What happened
A joint annual survey by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) revealed that sales of non-exchange-traded investment products in Hong Kong soared by 63% year-on-year in 2025, reaching a historic high of HK$9.9 trillion.
The surge was driven by record market participation and robust demand for fixed income, currency, and commodity-related products. The number of clients completing at least one such transaction jumped 33% to over 1.6 million, while the number of licensed corporations and registered institutions engaged in product sales rose 9% to 452.
Collective investment schemes (up 85%) and structured products (up 53%) were the main contributors, with collective investment schemes overtaking structured products as the best-selling category for the first time since 2020.
Why it matters
The record sales and increased participation indicate strong investor confidence and a vibrant market for non-exchange-traded products in Hong Kong, reinforcing its status as a leading asset management hub.
The shift in preference towards collective investment schemes may signal changing investor behavior, potentially influencing product offerings and regulatory focus in the coming years.
Key facts
Sales of non-exchange-traded investment products in Hong Kong rose 63% year-on-year to HK$9.9 trillion in 2025.
Client numbers increased 33% to over 1.6 million, and the number of selling institutions rose 9% to 452.
Collective investment schemes grew 85% and structured products grew 53%, with collective investment schemes becoming the top-selling product type.
What to watch next
Market observers will be watching whether the growth momentum continues in 2026, especially given potential shifts in global interest rates and economic conditions.
Regulators may adjust their oversight frameworks in response to the evolving product landscape and increased market participation.