Hang Seng Investment Management Limited
Hang Seng Investment launched HSGLD, a tokenised unlisted class of its physically backed Hang Seng Gold ETF, with HSBC as tokenisation agent and Ethereum as the initial chain, sold to individual investors through licensed digital asset platforms.
- Status
- Live
- Announced
- (announcement)
- Stage
- Pilot
- Chain or network
- Ethereum mainnet
- Participants
- HSBC, HashKey Exchange
- Next review
Scorecard
As of the review on . How pilots are scored
| Ledger | Permissioned tokens on a public chain |
|---|---|
| Settlement | Off-ledger cash |
| Access | Open |
| Legal standing | Mirrors an off-ledger record |
| Scale | Single transaction |
Review history
Live Pilot
Launched April 2026. The April 2026 prospectus names Ethereum, whitelists every holding wallet and keeps the official register off-chain with the trustee. Hang Seng publishes no assets or unit count for the tokenised class and no contract address, so scale is single.
Evidence: cms.hangsenginvestment.com, hangsenginvestment.com
What was announced
Hang Seng Investment Management launched HSGLD, a tokenised unlisted class of the Hang Seng Gold ETF, in April 2026; The Asset reported the launch on 21 April. The listed class of the same fund began trading on the Hong Kong Stock Exchange on 29 January 2026 and holds physical gold stored in Hong Kong, tracking the LBMA Gold Price AM. HSBC is tokenisation agent, gold dealer, custodian and trustee, and HashKey Exchange is the first distributor. Hang Seng made no dated commitments.
How it works
The prospectus, dated 30 April 2026, says the tokenisation agent intends to use Ethereum as the primary blockchain at first, with other public chains possible later. Each token represents one tokenised unit in the off-chain register, which the trustee and registrar keep as the official record of ownership, so legal is twin. All digital wallets holding tokens are whitelisted and smart contracts enforce the agent’s controls, so ledger is public-permissioned.
Investors subscribe and redeem in US dollars through eligible distributors, with no secondary trading, so settlement is offchain. Hang Seng’s product page addresses individual investors in Hong Kong and sets a minimum of one unit, so access is open through those distributors. Tokens cannot be redeemed for physical gold.
Record so far
The class has been open for subscription since April. Hang Seng reports assets for the listed class but none for the tokenised class, and publishes no contract address. With no evidence of more than the launch issuance, scale is single and the stage pilot. The launch is under twelve months old, so the status is live.
The Regulatory Wire item on the SFC’s April 2026 circulars is relevant: they allow tokenised SFC-authorised funds to trade on licensed platforms, which HSGLD does not yet do.
For Ethereum
HSGLD follows the pattern the SFC requires for public chains: a permissioned token on Ethereum with a whitelist enforced in the contract, an off-chain register as the legal record, and daily reconciliation between the two. A published contract address would let supply and holders be checked on Etherscan.
What to watch
Published assets for the tokenised class, a contract address, a second distributor, or secondary trading on a licensed platform under the SFC’s new rules.