Hong Kong's lowest entry barrier, on-chain gold allocation! China AMC Digital Gold ETF officially opens for subscription on May 26

In 2025, gold prices have surpassed the USD 4,000 mark. From the collapse of the Bretton Woods system to the safe-haven surge during the 2008 financial crisis and up to today, gold has remained the most resilient 'hard currency' amid macroeconomic turbulence. Global gold investment demand has surged from 1,007 tonnes in 2021 to 2,175 tonnes in 2025—an increase of over 100%. Sustained large-scale central bank purchases, elevated geopolitical risks, and expanding sovereign debt are multiple structural forces propelling gold into a self-reinforcing long-term bull market cycle.

Meanwhile, the tokenization revolution is reshaping asset ownership. As of April 10, 2026, the global real-world asset (RWA) tokenization market has reached USD 21.4 billion (a 245% year-over-year increase), with gold dominating the commodities segment thanks to its zero credit risk and high degree of standardization. Blockchain technology is transforming gold from a 'cumbersome physical asset' into an accessible, highly transparent on-chain asset—just as ETFs democratized gold investing in 2004, tokenization is ushering in the next era of gold investment.

Against this backdrop, China AMC (HK) has launched $ChinaAMC Digital Gold ETF (03418.HK)$ , combining the value anchor of physical gold with the transparency and efficiency of blockchain, enabling investors to allocate gold with a single click in the digital era—offering security, transparency, and unprecedented convenience.

1. Basic product information

II. Investment Highlights

– 100% physical gold, zero derivatives exposure

– Gold held in Hong Kong vaults, fully insured throughout

– The world’s first and only tokenized physical gold ETF supporting subscriptions in HKD, RMB, and USD

3. Investment Value Analysis

3.1 Short-term pullbacks present potential opportunities

Since the U.S.-Israel-Iran conflict began impacting markets, gold prices have retreated sharply from their peak on January 29, 2026. Geopolitical shocks triggered a global sell-off, forcing investors to liquidate positions en masse due to margin calls. COMEX speculative positioning has dropped into a low percentile range, pushing the market into oversold territory. However, gold prices have shown an overall upward trend over the past five years, with strong rebounds following each previous pullback.

Historical patterns suggest that initial crisis-driven declines are often followed by rapid recoveries—once panic-driven selling is exhausted, prices tend to rebound swiftly. Recent U.S.-Iran tensions have heightened gold price volatility, making dollar-cost averaging a prudent strategy for investors seeking long-term exposure. Current oversold positioning signals that catalysts for a return to fair value may soon emerge, offering medium- to long-term investors a strategic entry window during this pullback.

3.2 Medium- to long-term allocation value is emerging

Hedging in a stagflationary environment:Historically, gold has tended to perform best when the 'misery index'—the sum of unemployment and inflation rates—rises. Currently, the global economy faces a combination of supply-side shocks (such as critical production capacity shutdowns requiring 6–12 months to restore) and slowing economic growth, elevating stagflation risks and creating strong tailwinds for gold allocations.

Sustained central bank buying:

3.3 De-dollarization continues to deepen

Expanding U.S. fiscal deficits, rising debt levels, and intensifying geopolitical competition are driving central banks worldwide to accelerate diversification of their foreign exchange reserves. Gold’s role as a dollar alternative is consequently strengthening. Central banks globally have maintained net gold purchases for multiple consecutive years, a trend unlikely to reverse in the near term. De-dollarization is a long-term structural factor, implying a steadily rising floor for gold demand and providing solid medium- to long-term support for gold prices.

3.4 Gold’s safe-haven status becomes increasingly prominent

Amid persistently elevated global uncertainty, gold’s status as the ultimate safe-haven asset is further reinforced.

IV. Product Advantages

China AMC Digital Gold ETF holds physical gold and closely tracks the LBMA Gold Price AM, offering a convenient way to invest in gold. Compared with directly purchasing physical gold bars or coins, China AMC Digital Gold ETF provides the following advantages:

– Lower cost: No additional insurance premiums; eliminates hidden costs such as safe deposit box fees, bank custody charges, and transportation expenses;

– Secure and worry-freeGold is stored in professional vaults, eliminating the risks associated with home storage or bank safekeeping.

– Convenient tradingTraded on stock exchanges like equities—no physical delivery required, avoiding concerns over authenticity verification and poor liquidity.

– Low entry barrierParticipation starts from HK$355.511*, without needing to purchase large-denomination gold bars of at least 100 grams.

– Tightly tracksPriced closely to international gold prices, avoiding typical premiums or discounts seen in physical gold transactions.

For investors seeking high liquidity, low cost, and ease of operation, China AMC Digital Gold ETF is an efficient tool for capturing gold market opportunities.

*Based on the LBMA Gold Price AM benchmark of USD 4,537.70 on May 21, each fund unit is calculated as 1/1000 of that day’s LBMA Gold Price AM, resulting in an estimated unit price of approximately USD 4.5377. According to Bloomberg data, as of 5:30 PM on May 21, the USD/HKD exchange rate was approximately 7.8346. Applying this rate, the indicative price per fund unit is approximately HK$35.5511, and the indicative price per board lot (10 units) is approximately HK$355.511.

5. Risk Warnings

Investing involves risks. The value of fund units may rise or fall; past performance does not guarantee future returns, and future returns are not assured. You may also lose part or all of your invested capital.

This document does not constitute an offer or solicitation to buy or sell any securities or funds, or to enter into any transaction, nor does it constitute any investment advice. This document is provided for your reference only, and you should not rely on it in making any investment decision.

Certain information or data contained herein has been obtained from unaffiliated third-party service providers. We reasonably believe such information or data to be accurate, complete, and up to date as of the date indicated. China AMC (HK) Limited ensures the accurate reproduction of such data or information but does not guarantee the accuracy or completeness of information or data provided by such unaffiliated third parties.

Any forward-looking statements, recommendations, or opinions expressed by China AMC (HK) Limited do not represent actual future market conditions. All such recommendations or opinions are subject to change without further notice.

For details regarding the index provider, including disclaimers, please refer to the relevant disclosures in the fund's offering documents. You should carefully review the fund's offering documents, including the risk factors. Independent professional advice should be sought where appropriate.

This document is issued by China AMC (HK) Limited. It has not been reviewed by the Securities and Futures Commission of Hong Kong.

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