The new spot Pando and the SOL fund will provide direct exposure through licensed trading infrastructure. However, unlike some US products, this fund will not pledge its holdings.
Hong Kong is set to welcome its second Solana Exchange-Traded Fund (ETF). The fund is scheduled to list on the Hong Kong Stock Exchange on tomorrow, October 13th at Pando Solana ETF (HKEX: 02831). This ETF will allow investors to gain exposure to SOL through a regulated investment infrastructure, without the need to directly hold those assets themselves.
ETF will become the third spot virtual asset product launched by the company, following the previously released Bitcoin and Ethereum ETF.
Lower management fees, but no staking is provided.
Pando sets the annual management fee at 0.6%, which is lower than the current 0.99% charged by ChinaAMC Solana ETF ( HKEX : 03460). Pando estimates its annual recurring expenditure ratio to be 1.6%, while for ChinaAMC the product's ratio is 1.99%.
In September 2023, Pando Finance was approved by the Securities and Futures Commission (SFC) to manage investment funds that may allocate up to 100% of their portfolio to virtual assets. As a result, such funds may invest up to 100% of their net asset value in SOL, while retaining a maximum of 3% in cash for expenses and redemptions.
Unlike the US spot Solana ETF, the funds of Pando will not pledge their SOL holdings, which means that investors will not receive any pledge rewards through this product. Additionally, these funds will not use derivatives or leverage.
HashKey Exchange will be responsible for the SOL transaction, while HashKey Custody Services Limited will manage the fund positions. BOCI - Prudential Trustee Limited will act as the trustee and manager.
Hong Kong Expands Framework for Digital Assets
On the occasion of the listing of Pando, Hong Kong continues to develop its regulated digital asset market. The "Policy Address" released on September 16, 2026, outlined plans to strengthen virtual asset licensing rules and to provide clearer compliance guidelines for service providers. The government also intends to improve the regulations for tokenized investment products, including gold and other suitable real-world assets, and to support regulated stablecoin transactions on licensed platforms.
Other developments also show that the institutional activities of Solana in that region are increasing. 2WA has tokenized USDGO Plus SP on Solana and described it as the first market-neutral fund built on USDGO. USDGO is a stablecoin issued by Anchorage Digital Bank and backed by the US dollar. OSL is responsible for custody and distribution, and is only available to qualified professional investors in Hong Kong.
After holding Solana Accelerate Hong Kong in February, Solana also plans to expand its influence in that region through Solana Accelerate China. This is a tour event covering 4 cities, scheduled to take place from October 16th to 22nd in Shanghai, Hangzhou, Shenzhen, and Beijing.
The event aims to connect developers, entrepreneurs, and investors in order to explore technical opportunities between China and international markets.
SOL ETF Records the Worst Week of 2026
The listing of Pando occurred during a period of differentiated demand for Solana investment products. The global spot SOL ETF holds approximately $1.9 billion in net assets and has already attracted a cumulative net inflow of $1.61 billion.
However, US spot Solana ETF recorded a net outflow of $24.8 million last week, which was the worst performance for the year 2026. If we look at this outflow over a longer period, the situation is not that bad. The week before, these products recorded their largest single-week net inflow since their launch, with a total of over $188 million; and in the previous three months, they had net inflows every week, accumulating to nearly $500 million. During that time, the price of SOL rebounded from around $70 to $120.
This new Hong Kong fund will expand investors' regulated access to SOL and create additional demand for that asset.
