Investors pour record US$1.3 trillion into Hong Kong investment products

In 2025, non-exchange-traded investment products in Hong Kong saw sales soar to a record US$1.3 trillion, a 63% increase year-on-year, according to the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA). This surge in sales was fueled by a significant expansion in market participation, with investor transactions up 33% to over 1.6 million and licensed corporations and registered institutions involved in sales growing 9% to 452. The number of large firms, defined by significant transaction volumes, rose 27% to 128.

Kenneth Hui, HKMA's executive director for banking conduct, noted that the strong growth was a testament to investor confidence in Hong Kong's asset and wealth management industry. Collective investment schemes became the top-selling product, with sales jumping 85% to surpass structured products for the first time since 2020. Money market funds made up 88% of the top five sales in this category, up 80% in 2024.

Fixed-income, currency, and commodity (FICC)-related offerings remained central to investors' asset allocation strategies.

Eric Yip, SFC's executive director of intermediaries, emphasized Hong Kong's growing role as a leading international financial centre, with currency-linked product sales up 50% to HK$698 billion and debt securities continuing a robust growth trend, driven by a 138% increase in sovereign bonds and increased interest from mainland Chinese issuers.

Debt securities accounted for 9% of total market volume, reaching HK$929 billion. Equity-linked products remained dominant in structured product sales, rising 58% to HK$2.7 trillion, or 70% of the sector.

The survey also highlighted the industry's digital transformation, with online platforms accounting for 21% of the total transaction amount in 2025, up from 17% in 2024. The number of firms distributing products online increased by 17% to 122, with collective investment scheme products making up 84% of online sales.