Key Takeaways
- • Pandu (also rendered Pando Finance) plans to list a spot Solana ETF (stock code 02831) on the Hong Kong Stock Exchange on October 13, 2026, making it the city's second fund with direct SOL exposure, according to the primary source.
- • Subscriptions run October 6 to 12, with an indicative issue price of HK$7.80 to HK$8 per share and a minimum 100-share lot of roughly HK$800 before fees.
- • The fund charges a 0.6% annual management fee versus 0.99% for ChinaAMC's existing Solana ETF (03460), though its estimated total recurring expense ratio of 1.6% is below ChinaAMC's 1.99%.
- • The ETF will hold SOL via HashKey Exchange for trading and HashKey Custody Services for safekeeping, and will not stake, use derivatives or employ leverage; cash may be up to 3% of NAV.
- • Product documents cite a maximum single-day SOL decline exceeding 42% during 2022 and warn investors could lose their entire investment.
Summary
Pandu Asset Management, referred to in some coverage as Pando Finance, is set to list a spot Solana exchange-traded fund on the Hong Kong Stock Exchange on October 13, according to the primary report from Pluang. The listing would make it the city's second investment product offering direct exposure to Solana, following the ChinaAMC Solana ETF (03460), which Hong Kong's Securities and Futures Commission approved in October 2025.
Subscriptions are open from October 6 to 12, with an indicative issue price between HK$7.80 and HK$8 per share and a minimum lot of 100 shares, implying an entry cost of approximately HK$800 before brokerage and other charges. Although the fund uses the US dollar as its base currency for accounting, its shares will trade in Hong Kong dollars. The fund will not distribute dividends.
Fee structure is a key point of differentiation. Pandu sets an annual management fee of 0.6%, compared with 0.99% for ChinaAMC's product, and an estimated annual recurring expense ratio of 1.6% against 1.99% for ChinaAMC, according to published fund figures reported by crypto.news. The fund is structured as a passive vehicle that can allocate up to 100% of its NAV to SOL, with performance benchmarked against the CME CF Solana Dollar Reference Rate, Asia Pacific closing price.
HashKey Exchange will execute Solana transactions, and HashKey Custody Services will safeguard the assets. The fund will not participate in staking, meaning investors will not receive validator rewards, and its investment rules prohibit derivatives and leverage. The product documents warn that SOL has experienced considerable volatility, including a single-day decline exceeding 42% during 2022, and that investors could lose their entire investment.
The launch comes amid broader regulatory development of Hong Kong's digital asset market, including the September 2026 Policy Address proposals on expanded regulated stablecoin trading and tokenized assets, as reported by crypto.news.
Subscriptions are open from October 6 to 12, with an indicative issue price between HK$7.80 and HK$8 per share and a minimum lot of 100 shares, implying an entry cost of approximately HK$800 before brokerage and other charges. Although the fund uses the US dollar as its base currency for accounting, its shares will trade in Hong Kong dollars. The fund will not distribute dividends.
Fee structure is a key point of differentiation. Pandu sets an annual management fee of 0.6%, compared with 0.99% for ChinaAMC's product, and an estimated annual recurring expense ratio of 1.6% against 1.99% for ChinaAMC, according to published fund figures reported by crypto.news. The fund is structured as a passive vehicle that can allocate up to 100% of its NAV to SOL, with performance benchmarked against the CME CF Solana Dollar Reference Rate, Asia Pacific closing price.
HashKey Exchange will execute Solana transactions, and HashKey Custody Services will safeguard the assets. The fund will not participate in staking, meaning investors will not receive validator rewards, and its investment rules prohibit derivatives and leverage. The product documents warn that SOL has experienced considerable volatility, including a single-day decline exceeding 42% during 2022, and that investors could lose their entire investment.
The launch comes amid broader regulatory development of Hong Kong's digital asset market, including the September 2026 Policy Address proposals on expanded regulated stablecoin trading and tokenized assets, as reported by crypto.news.
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