ChinaAMC funds open secondary trading around the clock
ChinaAMC digital money market funds began round-the-clock secondary trading on an SFC-licensed platform. The live question is how far that print sits from NAV.
Secondary trading in ChinaAMC’s Hong Kong dollar and US dollar digital money market funds began on October 26, 2026, and the price path matters more than the permission itself. The Securities and Futures Commission (SFC) said the ChinaAMC HKD Digital Money Market Fund and the ChinaAMC USD Digital Money Market Fund, both already authorised, started changing hands around the clock on an SFC-licensed virtual asset trading platform (VATP). The commission called the session the first secondary trading of tokenised public funds on a platform it licenses. A buyer there is taking a secondary-market print in a fund unit, a different instrument from a stablecoin claim and from a subscription struck at net asset value (NAV).
The announcement names the two ChinaAMC funds and describes the venue as an SFC-licensed VATP. The October 26 step opens a secondary channel beside primary dealing. Centralised platforms that run a virtual asset exchange in Hong Kong, or market one to Hong Kong investors, must be licensed and regulated by the SFC.
The April circular still prices the print
That channel sits on a pilot published on April 20, 2026. The circular on secondary trading of tokenised SFC-authorised investment products allows on-platform trading for retail investors on a licensed VATP, and it expects a platform to fill an order against capital or tokens already in the client’s account. Fair pricing means a price-deviation alert when the executable price moves past a prescribed threshold from the real-time or near real-time indicative NAV, and a reminder of the primary-market alternative. Offering documents must warn that trading can be thin and that a premium or discount to NAV can be large outside Hong Kong hours and on weekends. Platforms must display an indicative NAV, typically refreshed at least every 15 seconds during trading hours, beside the last official NAV from the latest primary dealing day.
ChinaAMC is the product provider the SFC named for the first pair. The circular tells providers to use their best endeavours to keep at least one market maker on each fund, with at least three months’ notice before that market maker withdraws, and to appoint SFC-licensed corporations or registered institutions as distributors for creation and redemption. The provider must alert the SFC if the last market maker resigns, and tell the SFC and investors if dealing or market making stops. The October release makes tokenised money market funds the first batch.
Elisa Ng, executive director of investment products at the SFC, said: “It puts the SFC’s regulatory framework through its paces and adds an important building block – 24/7 trading capability – to Hong Kong’s evolving tokenisation ecosystem.” A screen that stays open all week still needs a market maker and an indicative NAV while the cash market is shut, and the circular says primary dealing, where offered, clears at the next NAV rather than at the screen price.
A fund unit on an order book
A sterling liquidity fund’s tokenised share class and BlackRock’s tokenised money market share classes put the fund unit on a new rail. Hong Kong’s step puts an authorised public fund on an order book a licensed VATP may offer to retail investors around the clock. The same split between a trading clock and a slower reference already appears in tokenised stocks that trade 24/7 against a reference feed that runs 24/5. Here the reference is indicative NAV, and the official figure remains the last dealing-day NAV. Hong Kong’s first tokenised covered-call ETF reached the market on another design.
What the commission watches next
The next stage is supervision of a narrow batch. The SFC said it will watch this money market trading and consider other public funds as experience builds. On the same April day, it revised the circular on tokenisation of SFC-authorised investment products, which treats primary dealing as allowed where the fund meets the authorisation tests and points secondary trading to the fair-pricing and liquidity rules. The October release also pointed to tokenised deposit rails developed with the Hong Kong Monetary Authority under Project Ensemble as a later way to move sale proceeds. That step is still a prospect. What opened on October 26 is the two ChinaAMC funds on a licensed VATP, with the price-to-NAV alert as the check on the all-week print.
This article is informational analysis only and is not financial, investment, or trading advice. Cryptocurrencies are highly volatile and can lose substantial value rapidly. Past performance and historical patterns do not guarantee future results. Do your own research and consult a regulated financial adviser before making any investment decision.
Reporting by Karthik Subramanian. Filed 31 October 2026, 08:20 GMT.
Digital Assets Correspondent
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem.
