[The Hong Kong Securities and Futures Commission approves the secondary market trading of tokenized funds offered to the public for the first time] On October 26, the Hong Kong Securities and Futures Commission has approved the world’s first batch of tokenized funds offered to the public to be traded in the secondary market on the Hong Kong Securities and Futures Commission’s licensed virtual asset trading platform (VATP). Two existing Hong Kong Securities and Futures Commission-authorized tokenized money market funds have begun offering round-the-clock secondary market trading today. Based on the current regulatory system of exchange-traded funds and VATPs of the Hong Kong Securities and Futures Commission, the Hong Kong Securities and Futures Commission will launch a new regulatory framework in April 2026 to pilot tokenized funds recognized by the Securities and Futures Commission for secondary market transactions in VATPs licensed by the Securities and Futures Commission. The Hong Kong Securities and Futures Commission sets out in the circular the relevant regulations and safeguards for secondary market transactions of tokenized funds, covering aspects such as the operation of trading channels, fair pricing, liquidity provision and disclosure, etc.