Hong Kong's Securities and Futures Commission (SFC) approved 24/7 secondary trading of two ChinaAMC tokenised money market funds on 26 October 2026, giving Asian allocators a live test of round-the-clock liquidity for a regulated tokenised fund.

TL;DR

  • The SFC approved continuous trading of the ChinaAMC HKD and USD Digital Money Market Funds on an SFC-licensed virtual asset trading platform, under a pilot framework set out in an April 2026 circular.
  • Ledger Insights reports the platform is PantherTrade, owned by Futu Holdings, and that trading is a closed loop: tokens cannot be withdrawn and legal ownership stays on the fund's off-chain register.
  • This is a money market fund, not a private-markets product, so it shows what regulated tokenised liquidity looks like but does not yet change exit options for private funds.

What exactly did the SFC approve?

According to a summary of SFC press release 26PR174, the regulator approved secondary trading of the ChinaAMC HKD Digital Money Market Fund and the ChinaAMC USD Digital Money Market Fund, both SFC-authorised tokenised funds (funds whose units are recorded as digital tokens). Trading runs 24 hours a day, seven days a week, from the approval date on a licensed virtual asset trading platform (VATP). The pilot framework, set out in an SFC circular of 20 April 2026, covers trading channel operations, fair pricing, liquidity provision and disclosure. The initial scope is limited to tokenised money market funds, and the SFC said it will monitor trading and may widen the scope later.

How does the trading actually work?

Ledger Insights, on 27 October, reported that trading takes place on PantherTrade, a crypto exchange owned by Nasdaq-listed Futu Holdings, and that only Class F shares are tradable there. Investors do not have to wait for subscription or redemption windows and can exit at any time, though at a cost. The fund had about US$660 million in assets, of which retail share classes were roughly 16%, per the same report. Asia Asset Management, by contrast, said fund size was not disclosed, so treat the figure as one outlet's report. Ledger Insights also notes that Hong Kong lets one VATP licence cover both crypto and tokenised securities.

What should APAC allocators ask about tokenised liquidity?

Round-the-clock trading is not the same as redemption on demand. Allocators weighing tokenised funds can ask who provides liquidity when the order book is thin, what the exit cost is compared with a normal redemption, and where legal ownership sits. Here the register stays off-chain and tokens cannot leave the platform, so the token is a trading wrapper rather than a bearer asset. Our explainer on what tokens actually give a holder is at https://altassetasia.com/tokenised-assets-what-do-you-own/ , and the wider question of getting capital back from private investments is at https://altassetasia.com/private-investments-income-capital-back/ . This is not investment advice.

What is not confirmed?

We could not open the SFC release itself, so its wording is taken from a law-firm summary. The sources do not say which investors are eligible to trade, and the Asia Asset Management and Timothy Loh LLP reports do not name the platform. Any link to tokenised deposits under Project Ensemble, a Hong Kong Monetary Authority collaboration, is described as a future prospect only. No timetable exists for extending the pilot to private funds.

Frequently Asked Questions

Which funds can now trade 24/7 in Hong Kong?

The ChinaAMC HKD Digital Money Market Fund and the ChinaAMC USD Digital Money Market Fund, approved by the SFC on 26 October 2026.

Can tokens be moved off the trading platform?

According to Ledger Insights, no. Tokens cannot be withdrawn from PantherTrade and official ownership remains on the fund's off-chain register.

Does this apply to private equity or private credit funds?

No. The SFC's initial scope covers tokenised money market funds only, and it may broaden the scope later after monitoring trading.

Sources and Method

Regulator: SFC press release 26PR174, 26 October 2026, as summarised by Timothy Loh LLP (the SFC page itself did not load). Independent reports: Ledger Insights, 27 October 2026, and Asia Asset Management, Ziyu Xiao, 2 November 2026. Figures and platform details are as reported by those outlets.