SBI Global Asset Management said on November 5, 2026 that its tokenized Japanese equity product, JX, is now available through HashKey Earn in Hong Kong. Eligible professional investors can subscribe and redeem using $USDC. The new channel comes with a restriction for anyone planning to move the asset into a wallet or another venue: HashKey supports subscriptions and redemptions only, with no external token transfers or secondary trading.
The issuer’s announcement expands distribution of an existing public-blockchain product. JX has been offered to qualified investors through Singapore’s DigiFT since July 14. HashKey adds a sales channel aimed at overseas investors, beginning with Hong Kong. The underlying investment strategy is unchanged.
SBI Asset Management manages the Japanese equity strategy. DigiFT provides tokenization, while HashKey supplies the additional distribution channel. SBI’s product overview describes a private fund using the mother fund of the SBI Japan High Dividend Equity Fund. The investment manager is separate from the firms through which eligible investors obtain the token, with SBI Asset Management responsible for the strategy.
A fund order with a daily cutoff
HashKey’s product notice and dealing terms identify JX as a Depository Receipt Token issued by DigiFT Tech (Singapore). Each token represents an interest linked to the SBI Japan High Dividend Equity Fund, Growth Type. The fund is restricted to qualified institutional investors and is an open-ended securities investment trust.
Subscriptions start at 5,000 USDC, with increments of 1 USDC. HashKey sets the redemption minimum in token quantity: an exit order must cover at least 750,000 JX tokens, with increments of 1 JX token. The subscription threshold is an amount of settlement currency, while the redemption threshold is the number of tokens an investor must submit.
The channel lists daily dealing with a cutoff of 9:00 AM Hong Kong time. Both subscription and redemption orders are expected to settle on T+5, subject to the issuer’s dealing calendar, settlement arrangements and operational processing. HashKey expressly describes the process as non-instantaneous. The applicable issuer arrangements determine the final execution price and settlement timing.
The published platform subscription fee is 0%, and the platform redemption fee is 0.1%. HashKey lists these as platform fees and directs users to the latest order-page information for the transaction arrangements that apply to their orders. That information includes minimum amounts, fees and settlement. Operational parameters and product terms can change because of issuer arrangements, regulatory requirements or platform operations.
Non-dealing days in Japan, Singapore and the United States can affect processing and settlement timelines. The relevant market calendars govern daily dealing, and HashKey says market disruption or operational issues can also delay an order. The settlement expectation depends on the fund’s processing arrangements even when the blockchain used for the token is available.
Redemption is the available exit
HashKey does not support JX deposits or withdrawals to or from external wallets. Transfers between HashKey users are unavailable, as is secondary-market trading. Investors exit by submitting a redemption request through Earn, subject to its redemption and settlement arrangements. Under the published terms, a holder waiting to redeem cannot sell the token on an exchange through this channel instead.
Eligible professional investors must satisfy both HashKey’s and the issuer’s requirements. Before they can transact, clients must complete onboarding, suitability assessments and applicable regulatory requirements. HashKey classifies JX as a complex product. Its assessment requirements apply to investors subscribing or redeeming in the stablecoin just as they apply to access to the product itself.
SBI’s announcement says HashKey services are unavailable to residents of Mainland China, the United States and certain other jurisdictions. The exchange operator is Hash Blockchain Limited, which holds Hong Kong Securities and Futures Commission Type 1 and Type 7 licences and a VASP licence. The Type 1 licence covers dealing in securities, while Type 7 covers providing automated trading services. Although the exchange describes its customers as professional and retail investors, JX has narrower eligibility requirements.
HashKey can adjust, suspend or discontinue the product or related services because of issuer arrangements, market conditions, regulation, operational considerations or other applicable circumstances. It says it will notify clients in advance where reasonably practicable. Investors relying on HashKey to process a redemption are subject to these service provisions as well as the issuer’s settlement arrangements.
Japanese equity and currency exposure
The strategy selects Japanese listed shares based on dividend levels, corporate earnings, financial soundness and valuations. It aims for dividend income and medium- to long-term capital gains. The token gives investors access to this actively managed equity portfolio. The high-dividend label describes how the strategy selects stocks; it carries no promise that investors will preserve their principal.
HashKey says the underlying investments are primarily denominated in Japanese yen, while subscriptions and redemptions through the channel use $USDC. Investors retain exposure to currency movements alongside the performance of the Japanese equity portfolio. Exchange-rate movements can adversely affect the product’s value and returns, even though investors use the stablecoin to enter and exit the investment.
Tokenization and blockchain infrastructure expose the product to operational, cybersecurity and technology risks. HashKey states that JX is neither principal-protected nor capital-guaranteed. Investors may lose part or all of their investment. HashKey also says it will not exercise voting rights associated with the product or underlying investments on clients’ behalf. The governing documents determine any applicable rights.
HashKey links to DigiFT’s official product page for further documentation and warns that some information requires login. HashKey’s latest platform terms govern transactions through Earn. Neither the SBI announcement nor HashKey’s product notice supplies a public token contract address for readers to inspect.
