Sales of non-exchange-traded investment products in Hong Kong reached a record HK$9.9 trillion in 2025, marking a 63 percent increase compared to the previous year, according to a joint report by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA).
The substantial growth was driven by a broader market participation, with the number of investors completing at least one transaction rising 33 percent to over 1.6 million. Additionally, the number of licensed corporations and registered institutions involved in product sales increased by 9 percent to 452. The tally of large firms, defined as those recording significant transaction volumes, grew 27 percent to 128, reflecting the expanding scale of the industry.
Kenneth Hui, executive director for banking conduct at the HKMA, described the surge as a sign of strong investor confidence in Hong Kong’s asset and wealth management sector.
Collective investment schemes emerged as the leading product category for the first time since 2020, with sales climbing 85 percent to surpass those of structured products. Money market funds made up a significant portion of this category, accounting for 88 percent of the top five sales reported by large firms and increasing 80 percent over 2024.
Fixed-income, currency, and commodity (FICC)-related products remained central to investors' portfolios, with an emphasis on liquidity and income-generating assets. Sales of currency-linked products rose 50 percent year-on-year to HK$698 billion. Debt securities experienced robust growth, led by a 138 percent increase in sovereign bond sales and heightened demand for corporate bonds issued by mainland Chinese firms. Combined, debt securities transactions totaled HK$929 billion, representing 9 percent of the overall market volume.
Equity-linked products continued to dominate structured product sales, increasing 58 percent to HK$2.7 trillion, or 70 percent of the market segment.
Eric Yip, the SFC’s executive director of intermediaries, noted that the record sales and rising market participation underscored global investors’ confidence in Hong Kong’s status as a premier international financial center. He emphasized the importance of ongoing collaboration between regulators and industry participants to support quality growth within the financial ecosystem.
The report also highlighted the growing role of digital platforms, with online transactions accounting for 21 percent of total sales in 2025, up from 17 percent in 2024. The number of firms offering products online rose 17 percent to 122, with collective investment schemes comprising 84 percent of online sales. This shift reflects the industry’s adaptation to evolving distribution models amid increasing digital transformation.