Pando Finance to List Hong Kong's Second Spot Solana (SOL) ETF on October 13

Pando Lists Second Solana ETF Tuesday

Pando Finance Limited will list its spot Solana (SOL) exchange traded fund on the Hong Kong Stock Exchange on Tuesday, October 13, giving the city a second product that holds Solana (SOL) directly, according to crypto.news. The Solana price stood at $112.30 on Monday, up 2.6% across 24 hours, shortly after the fund's subscription window shut. Applications for the Pando Solana ETF (02831) ran from October 6 through October 12 at an indicative issue price of HK$7.80 to HK$8 per share, the subscription details show. Investors buy in lots of 100 shares, which puts the minimum entry near HK$800 before brokerage charges. The share count matters less than the structure. The fund is a passive vehicle that can hold up to 100% of its net asset value in Solana (SOL), purchased through virtual asset trading platforms licensed by Hong Kong's Securities and Futures Commission, and it measures performance against the CME CF Solana Dollar Reference Rate's Asia Pacific closing price. The US dollar is the base currency, but the shares trade in Hong Kong dollars on the local exchange line. Pando set a 0.6% annual management fee with an estimated recurring expense ratio of 1.6%, and the fund plans no dividend distribution. Costs come off the benchmark return, so actual results will lag the index by the fee and expense load. HashKey Exchange executes the Solana transactions, while HashKey Custody Services safeguards the underlying coins. The rules exclude staking, financial derivatives and leverage, and cash may reach only 3% of net asset value to cover expenses and redemptions. Shareholders receive fund shares rather than SOL tokens, and the assets stay under the appointed custodian's control, so the product is a pass-through for the token's market value and nothing more. This is Pando's third cryptocurrency spot ETF in Hong Kong, following its Bitcoin and Ethereum products, and it hands local investors another regulated route into spot trading in Solana (SOL).

A 0.39 Point Fee Gap With ChinaAMC

The listing follows the ChinaAMC Solana ETF (03460), which became Hong Kong's first spot fund tracking the asset after the Securities and Futures Commission approved it in October 2025; ChinaAMC brought it to market on October 27 of that year. Hong Kong's first spot Bitcoin and Ethereum ETFs arrived in April 2024, so the regulated channel for major assets has been open for more than two years. On cost, Pando undercuts its only local competitor on both published measures: ChinaAMC charges a 0.99% annual management fee with an estimated 1.99% recurring expense ratio, against 0.6% and 1.6% for the new fund, a gap of 0.39 percentage points on each line. Both funds deliver exposure through exchange traded shares, and their respective product documents decide how the assets are held, valued and managed. The debut lands amid a broader buildout of Hong Kong's licensed digital asset market. The city's September 2026 Policy Address plans expanded stablecoin trading and more tokenized assets on licensed platforms, the Hong Kong Monetary Authority is preparing central bank digital currency settlement under EnsembleTX around the end of 2026, and the securities regulator has scheduled custody surveillance measures for the second half of 2026. Solana sits on the local retail whitelist: HashKey Exchange holds authorization to offer retail trading in Bitcoin, Ethereum, Avalanche, Chainlink and Solana. The blockchain launched in 2020 and supports decentralized finance applications, blockchain gaming and NFTs, with SOL serving as the native token for transaction fees. Fund flows are mixed for Solana ETFs elsewhere: US-listed products recorded a $24.8M weekly outflow earlier this month, ending a 14-week inflow streak, and the coin traded near $110 last week, 58% below its $262 record. Pando's product documents carry a blunt risk warning: SOL once fell more than 42% in a single day during 2022, and shareholders could lose their entire investment.

SOL Presses a 93-Point Ceiling

Our live monitoring put SOL at $112.30 at publication, about 0.2% below its level when the listing schedule crossed the wire roughly 90 minutes earlier, and up 2.6% on the day. COINOTAG's composite scoring rates resistance at $112.87 as the strongest overhead level at 93 out of 100, with support at $109.83 close behind at 82 out of 100. Positioning is quiet: perp funding runs at 0.0061% and open interest stands near $2.31 billion. A second regulated fund widens the purchase channel for Hong Kong money, but a spot-only product that skips staking cannot attract yield-seeking capital. The filings do not disclose how much capital the October 6 to 12 subscription window gathered, and that undisclosed total, not the listing date, will show whether local demand justifies a second Solana fund.