Source: Hong Kong Government special administrative region
Record year for investment product sales in Hong Kong with robust demand for FICC-related products: SFC-HKMA joint survey 2025
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 80 per 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 43 per 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:
Note 1: The annual survey questionnaires were sent to 2 502 licensed corporations and 109 registered institutions licensed or registered for Type 1 (dealing in securities), Type 4 (advising on securities) or both regulated activities, and more than 99 per 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. Issued at HKT 15:00
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