Hong Kong investment product sales rise 63 percent to $9.9 trillion
Sales of non-exchange-traded investment products in Hong Kong grew 63 percent to an all-time high of $9.9 trillion in 2025. A joint survey by the Securities and Futures Commission and the Hong Kong Monetary Authority shows active client numbers rose 33 percent to 1.6 million.
Funds displace structured products
Collective investment schemes drove the expansion, rising 85 percent to $4.1 trillion to account for 42 percent of total sales and overtaking structured products as the top asset class for the first time since 2020.
Structured products grew 53 percent to $3.9 trillion, representing 40 percent of total turnover, led by equity-linked instruments which climbed 58 percent to $2.7 trillion.
Debt securities reached $929 billion, up 43 percent from 2022, propelled by a 138 percent increase in sovereign bonds and a 43 percent rise in investment-grade corporate bonds.
Fixed-income and liquidity instruments dominated demand, with money market funds generating 88 percent of top fund sales at major intermediaries.
Broader access via digital channels
Distribution channels shifted toward digital platforms, with online sales expanding to 21 percent of aggregate transactions across 122 firms.
Total market participation broadened as active client accounts rose to 1.61 million across 452 registered and licensed entities.
“The new records of sales and market participation reflect global investors' confidence in Hong Kong,” noted Eric Yip of the SFC, pointing to the expanding role of debt and currency products.
Cash is king, for now
The record volume confirms Hong Kong's offshore appeal, but heavy fund inflows reflect caution rather than risk appetite.
Intermediaries face lower margins if capital stays parked in cash equivalents instead of risk assets.
Rapid digital distribution also sharpens the supervisory challenge around retail suitability.