Hong Kong's Non-Exchange-Traded Investment Products Sales Soar 63% to $9.9 Trillion, Driven by Strong Market Demand

Record year for investment product sales in Hong Kong with robust demand for FICC-related products: SFC-HKMA joint survey 2025

The following is issued on behalf of the Hong Kong Monetary Authority:

HKMA, Photo source: reference image

Sales of non-exchange-traded investment products surged 63 per cent year-on-year (YoY) to an all-time high of $9.9 trillion in 2025, driven by a record level of market participation with strong demand for fixed-income, currency and commodity (FICC)-related products, according to the annual joint survey by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) published today (September 8) (Notes 1 and 2).

Record numbers of participating clients and firms propelled the strong growth in the total transaction amount (Note 3). The number of clients who completed at least one transaction in non-exchange-traded investment products jumped by 33per cent to more than 1.6 million (Note 4), while the number of licensed corporations (LCs) and registered institutions (RIs) engaged in investment product sale grew by 9 per cent to 452. Notably, the number of large firms increased by 27 per cent to 128 (Note 5).

Collective investment schemes (CIS) (up 85 per cent) and structured products (up 53 per cent) were both key engines for record-breaking sales. Notably, CIS overtook structured products for the first time as the top-selling product type since 2020.

FICC-related products played a central role in investors' asset allocations as the investors continued to favour income-generating assets and liquidity-management solutions amidst fast-changing market conditions. Money market funds accounted for 88 per cent of the top five CIS sales reported by the large firms, up from 80per cent in 2024. Currency-linked product sales also increased by 50 per cent YoY to $698 billion.

Debt securities sales continued on a solid long-term growth trajectory, up 43per cent from 2022. The growth was primarily driven by sovereign bonds (up 138 per cent) and investment-grade corporate bonds (up 43 per cent). Chinese Mainland-related issuers were the leading contributors to corporate bond transactions, illustrating Hong Kong's vital role as an offshore fund-raising hub.

"The new records of sales and market participation reflect global investors' confidence in Hong Kong as a leading international financial centre. The robust performance of FICC-related products also underscores the city's evolving role as an up-and-coming FICC hub," said the Executive Director of Intermediaries of the SFC, Dr Eric Yip. "By grasping new industry trends, the SFC will continue to collaborate closely with stakeholders to drive the quality growth of Hong Kong's financial ecosystem."

"The strong growth captured in this year's survey is a clear testament to investor confidence in Hong Kong's asset and wealth management industry," said the Executive Director (Banking Conduct) of the HKMA, Mr Kenneth Hui. "The HKMA will continue to adopt a balanced, proportionate regulatory approach, to ensure robust investor protection while fostering a positive customer experience and supporting the industry's continued growth."

Other major observations from the survey included:

• CIS, the top-selling product type,accounted for 42 per cent ($4.1 trillion) of the total transaction amount in 2025. Structured products and debt securities ranked second and third, making up 40 per cent($3.9 trillion) and 9per cent($929 billion), respectively.

• Equity-linked products continued to dominate structured product sales, with the transaction amount rising 58per centYoY to $2.7 trillion and accounting for 70per centof structured products sold in 2025 (2024: 67 per cent). The major underlying equities of the top five products were from the technology (44 per cent), internet (20 per cent) and automotive (18 per cent) sectors, according to the large firms.

• Product distribution became increasingly digitalised, as online sales accounted for 21per cent(2024: 17 per cent) of the aggregate transaction amount. The number of respondent firms distributing investment products online increased by 17per centto 122 in 2025. CIS remained the top product type sold online, making up 84 per centof the total online sales, followed by debt securities at 11 per cent.

Photo source: HKSAR Government Press Releases

Photo source: HKSAR Government Press Releases

Note 1: The annual survey questionnaires were sent to 2 502 licensed corporations and 109registered institutions licensed or registered for Type 1 (dealing in securities), Type 4 (advising on securities) or both regulated activities, and more than 99per cent of them responded. The survey covered the sale of non-exchange-traded investment products from January 1 to December 31, 2025 (the reporting period) by respondent firms to non-professional investor clients, individual professional investors (PIs) and certain corporate PIs. The first SFC-HKMA joint survey was published in 2021.

Note 2:FICC-related products include money market funds, bond funds, debt securities, currency-linked and commodity-linked structured products, currency swaps.Currency-linked instruments, interest rate-linked instruments, and currency and interest rate-linked instruments issued by authorized financial institutions and sold by registered institutions were excluded from the survey.

Note 3:Transaction amount refers to the amount paid or payable by investors for investment products. For structured products and derivative products, the transaction amount refers to the maximum exposure of the contracts at the point of sale. Respondent firms were requested to report only one side of the transaction. Rollovers, redemptions and position close-outs were not included.

Note 4:The numbers of clients who completed at least one transaction in non-exchange-traded investment products during the reporting period were 774 988 forlicensed corporations and 834 916 for registered institutions, respectively.

Note 5:Large firms refer to LCs and RIs with total transactions of $1 billion or more and $30 billion or more respectively during the reporting period. They were requested to provide details about the investment products sold, including the transaction amount by investor type and the details of the top five products ranked by transaction amount.

Source: AI-created image

DH clarifies COVID-19 vaccination arrangements

In response to comments from a medical organisation about a lack of stock of COVID-19 vaccines and concerns about low COVID-19 vaccination rates, as well as related media enquiries, the Centre for Health Protection (CHP) of the Department of Health (DH) today (November 11) issued the following clarification:

Scientific evidence shows that COVID-19 vaccines are effective in reducing the risk of severe disease and death. Following the recommendations of the World Health Organization, and the Scientific Committee on Vaccine Preventable Diseases and the Scientific Committee on Emerging and Zoonotic Diseases(Joint Scientific Committee) under the CHP, the CHP has continuously encouraged the public to receive the vaccine at appropriate times to minimise the risk of severe disease and death after being infected by COVID-19. Thanks to the government's and relevant sectors' continuous efforts to promote vaccination, the uptake rate of the initial doses of COVID-19 vaccine in Hong Kong exceeds 90 per cent, which is considered high internationally.

Regarding COVID-19 booster vaccination, the Joint Scientific Committee recommended them only for high-risk priority groups. Besides, one must receive a vaccine booster at least 180 days after their last dose or COVID-19 infection (whichever is later). Therefore, the vaccination rate is expected to be relatively low. Due to reinfection or vaccination, many people infected with COVID-19 experience milder symptoms and chose not to seek medical care. The Government faces limitations in collecting and reviewing the latest infection figures. As a result, the actual vaccination rates for high-risk priority groups cannot be accurately determined.

The CHP previously announced that the shelf life of the LP.8.1 vaccine for children and adults would expire in mid-July and early September of this year respectively, and that the production and shipment of COVID-19 vaccines containing new ingredients would take time. Starting October 29, the CHP has been providing the Spikevax XFG mRNA vaccine to childrenaged 6 months to 11 years. The first shipment of the new batch of Spikevax XFG vaccine for individuals aged 12 or above is expected to arrive in Hong Kong next month (December). By then, market supply will resume and private doctors will be able to order from pharmaceutical companies as usual. During this transitional period while awaiting vaccine production and delivery, the absence of COVID-19 vaccinations for adults is normal and temporary.

Regarding COVID-19 vaccination venues, the mRNA COVID-19 vaccines currently in use require complex cold-chain handling and have a limited shelf life after thawing. To provide convenience to the public, minimise vaccine wastage and ensure vaccine efficacy, the Government has set up a total of 75 COVID-19 vaccination venues across Hong Kong, including Specialist Out-patient Clinics (SOPCs) and Family Medicine Clinics (FMCs) in public hospitals, private clinics, Maternal and Child Health Centres, etc. Given that patients co-infected with seasonal influenza and COVID-19 are at a higher risk of severe complications and death, the CHP all along recommends that priority groups receive both seasonal influenza vaccination and COVID-19 vaccination booster to reduce the risk of serious illness and death.Eligible persons can receive both COVID-19 and influenza vaccinations at all current COVID-19 vaccination venues, including SOPCs and FMCs of the concerned public hospitals, as well as private clinics. Therefore, the CHP considers that there is currently no need to further expand the number of COVID-19 vaccination venues.

According to a survey conducted by the medical organisation concerned, nearly 40 per cent of the doctors surveyed do not proactively remind patients to receive COVID-19 vaccination. The CHP expressed concern about this and urged healthcare professionals to proactively remind patients of the importance of receiving COVID-19 vaccination in a timely manner. Even if their clinics do not provide vaccination services, healthcare professionals can still provide patients with information about the Government's COVID-19 Vaccination Programme to help safeguard public health.

The CHP will continue to strengthen publicity and education efforts through various online and offline channels to encourage priority groups to receive COVID-19 vaccination as soon as possible once the COVID-19 vaccines for persons aged 12 or above is available.

For more information about the COVID-19 Vaccination Programme, please visit the CHP's website.

Source: AI-found images