Pando Launches Hong Kong’s 2nd Solana ETF as U.S. Funds Record $24.8M in Outflows

Hong Kong will welcome its 2nd Solana spot exchange-traded fund (ETF) when Pando Finance Limited lists the Pando Solana ETF (HKEX: 02831) tomorrow, October 13. The fund will give investors direct exposure to $SOL through regulated investment infrastructure without requiring them to hold the asset themselves.

Investors could subscribe to the ETF from October 6 to 12 at a price of HK$7.80 to HK$8 per share. Each trading lot will contain 100 shares, putting the minimum investment at HK$780 to HK$800, excluding any applicable brokerage charges. The fund uses USD as its base currency but trades in HKD.

Pando’s ETF will become the firm’s 3rd virtual asset spot product, following its Bitcoin and Ethereum ETFs.

Lower Management Fee But No Staking

Pando has set an annual management fee of 0.6%, below the 0.99% charged by the existing ChinaAMC Solana ETF (HKEX: 03460). Pando estimates its annual recurring expenditure ratio at 1.6%, compared with 1.99% for ChinaAMC’s product.

In September 2023, Pando Finance received approval from the Securities and Futures Commission (SFC) to manage investment funds that can allocate up to 100% of their portfolios to virtual assets, and as such, can invest up to 100% of the fund’s net asset value in $SOL, but may retain up to 3% in cash to cover expenses and redemptions.

Unlike the U.S. spot Solana ETFs, Pando’s fund will not stake its $SOL holdings, meaning investors will not receive staking rewards through the product. It will also avoid derivatives and leverage.

HashKey Exchange will handle $SOL trading, while HashKey Custody Services Limited will custody the fund’s holdings. BOCI-Prudential Trustee Limited will serve as trustee and administrator.

Hong Kong Expands Its Digital Asset Framework

Pando’s listing comes as Hong Kong continues to develop its regulated digital asset market. Hong Kong’s September 16, 2026 Policy Address outlined plans to strengthen virtual asset licensing rules and develop clearer compliance guidelines for service providers. The government also plans to improve rules for tokenized investment products, including gold and other suitable real-world assets, and support regulated stablecoin trading on licensed platforms.

Other developments point to growing institutional activity around Solana in the region. 2WA has tokenized USDGO Plus SP on Solana, describing it as the first market-neutral fund built on USDGO, a U.S. dollar-backed stablecoin issued by Anchorage Digital Bank. OSL handles custody and distribution, with access restricted to eligible professional investors in Hong Kong.

After hosting Solana Accelerate Hong Kong in February, Solana is also preparing to extend its regional outreach in the region through Solana Accelerate China, a 4-city tour scheduled for October 16 to 22 in Shanghai, Hangzhou, Shenzhen, and Beijing.

The event aims to connect developers, entrepreneurs, and investors exploring technology opportunities between China and international markets.

$SOL ETFs Hit With Worst Performing Week of 2026

Pando’s launch comes amid mixed demand for Solana investment products. Globally, spot $SOL ETFs hold approximately $1.9 billion in net assets and have attracted $1.61 billion in cumulative net inflows.

However, U.S. spot Solana ETFs recorded $24.8 million in net outflows last week, their worst weekly performance of 2026. Putting the outflows in context, it doesn’t look so bad. Those withdrawals followed the biggest week of net inflows since launch with over $188m total and 3 months of weekly net inflows totaling nearly $500 million, during which $SOL recovered from around $70 to $120.

The new Hong Kong fund will broaden regulated access to $SOL, generating additional demand for the asset.

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