The SFC and HKMA annual joint survey shows 2025 sales of non-exchange-traded
investment products in Hong Kong rose 63% YoY to a record HK$9.9 tln. Growth was
driven by record market participation and strong demand for fixed income,
currency and commodity-related products; both client numbers and firm
participation hit highs and total trading volumes rose sharply. Large
distributors increased 27% to 128 firms. Collective investment schemes (+85%)
and structured products (+53%) together pushed sales to the record level, with
collective schemes overtaking structured products as the top-selling category
for the first time since 2020. Investors continued to favor yield and
liquidity-management solutions, making fixed income, currency and
commodity-related products central to allocations. Among the top-five collective
investment plans reported by large firms, money market funds accounted for 88%
of sales (80% in 2024). Currency-linked product sales rose 50% YoY to HK$698
bln. Debt securities sales have continued a steady multi-year rise, up 43% vs
2022, led by sovereign bonds (+138%) and investment-grade corporate bonds
(+43%).
