Hong Kong’s 24/7 RWA Market Has a Weekend Problem

On October 26, Hong Kong’s Securities and Futures Commission said secondary trading had begun in Class F tokenized shares of two funds under rules set out in an April 20 circular, allowing eligible retail and professional investors to trade them. ChinaAMC’s October 23 filing warned that prices may diverge from net asset value at weekends and other times when subscriptions and redemptions are closed but trading continues. PantherTrade rejects orders priced more than 4% from the last matched price five minutes earlier and charges takers 0.29%. Buyers hold a beneficial interest against PantherTrade, which remains the registered shareholder, rather than direct fund shares; weekend sales leave cash in the platform, with bank withdrawals waiting for business days.