Sales of non-exchange-traded investment products in Hong Kong surged 63% year over year to a record HK$9.9 trillion in 2025, according to a joint survey by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) released on Tuesday.
Collective investment schemes (CIS) jumped 85% to HK$4.1 trillion, becoming the largest product category for the first time since 2020. Money market funds accounted for 88% of top CIS sales among large firms. Structured products rose 53% to HK$3.9 trillion, with CIS and structured products together making up over 80% of total transaction activity.
Active distribution firms grew 9% to 452, while clients completing at least one transaction increased 33% to over 1.6 million. Currency-linked products rose 50% to HK$698 billion, and debt securities activity moderated slightly to HK$929 billion, supported by strong multi-year gains in sovereign and investment-grade corporate bonds.