China Asset Management (Hong Kong) launched its second batch of tokenized money market funds on July 17, 2025, denominated in US dollars and Chinese yuan, respectively. This marks the listing of the world’s first RMB tokenized fund in Hong Kong.
Gan Tian, CEO of ChinaAMC (Hong Kong), said that although there have been reports that Hong Kong may introduce a compliant offshore RMB stablecoin in the future, the launch of this RMB tokenized fund is a way to prepare from both market and product perspectives, and once policy is implemented, this fund will become the first financial instrument to serve as an interest-bearing asset supporting RMB stablecoins.
He also said that the Hong Kong government is actively promoting the development of the offshore RMB market, and in the medium to long term, the offshore RMB capital pool is expected to grow from the current scale of about 1 trillion yuan to 5 trillion yuan.
Both tokenized funds are offered to retail investors and are named the “ChinaAMC USD Digital Currency Fund” and “ChinaAMC RMB Digital Currency Fund,” respectively. The minimum subscription amounts are $1 and RMB 10. ChinaAMC (Hong Kong) did not disclose the individual sizes of the funds, but their combined scale is about $100 million.
Like the “ChinaAMC HKD Digital Currency Fund” issued on February 28 this year, these two tokenized funds are issued on the Ethereum public chain. Investors subscribe to tokenized shares of the fund, while the underlying assets remain the same as those of traditional money market funds.
According to the product profile, no less than 70% of the net asset value of the ChinaAMC RMB Digital Currency Fund will be invested in short-term deposits, fixed income products and bonds denominated and settled in RMB, government bonds, certificates of deposit, commercial papers, fixed and floating rate short-term notes, and banker’s acceptances, as well as other securities permitted by the Hong Kong Securities and Futures Commission’s “Code on Unit Trusts and Mutual Funds.”
The two funds adopt a “traditional + digital” dual-distribution model, with seven distribution partners: Futu Securities International (Hong Kong), CITIC Securities Brokerage (Hong Kong), Guotai Junan Securities (Hong Kong), Huaying Oriental (Asia) Holdings, Fosun International’s fintech provider Xinglu Financial, Huaying Oriental (Asia) which operates the digital financial services platform “Solomon,” and OSL Digital Securities Ltd., which operates OSL Exchange, Hong Kong’s first licensed virtual asset platform.
Compared with the “ChinaAMC HKD Digital Currency Fund” launched more than four months ago, the distribution channels for the two new tokenized funds include more traditional brokerage firms. This aligns with the recent trend of traditional financial institutions actively upgrading licenses and building pathways to provide digital asset services. As of July 16, 2025, the number of institutions offering digital asset trading services through integrated accounts had increased to 43.
All three tokenized money market funds by ChinaAMC (Hong Kong) are custodied by Standard Chartered Trust (Hong Kong), while Standard Chartered Bank (Hong Kong) serves as the tokenization agent, digital platform operator, and token custodian for the funds.
Currently, ChinaAMC (Hong Kong) is the fastest-moving Chinese fund company in the tokenized fund space. Gan is highly optimistic about the future development of tokenized funds, saying that the medium-to-long-term goal is for tokenized funds to support subscription and redemption in three forms of currency: fiat, stablecoins, and tokenized deposits. Currently, the three tokenized funds only accept fiat for subscriptions and redemptions.
The Hong Kong Monetary Authority launched the Ensemble Project in March 2024 to pilot tokenized asset use cases. When the project was introduced, it defined the financial leg of digital currencies to include tokenized deposits, digital Hong Kong dollars, and regulated stablecoins, all of which can be used for tokenized asset transactions. ChinaAMC (Hong Kong) participated in the Ensemble Project sandbox.
In addition, tokenized funds launched in Hong Kong are currently only open for primary market subscriptions and redemptions, with secondary market trading yet to be realized. Gan Tian noted that the ultimate goal for ChinaAMC (Hong Kong)’s tokenized funds is to achieve 24/7 real-time settlement and enable free trading on the secondary market. “This requires every part of the ecosystem to be ready, including technical feasibility, meeting institutions’ compliance and risk control requirements, and of course, regulatory approval. That is the direction we are moving towards.”