Hong Kong's investment product sales hit a record high, with strong demand for fixed income, currency, and commodity-related products.

On September 8, the annual joint survey conducted by the Hong Kong 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, reaching a historical high of HK$9.9 trillion in 2025. The growth was driven by record market participation and strong demand for fixed income, currency, and commodity-related products. The number of participating clients and companies both hit record highs, fueling robust growth in total trading volume. The number of clients who completed at least one non-exchange traded investment product transaction jumped by 33% to over 1.6 million, while the number of licensed corporations and registered institutions engaged in investment product sales rose by 9% to 452. Notably, the number of large companies increased by 27% to 128. Collective investment schemes (up 85%) and structured products (up 53%) collectively drove record sales, with collective investment schemes surpassing structured products for the first time since 2020, becoming the best-selling product category. In a rapidly changing market environment, investors continue to favor yield-generating assets and liquidity management solutions, making fixed income, currency, and commodity-related products central to their asset allocation. Among the top five collective investment schemes sales reported by large companies, money market funds accounted for 88%, up from 80% in 2024. Sales of currency-linked products also increased by 50% year-on-year to HK$698 billion. Sales of debt securities continued their robust long-term growth trend, increasing by 43% compared to 2022, primarily driven by sovereign bonds (up 138%) and investment-grade corporate bonds (up 43%). Corporate bond trading mainly originated from issuers in mainland China, underscoring Hong Kong's important role as an offshore fundraising hub. Dr. Yip Chi-hang, Executive Director of the Intermediaries Division of the SFC, stated: The record high in both sales and market participation reflects global investors' confidence in Hong Kong as a leading international financial center. The strong performance of fixed income, currency, and commodity-related products also highlights the vast potential for Hong Kong to develop into a hub for these assets, with its position continuously strengthening. The SFC will adapt to new industry trends and work closely with stakeholders to promote the quality development of Hong Kongs financial market ecosystem. Mr. Xu Huai-zhi, Assistant Director (Banking Conduct) of the HKMA, remarked: The strong growth recorded in this years survey fully affirms investors confidence in Hong Kongs asset and wealth management industry. The HKMA will continue to adopt a balanced and risk-proportionate regulatory approach, ensuring that investors receive sound protections while promoting a good customer experience and supporting sustainable industry growth. Other key points observed from this survey include: In 2025, collective investment schemes emerged as the best-selling product category, accounting for 42% of total trading volume (HK$4.1 trillion). Structured products and debt securities ranked second and third, accounting for 40% (HK$3.9 trillion) and 9% (HK$929 billion), respectively. Equity-linked products continued to dominate structured product sales, with trading volume increasing by 58% year-on-year to HK$2.7 trillion, making up 70% of the structured product sales in 2025 (2024: 67%). According to data from large companies, the top five products were heavily weighted towards the technology (44%), internet (20%), and automotive (18%) sectors. Product distribution is becoming increasingly digital, with online sales accounting for 21% of total trading volume (2024: 17%). In 2025, the number of surveyed companies distributing investment products online grew by 17% to 122. Collective investment schemes remained the most sold product category online, accounting for 84% of total online sales, followed by debt securities at 11%.