On September 08, 2026, SFC and HKMA published their annual joint survey showing record non-exchange-traded investment product sales of $9.9 trillion in Hong Kong (up 63% YoY), driven by strong FICC-related demand with CIS overtaking structured products as the top-selling type for the first time since 2020.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Overview of the 2025 Annual Joint Survey Findings
On September 08, 2026, the Securities and Futures Commission (""SFC"") and the Hong Kong Monetary Authority (""HKMA"") jointly published their annual survey on non-exchange-traded investment products. The results disclosed that aggregate transaction amounts for such instruments reached an unprecedented $9.9 trillion in calendar year 2025, representing a 63% increase over the prior period. This historic high was principally attributable to record levels of market participation and sustained institutional demand for fixed-income, currency and commodity (""FICC"")-related products. For purposes of this survey, "transaction amount" denotes the consideration paid or payable by investors in respect of investment products; where such products comprise structured or derivative instruments, the figure reflects the maximum contractual exposure at the point of sale.
Market Participation and Industry Expansion
The growth in total transaction volume was underpinned by a marked expansion across both client base and intermediating firms. The number of clients who executed one or more transactions during the reporting period increased by 33% to exceed 1.6 million, comprising 774,988 for Licensed Corporations (""LCs"") and 834,916 for Registered Institutions (""RIs""). Concurrently, the number of LCs and RIs engaged in the sale of investment products grew by 9% to a total of 452. Notably, the cohort of large firms—defined as LCs with aggregate transactions of $1 billion or more during the reporting period, and RIs with such transactions at $30 billion or above—expanded by 27% to 128 entities.
Product Performance: Collective Investment Schemes and Structured Products
Collective investment schemes (""CIS"") and structured products served as the principal drivers of record-breaking sales volumes, registering year-on-year increases of 85% and 53%, respectively. Of particular significance is that CIS overtook structured products for the first time since 2020 to become the leading product category by transaction value. In absolute terms, CIS accounted for 42% ($4.1 trillion) of total transactions in 2025, while structured products and debt securities ranked second and third at 40% ($3.9 trillion) and 9% ($929 billion), respectively.
Within the structured product segment, equity-linked instruments continued to dominate sales composition. The transaction amount for such products rose by 58% year-on-year to $2.7 trillion, constituting 70% of all structured products sold in 2025 (compared with 67% in 2024). According to large firms reporting under the survey, the principal underlying equities for the top five equity-linked products were concentrated in the technology sector (44%), internet sector (20%) and automotive sector (18%).
FICC-Related Products and Debt Securities Development
FICC-related instruments—including money market funds, bond funds, debt securities, currency-linked and commodity-linked structured products, and currency swaps—played a central role in investor asset allocation strategies. This preference for income-generating assets and liquidity-management solutions reflected prevailing conditions of rapid market volatility during the period. Money market funds accounted for 88% of the top five CIS sales reported by large firms, an increase from 80% recorded in 2024. Sales of currency-linked products also surged by 50% year-on-year to $698 billion.
The debt securities segment maintained a solid long-term growth trajectory, registering a cumulative increase of 43% since 2022. This expansion was driven predominantly by sovereign bonds (up 138%) and investment-grade corporate bonds (up 43%). Chinese Mainland-related issuers constituted the leading contributors to corporate bond transaction volumes, underscoring Hong Kong's continued strategic role as a principal offshore fund-raising hub for such issuances.
Regulatory Commentary
Dr Eric Yip, Executive Director of Intermediaries at the SFC, observed that the new records in sales volume and market participation reflected global investors' confidence in Hong Kong as a leading international financial centre. He further noted that the robust performance of FICC-related products underscored the city's evolving role as an emerging FICC hub. Dr Yip affirmed that by keeping abreast of evolving industry trends, the SFC would continue to collaborate closely with relevant stakeholders to promote quality growth within Hong Kong's financial ecosystem.
Mr Kenneth Hui, Executive Director (Banking Conduct) at the HKMA, characterised the strong growth captured in this year's survey as a clear testament to investor confidence in Hong Kong's asset and wealth management industry. He stated that the HKMA would continue to adopt a balanced and proportionate regulatory framework designed to ensure robust investor protection while fostering positive customer experience and supporting sustained industry development.
Distribution Channels and Digitalisation Trends
The survey further revealed an accelerating shift towards digitalised product distribution channels. Online sales accounted for 21% of aggregate transaction amounts in 2025, up from 17% in the prior year. The number of respondent firms distributing investment products via online platforms increased by 17% to 122 entities during the reporting period. CIS remained the predominant product type transacted through digital channels, representing 84% of total online sales volume, followed by debt securities at 11%.
Survey Methodology and Scope
The annual survey questionnaires were dispatched to 2,502 LCs and 109 RIs licensed or registered for Type 1 (dealing in securities), Type 4 (advising on securities) regulated activities, or both. A response rate exceeding 99% was achieved across all respondents. The survey encompassed the sale of non-exchange-traded investment products by respondent firms to non-professional investor clients, individual professional investors (""PIs"") and certain corporate PIs during the period from 1 January to 31 December 2025. It is noted that this represents a continuation of an initiative first undertaken in partnership between the SFC and HKMA with the inaugural joint survey published in 2021.
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