Full Breakdown
Hong Kong’s Non-Exchange-Traded Investment Products Hit Record $9.9 trillion in 2025
9/8/2026, 10:27:06 PM
Record Surge in Sales
The joint survey by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) shows that total sales of non-exchange-traded investment products reached a record HK$9.9 trillion (US$1.3 trillion) in 2025, a 63 percent year-on-year increase. The survey, covering the period from January 1 to December 31, 2025, was released on September 8.
Expanding Investor Base and Product Mix
Investor participation broadened sharply: more than 1.6 million clients completed at least one transaction, a 33 percent rise, while the number of licensed corporations and registered institutions involved in sales grew 9 percent to 452. Large firms (those with transactions of at least HK$1 billion) increased 27 percent to 128.
Collective investment schemes (CIS) surged 85 percent, overtaking structured products as the top-selling category for the first time since 2020 and accounting for 42 percent (HK$4.1 trillion) of total sales. Structured products contributed 40 percent (HK$3.9 trillion) and debt securities 9 percent (HK$929 billion). Within CIS, money-market funds made up 88 percent of the top five sales reported by large firms, up 80 percent from 2024.
FICC-related offerings—money-market funds, bond funds, debt securities, and currency-linked products—remained central. Currency-linked product sales rose 50 percent YoY to HK$698 billion. Sovereign bond transactions jumped 138 percent, while investment-grade corporate bonds grew 43 percent, driven largely by issuers from mainland China.
Digital distribution expanded as well: online sales represented 21 percent of total transaction value, up from 17 percent in 2024, and the number of firms selling products online rose 17 percent to 122.
Regulatory Viewpoints
SFC Executive Director of Intermediaries Dr Eric Yip highlighted the “robust performance of FICC-related products” as evidence of Hong Kong’s emerging role as an FICC hub and pledged continued collaboration with market participants to sustain quality growth.
Key Statistics
| Metric | Figure (2025) | Year-on-Year Change |
|---|---|---|
| Total sales | HK$9.9 trillion (US$1.3 trillion) | +63 % |
| Investors with >=1 transaction | >1.6 million | +33 % |
| Licensed corporations & registered institutions | 452 | +9 % |
| Large firms (>=HK$1 billion) | 128 | +27 % |
| CIS share of sales | 42 % (HK$4.1 trillion) | +85 % |
| Structured products share | 40 % (HK$3.9 trillion) | +53 % |
| Debt securities share | 9 % (HK$929 billion) | +43 % |
| Currency-linked sales | HK$698 billion | +50 % |
| Online sales proportion | 21 % of total | +4 percentage points |
Verbatim Quotes
- “The strong growth captured in this year’s survey is a clear testament to investor confidence in Hong Kong’s asset and wealth management industry,” — Kenneth Hui, HKMA executive director for banking conduct “The strong growth captured in this year’s survey is a clear testament to investor confidence in Hong Kong’s asset and wealth management industry,” — Kenneth Hui, the HKMA’s executive director for banking conduct
