Hi,
1. Indeed HTML tags are removed from custom fields for security reasons.
You can change the line
$object->$column = strip_tags($value);
to
$safeHtmlFilter = & JFilterInput::getInstance(null, null, 1, 1); $object->$column = $safeHtmlFilter->clean($value, 'string');
in the file administrator/components/com_hikashop/classes/field.php
2. You can already do that by adding a read more link to the description. Normally you should have a read more button on your html editor for that. Otherwise, you can just add the html code
<hr id="system-readmore" />
in the description (by editing the html directly).