Tony Kim
Sep 08, 2026 05:26
Hong Kong saw record-breaking $9.9 trillion in non-exchange-traded product sales in 2025, driven by surging demand for FICC-related investments.
Hong Kong’s investment product market reached unprecedented heights in 2025, with non-exchange-traded product sales soaring 63% year-on-year (YoY) to a record $9.9 trillion, according to a joint survey released by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) on September 7, 2026. The surge was fueled by robust demand for fixed-income, currency, and commodity (FICC)-related products, alongside broader market participation.
The number of clients executing at least one transaction jumped 33% to 1.6 million, while the number of licensed corporations (LCs) and registered institutions (RIs) selling these products increased by 9% to 452. Large firms—those transacting over $1 billion or more annually—drove much of the growth, with their numbers rising 27% to 128.
Collective investment schemes (CIS) emerged as the top-selling product category, accounting for 42% of total transaction volume, overtaking structured products for the first time since 2020. Structured product sales grew 53% YoY, while debt securities saw a 43% uptick, driven by sovereign bonds (up 138%) and investment-grade corporate bonds (up 43%). Notably, Chinese Mainland-related issuers dominated corporate bond transactions, reinforcing Hong Kong’s role as a key offshore fundraising hub.
The appeal of FICC-related products was particularly pronounced in 2025. Money market funds represented 88% of the top five CIS sales by large firms, up from 80% in 2024. Currency-linked product sales rose 50% YoY to $698 billion, reflecting investors’ appetite for income-generating and liquidity-management solutions amid volatile market conditions.
Digitalization also played a growing role in distribution. Online sales accounted for 21% of total transactions, up from 17% in 2024. CIS dominated online channels, representing 84% of digital sales, followed by debt securities at 11%.
These trends align with the broader trajectory of Hong Kong’s investment product market. In 2024, the SFC and HKMA reported a then-record $6.07 trillion in non-exchange-traded product sales, up 40% YoY. The 2025 figures not only shattered that record but highlighted a sustained shift toward more diverse and sophisticated investment instruments.
Dr. Eric Yip, Executive Director of Intermediaries at the SFC, emphasized the global confidence in Hong Kong’s financial ecosystem. “The new records reflect Hong Kong’s growing stature as a leading international financial hub, particularly in FICC markets,” Yip stated. Kenneth Hui, Executive Director (Banking Conduct) at the HKMA, reaffirmed the regulator’s commitment to fostering growth while ensuring robust investor protections.
Looking ahead, Hong Kong’s financial sector appears poised to further solidify its role as a global FICC hub. Continued growth in sovereign and corporate bond issuance, coupled with the expansion of digital distribution channels, could drive another strong performance in 2026. Market participants should watch for updates from the SFC and HKMA on evolving regulatory frameworks and emerging product trends.
Image source: Shutterstock
