Pando Solana ETF Lists in Hong Kong Under Stock Code 2831

Pando Solana ETF began trading on the Hong Kong Stock Exchange's Main Board on October 13, 2026, under stock code 2831. The fund gives exchange investors direct price exposure to solana through a locally listed product, while its shares trade in Hong Kong dollars.

The fund's base currency is U.S. dollars, its trading board lot is 100 shares, and it does not intend to pay dividends. Pando Finance is the manager. BOCI-Prudential Trustee serves as custodian and administrator, while Hash Blockchain, acting through HashKey Custody Services, handles virtual-asset sub-custody.

How the ETF obtains SOL exposure

The passive fund aims to track the price of solana, before fees and expenses, as measured by the CME CF Solana-Dollar Reference Rate — Asia Pacific Variant. It may invest up to 100% of net asset value directly in solana through trading platforms licensed by Hong Kong's securities regulator.

The fund will not stake its SOL, use financial derivatives or add leverage at fund level. It may retain up to 3% of net assets in cash for fees, expenses and redemptions. Readers who want to compare the underlying asset directly can view SOL spot trading on OrangeX.com and the separate SOL perpetual market on OrangeX.com. The ETF, spot asset and perpetual contract are different instruments with different trading hours, fee structures and risk profiles.

Fees, pricing and trading differences

The management fee is 0.60% per year. Estimated ongoing charges are capped at 1.60% of average net asset value from launch through October 13, 2027, with excess eligible expenses borne by the manager during that period.

The reference rate is calculated in U.S. dollars using eligible SOL spot trades observed between 3:00 p.m. and 4:00 p.m. Hong Kong time, with a 4:00 p.m. fixing. ETF shares trade in HKD only during exchange hours, while SOL trades around the clock. That mismatch can create premiums or discounts to net asset value, especially when the underlying market moves while the exchange is closed.

Other material risks include SOL price volatility, concentration in a single asset, custody and platform risks, tracking error, foreign-exchange effects, and reduced liquidity or wider spreads under stressed conditions. Broader fund and digital-asset developments are available through OrangeX.com Crypto News, while OrangeX.com Proof of Reserves explains a separate transparency mechanism for exchange-held customer assets.

OrangeX.com Analysis

The listing expands the regulated routes available to investors who want SOL exposure without managing a wallet directly. Its structure is deliberately narrow: direct SOL holdings, no staking, no derivatives and no fund-level leverage. That makes the source of returns easier to identify, but it does not remove market, custody or trading risks.

Investors should watch the ETF's liquidity, bid-ask spread, premium or discount to net asset value, and tracking difference after launch. Because the fund trades on a fixed exchange schedule while SOL trades continuously, the first price after a market closure may absorb moves that occurred outside Hong Kong trading hours.