Hong Kong clears secondary trading of tokenized money-market funds

The Securities and Futures Commission of Hong Kong authorized trading between investors in tokenized public funds on October 26, 2026, permitting two ChinaAMC money-market funds on the licensed PantherTrade exchange. The funds, CUMFU-USD and CAMFF-HKD, each represent full or fractional shares in ChinaAMC’s USD or HKD Digital Money Market Fund; ownership is recorded off-chain, and PantherTrade does not allow token deposits or withdrawals. The approval followed an April 20 circular extending the SFC’s November 2023 tokenization guidance beyond primary subscriptions and redemptions, using an ETF-based framework. SFC chief executive Julia Leung said the aim was for a tokenized traditional securities product to trade in the evening and on weekends.