Hong Kong Non-Exchange Investment Product Sales Hit Record HK$9.9 Trillion, Up 63%
Hong Kong's sales of non-exchange-traded investment products surged 63% year on year to HK$9.9 trillion in 2025, a record high, driven by unprecedented market participation and strong demand for fixed income, currency, and commodity-linked products. The number of participating clients rose 33% to over 1.6 million, while active firms increased 9% to 452. Collective investment schemes and structured products led the growth, with sales up 85% and 53%, respectively.
Hong Kong's sales of non-exchange-traded investment products grew 63% year on year in 2025 to HK$9.9 trillion, setting a new record. According to the annual joint survey by the Securities and Futures Commission and the Hong Kong Monetary Authority, the growth was driven by record market participation and strong investor demand for fixed income, currency, and commodity-related products.
Both the number of participating clients and firms reached new highs. The number of clients completing at least one transaction in non-exchange-traded investment products rose 33% year on year to over 1.6 million. The number of licensed corporations and registered institutions engaged in investment product sales increased 9% to 452, with the number of large firms up 27% to 128.
Collective investment schemes and structured products jointly drove record sales, with their sales rising 85% and 53%, respectively. Collective investment schemes surpassed structured products for the first time since 2020 to become the best-selling product category.
Investors continued to favor yield-generating assets and liquidity management solutions, with fixed income, currency, and commodity-related products becoming core to asset allocation. Among the top five collective investment scheme sales reported by large firms, money market funds accounted for 88%, up from 80% in 2024. Sales of currency-linked products increased 50% year on year to HK$698 billion.
Debt securities sales extended their long-term growth trend, rising 43% compared with 2022, driven mainly by sovereign bonds and investment-grade corporate bonds, which increased 1.38 times and 43%, respectively. Corporate bond transactions were primarily from China-related issuers.