Hong Kong opens 24/7 retail trading of tokenised money market fund on PantherTrade
Hong Kong retail investors can now buy and sell a tokenised money market fund at any hour, after the Securities and Futures Commission approved 24/7 trading of the ChinaAMC Digital Money Market Fund on PantherTrade, the crypto exchange owned by Nasdaq-listed broker Futu Holdings.
The fund holds around $660 million in assets under management, of which roughly 16% sits in retail share classes. Only the Class F shares are tradable on PantherTrade, and they trade in both US dollars and Hong Kong dollars. The approval marks the first time a retail tokenised money market fund in the city can be traded continuously rather than through fixed subscription and redemption windows, so investors are no longer tied to a dealing schedule when they want out of a position.
The freedom comes with boundaries. Tokens cannot be withdrawn from PantherTrade, and official ownership stays on the fund's off-chain register. That makes the arrangement order book trading inside a closed loop rather than the free movement of tokens between wallets, and the SFC has signalled that exiting at any hour still carries a cost.
The regulator's April proposals had pointed to settlement in tokenised deposits and stablecoins, and ChinaAMC (Hong Kong) has been building that plumbing. Last month the firm began incorporating tokenised deposits into the fund itself using HSBC's tokenised deposit capabilities, and in September it completed a subscription and redemption use case with Standard Chartered's Anchorpoint regulated Hong Kong dollar stablecoin.
Hong Kong's advantage is structural: its licensing regime lets virtual asset trading platforms deal in both cryptocurrencies and tokenised securities, whereas many other jurisdictions require a separate licence for securities trading. According to Token Times, that dual permission is what allows an exchange such as PantherTrade to host a fund product alongside crypto pairs.
