Dear HashKey Exchange Clients,
HashKey Earn Channel is pleased to announce the listing of HashKey Tokenised HFOL Class A (HHFOLA) (the “Product”).
HHFOLA is a tokenised fund-linked trust certificate providing eligible investors with tokenised exposure to Class A Shares of an actively managed investment fund. The underlying fund seeks to achieve capital appreciation and stablecoin-denominated yield enhancement through a diversified investment approach, including stablecoin yield products, lending, debt instruments, decentralised finance (DeFi) strategies, funding-rate arbitrage, cross-exchange arbitrage and structured products.
Through the HashKey Earn Channel, eligible Professional Investors may subscribe to and redeem the Product using USDT, subject to the applicable eligibility requirements, subscription and redemption arrangements, and product terms.
Product Details:
| Item | Details |
| Product Name | HashKey Tokenised HFOL Class (HHFOLA) |
| Contract Name / Symbol (Ticker) | hTC_HFOL_A |
| Issuer / Tokenisation Provider | HashKey XPert Limited / HBS (Hong Kong) Limited |
| Investment Manager of Underlying Fund | HashKey Capital Management (BVI) Limited |
| Product Type | Tokenised Fund-linked Trust Certificate |
| Underlying Asset | Class A Shares of HashKey Fintech Opportunities Limited |
| Investment Strategy | Actively Managed Multi-Strategy Stablecoin Yield Enhancement |
| Underlying Exposure | Stablecoin yield products, lending, debt instruments, DeFi strategies, arbitrage and structured products |
| Eligible Clients | Professional Investors |
| Subscription / Redemption Currency | USDT（ERC-20） |
| Dealing Frequency | Monthly Subscription / Quarterly Redemption |
| Subscription Window & Cut-off | Subscriptions are accepted during designated monthly subscription windows, with specific dates and cut-off times displayed on the Product page. |
| Subscription Amount | Minimum: 100,000 USDT |
| Redemption Quantity | Minimum: HHFOLA tokens equivalent to 10,000 USDT, determined based on the applicable Token NAV and redemption arrangements. |
| Subscription Settlement | Subscription orders are processed on a monthly basis. Token delivery is expected following confirmation of the underlying fund subscription, subject to the applicable dealing and operational arrangements. |
| Redemption Settlement | Redemption orders are processed quarterly, following the applicable lock-up period and redemption procedures. Settlement is subject to the underlying fund's redemption and operational arrangements. |
| Minimum Holding Period | One-Month Lock-up Period |
| Fees | • Platform Subscription Fee: 0% • Platform Redemption Fee: 0.1% |
Note: The Product follows a monthly subscription and quarterly redemption process, subject to a one-month lock-up period. The applicable subscription windows, cut-off times, expected subscription effective dates and token delivery dates will be displayed on the Product page. Subscription and redemption are not instantaneous, and actual settlement timelines may vary depending on the underlying fund's dealing and operational arrangements.
Important Notes
Please read the following carefully before investing in the Product.
Complex Product
The Product is classified as a complex product. Investors should exercise caution in relation to the Product. Before investing, investors should ensure that they fully understand its nature, features, investment strategy, structure and associated risks, and carefully consider whether the Product is suitable for them in light of their investment objectives, financial circumstances, risk tolerance and investment experience.
The Product is not principal-protected and does not offer guaranteed investment returns. Investors may lose part or all of their invested capital.
Client Eligibility
The Product is available only to eligible Professional Investors who satisfy the applicable requirements of HashKey Exchange and the relevant product parties. Clients must complete all applicable onboarding, suitability assessments and regulatory requirements before transacting in the Product.
Investment Strategy and Market Exposure
HHFOLA provides tokenised exposure to HFOL Class A Shares, which are managed under an actively managed multi-strategy investment approach.
The underlying fund may invest directly or indirectly in private loans, bonds, notes and other debt obligations, structured products, digital assets and other investment portfolios. Its investment strategies may include stablecoin-related yield products, lending, DeFi strategies, funding-rate arbitrage and cross-exchange arbitrage.
The underlying fund seeks to generate investment returns through diversified strategies. However, investment performance depends on the performance of the underlying investments, prevailing market conditions, counterparty performance and other relevant factors. There is no assurance that the fund's investment objective will be achieved.
Subscription, Lock-up and Redemption Arrangements
The Product adopts a monthly subscription and quarterly redemption arrangement, subject to a one-month lock-up period.
Specific subscription windows, cut-off times and expected token delivery dates will be displayed on the Product page of HashKey Exchange.
Following the expiry of the lock-up period, investors may redeem their holdings during an eligible quarterly redemption window, subject to applicable notice requirements and underlying fund arrangements.
Subscription and redemption are not instantaneous. The final execution price and settlement timeline are subject to the underlying fund's valuation, dealing and settlement arrangements. Redemptions may be delayed, restricted or suspended under certain circumstances.
Tokenized Product Structure and Transfer Restrictions
HHFOLA is issued by HashKey XPert Limited as a tokenised trust certificate referencing Class A Shares of HashKey Fintech Opportunities Limited.
Each Trust Token represents a proportionate economic interest in the trust assets attributable to the relevant Series, subject to the applicable trust documentation and product terms. Token holders do not directly hold or become registered shareholders of the underlying fund solely by holding the Product.
The underlying HFOL Class A Shares are held through the designated nominee arrangement as part of the relevant Series Trust Assets.
On HashKey Exchange, the Product is currently available for subscription and redemption through the HashKey Earn Channel only. Deposits and withdrawals of HHFOLA tokens to or from external wallets, transfers between HashKey Exchange users, and secondary market trading are currently not supported.
Investors may exit their investments by submitting redemption requests through the HashKey Earn Channel, subject to the applicable lock-up, quarterly redemption and settlement arrangements.
Product Arrangements
HashKey Exchange may adjust, suspend or discontinue the Product or related services where required due to issuer arrangements, underlying fund requirements, market conditions, regulatory requirements, operational considerations or other applicable circumstances.
Where reasonably practicable, clients will be notified in advance of material changes.
Affiliates and Conflicts of Interest
HashKey XPert Limited (as Issuer), HBS (Hong Kong) Limited (as Dealer and Tokenisation Provider) and HashKey Capital Management (BVI) Limited (as investment manager of the underlying fund) are affiliates of Hash Blockchain Limited ("HBL"). HBL may receive fees, commissions or other benefits in connection with the Product. Accordingly, potential conflicts of interest may arise. Please refer to the applicable offering documents for details of related-party arrangements and conflict management.
Product-Specific Risk Warnings
The Product is a complex product. Investors should carefully consider the risks associated with the Product, including but not limited to:
- Investment Strategy and Market Risk: The underlying fund adopts an actively managed multi-strategy investment approach. Its performance may be affected by market volatility, adverse movements in underlying assets, strategy execution and other market factors. There is no guarantee that the investment strategies will generate positive returns, and investors may lose part or all of their investment.
- Digital Asset and Stablecoin Risk: The underlying fund may have exposure to digital assets and stablecoin-related investments. Such assets may be subject to price volatility, de-pegging events, issuer or reserve risks, liquidity constraints and regulatory developments, which may adversely affect the underlying fund's NAV and the value of the Product.
- Counterparty and Credit Risk: The underlying fund may transact with centralised exchanges, lending platforms, financial institutions and other counterparties. Default, insolvency, operational failure or deterioration in the creditworthiness of these counterparties may result in financial losses.
- DeFi and Smart Contract Risk: Investments involving DeFi protocols and blockchain-based arrangements may be exposed to smart contract vulnerabilities, cyberattacks, protocol failures, exploits and other technology-related risks, potentially resulting in partial or total loss of assets.
- Liquidity, Lock-up and Redemption Risk: The Product is subject to a one-month lock-up period and quarterly redemption arrangements. Investors may not be able to redeem their holdings immediately when liquidity is required. Redemption requests may also be delayed, restricted or suspended in accordance with the applicable product terms and underlying fund arrangements.
- Tokenisation, Legal and Operational Risk: The Product involves a tokenised trust certificate structure and multiple service providers. Investors are exposed to risks associated with the issuer, trustee, nominee arrangements, custody, blockchain infrastructure, settlement processes, legal enforceability and applicable regulatory requirements. The rights of token holders differ from direct ownership of the underlying fund shares.
More Information
For further information about HHFOLA, including product features, subscription and redemption arrangements, applicable fees and risk disclosures, please visit the Product page on HashKey Exchange.
Product terms and transaction arrangements may be updated from time to time. Investors should review the latest product information and relevant risk disclosures before investing.
Notice on Management of Voting Rights
HashKey Exchange does not exercise any voting rights that may be associated with the Product or its underlying investments on behalf of its clients. Any such rights, if applicable, will be handled in accordance with the relevant governing documents and applicable arrangements.
Legal disclaimer: This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or advice; or (2) relied upon for any investment activities. All information is provided on an as-is basis and is subject to change without notice. We make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability, or completeness of any such information. HashKey Exchange does NOT provide investment, legal, or tax advice in any manner or form. The ownership of any investment decision(s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. HashKey Exchange shall not be liable for any consequences thereof.
Risk warning and disclosure:
- Trading in tokenized investment products on HBL's Earn Channel and using the Product Dealing Services involves risks, some of which are set out below. These risks, and additional risks arising either now or in the future, could result in the loss, failure or destruction of your assets, inability to receive any benefits available to you, other losses and termination of our Product Dealing Services.
- You must consider carefully whether the risks set out below, as well as all other applicable risks (including those described in the offering documents of each product), are acceptable to you prior to any transaction in tokenized investment products on our Earn Channel.
- You must seek professional advice regarding your particular situation before transacting in tokenized investment products or using our Product Dealing Services.
- The risk of loss in transactions involving tokenized investment products can be substantial. You should therefore carefully consider whether such transactions are suitable for you in light of your investment objectives, financial circumstances, your tolerance to risks and your investment experience. You should be capable of bearing a full loss of the amounts invested as a result of or in connection with any transaction in tokenized investment products and any additional loss over and above the initial amounts traded or invested that may become due and owing by you. In considering whether to trade or invest, you should inform yourself and be aware of the risks generally, and in particular, should note the following specific risk factors which may apply to any given transaction in tokenized investment products.
- Whilst the information regarding the tokenized investment products on our channel may be helpful to you when making an investment decision, the information and data contained in this document are for reference only. It does not constitute (i) an offer, solicitation, invitation or recommendation for buying or selling the product or (ii) investment advice. You should therefore consider whether the information is appropriate for your needs.
- Past performance of a tokenized investment product is not a reliable indicator of future performance. Such historical performance data are calculated based on retrospective market conditions, technological infrastructure, and regulatory frameworks that may no longer apply. Such data does not constitute a guarantee, projection, or promise of future results. You should not base your investment decisions solely on historical performance data.
- Please refer to our Earn Channel User Terms & Risk Disclosure for more information.
Hash Blockchain Limited
Hash Blockchain Limited is responsible for the issue of this material in Hong Kong. It is licensed by the Securities and Futures Commission for Types 1 and 7 regulated activities under the Securities and Futures Ordinance, and has obtained a license to operate a virtual asset trading platform under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). HashKey Exchange does not service users from Mainland China, United States and certain other jurisdictions in compliance with laws and regulations. This material has not been reviewed by the Securities and Futures Commission of Hong Kong or any other regulator.
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