are now available for continuous trading on PantherTrade, a licensed platform incubated by Futu Holdings Ltd. Hong Kong retail investors can trade the funds through the Futubull app, operated by Futu Securities International (Hong Kong) Ltd. (ChinaAMC (HK)), which upgraded its license to offer retail virtual asset trading in July 2024.

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Hong Kong's securities regulator approved the first tokenized funds for retail secondary market trading, available from Monday on licensed platform PantherTrade.
Two ChinaAMC (HK) money market funds (HKD/USD) now trade continuously via Futubull; prior investors had to redeem in the primary market.
SFC's April 2026 framework made Hong Kong the first major jurisdiction for this; 17 retail tokenized products hold $1.3B AUM (up 78% YoY).

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Who’s Who

China Asset Management (Hong Kong) Ltd.: China Asset Management (Hong Kong) Ltd. manages two tokenized money market funds (HKD and USD) now approved for round-the-clock secondary trading by retail investors on licensed platforms like PantherTrade. The firm is exploring blockchain-based settlement via the Project Ensemble sandbox, potentially incorporating stablecoins and tokenized deposits. He Rui heads strategic business.

PantherTrade: PantherTrade is a licensed virtual asset platform incubated by Futu Holdings Ltd. It enables continuous secondary-market trading of tokenized funds for Hong Kong retail investors, starting with two ChinaAMC (HK) money market funds via the Futubull app. It operates under Hong Kong’s SFC framework, advancing the city’s digital asset hub ambitions.

Futu Holdings Ltd.: Futu Holdings Ltd. is a Hong Kong-based financial services firm that incubated PantherTrade, a licensed virtual asset trading platform. Through its subsidiary Futu Securities International, it offers retail investors continuous trading of tokenized money market funds via the Futubull app, supporting Hong Kong's digital asset hub ambitions.

Futu Securities International (Hong Kong) Ltd.: Futu Securities International (Hong Kong) Ltd. operates the Futubull app, enabling Hong Kong retail investors to trade tokenized funds on the licensed platform PantherTrade. It upgraded its license in July 2024 to offer retail virtual asset trading, facilitating continuous secondary market trading for these funds.

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What Happened When

July 2024：: ChinaAMC (HK) upgraded its license to offer retail virtual asset trading.

February 2025：: Hong Kong dollar-denominated tokenized money market fund launched.

August 2025：: U.S. dollar-denominated tokenized money market fund launched.

October 2025：: As of this date, year-over-year comparison for asset growth (implied).

April 2026：: SFC introduced framework for secondary trading of tokenized funds.

November 2, 2026：: Secondary trading begins on licensed platforms (Monday).

AI generated, for reference only

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