Hong Kong's Second Solana ETF Lists as US Funds Shed $24.8M

Pando Finance's Solana ETF (2831.HK) began trading on the Hong Kong Stock Exchange on 13 October 2026, turning over HKD 1.99 million on 268,300 units in its first session. The fund opened at HKD 7.320 against a previous close of HKD 7.847 and traded between HKD 7.290 and HKD 7.585, per HKEX quote data timed 15:58 HKT and delayed at least 15 minutes. The board lot is 100 shares and the fund listed with 8,200,000 outstanding units, Pando's fund page says.

Whether that day turns into sustained demand is not yet measurable. Pando's page carried last price, NAV per unit and total NAV as "TBD" on listing day, so there is no published NAV to compare the price against, and no creation or redemption figure for the first session.

Hong Kong's second spot Solana ETF also listed into a US market where the same product line has just posted its first negative week after 14 straight weeks of inflows.

Hong Kong's First Solana ETF Drew More on Day One

ChinaAMC's 03460 listed on the SEHK Main Board on 27 October 2025. Its first day brought HKD 11.39 million of trading volume and HKD 21.29 million of initial net assets, roughly 13,461 SOL, with the HKD counter closing at a 0.60% discount to NAV. Pando's first-day turnover was HKD 1.99 million.

The incumbent ended 13 October with net asset value of 4.03 million as of that date and an official NAV per unit of $0.5527, down 3.83% on the day, on its own fund page. No combined asset figure for Hong Kong's two spot Solana ETFs has been published.

Pando Undercuts the Incumbent on Fees

Pando charges an annual management fee of 0.60% and ongoing charges of 1.60%. ChinaAMC's fund charges 0.99% and 1.99%.

The structural difference between the two products is in the wrapper. Pando's fund trades in Hong Kong dollars, has a US dollar base currency, uses physical replication and is domiciled in Hong Kong. It tracks the CME CF Solana-Dollar Reference Rate, Asia Pacific Variant, with CF Benchmarks as index provider. It does not stake its SOL and cannot use derivatives or leverage, and it may hold up to 3% of net asset value in cash for fees and redemptions.

HashKey Exchange is the virtual asset trading platform, HashKey Custody Services is the sub-custodian for virtual assets, and BOCI-Prudential Trustee is the custodian, administrator and registrar. China Merchants Securities (HK), Eclipse Options (HK) and Flow Traders Hong Kong are the market makers, per HKEX.

US Solana Funds Shed $24.8 Million in the Week to 9 October

US spot Solana ETFs recorded net outflows of $24.8 million in the week of 5 to 9 October 2026, the first negative week after 14 straight weeks of inflows, based on SoSoValue data. Farside Investors' flow table puts the same week at about $25.0 million and shows a further $0.7 million of net outflow on 12 October, the first day of the new week. Farside's running cumulative total for the group is $1,574 million.

The prior week had pulled in more than $188 million, the largest weekly inflow since the funds launched, which makes the reversal a full turn rather than a slowdown.

Bitwise's BSOL carried $20.9 million of the redemptions, about 84% of the week's total and its largest weekly outflow on record. Fidelity's FSOL lost $2.1 million, Grayscale's GSOL $3.7 million, and Morgan Stanley's MSOL added $1.8 million. BSOL's own page showed $1,201,532,015 of net assets and 11,024,159.91 SOL in trust as of 9 October, with 99% of assets staked.

The week was red across the group: about $1.25 billion of combined net outflows from US spot crypto ETFs, with Bitcoin funds at $678.9 million and Ethereum funds at $542.2 million, per Farside data. Combined net assets of US spot Solana ETFs fell to $1.73 billion from $1.90 billion a week earlier, and from a record $1.96 billion on 25 September.

Solana traded lower with it. The CME CF Solana-Dollar Reference Rate, Asia Pacific Variant, closed at 112.6522 on 12 October, per ChinaAMC's fund page. SOL closed at $109.19 on 9 October, about 10% below its 4 October close of $121.56.

No Published NAV Means No Premium or Discount Yet

Three numbers will show whether Pando is drawing money in. The first is NAV per unit, which would let a reader measure the fund's premium or discount to the value of its holdings. The second is outstanding units: creations above the 8,200,000 reported at listing are the clearest evidence of new money. The third is turnover, where HKD 1.99 million from day one is the bar the following sessions have to beat.

None of the three exists yet. Until the first NAV prints, the only hard figure from the Hong Kong listing is HKD 1.99 million of first-day turnover, against HKD 11.39 million when the first Solana ETF in the city listed a year earlier.