Hong Kong Non-Exchange Investment Product Sales Hit Record $1.3 Trillion
nashnova research
Sales of non-exchange-traded investment products in Hong Kong surged 63% to HK$9.9 trillion (≈US$1.3 trillion) in 2025, an all-time high; investor count and participating firms also set records, signalling accelerating global confidence in the city's wealth-management industry.
How big is HK$9.9 trillion?
A joint SFC–HKMA survey shows 2025 sales of non-exchange products — funds, structured products, and bonds sold outside a stock exchange — reached HK$9.9 trillion, up 63% year on year.
This means → roughly HK$39 billion in non-exchange products changed hands every trading day, a scale that exceeds most casual impressions of Hong Kong's market.
Investors who completed at least one transaction topped 1.6 million, up 33%; participating firms rose to 452; large institutions with significant volume grew to 128.
Where did the money go?
Collective investment schemes — the umbrella term for funds — saw sales jump 85%, overtaking structured products for the first time since 2020 to become the best-selling category.
Money-market funds alone accounted for 88% of the top-five products at large firms, up 80% from 2024. In plain terms = investors' top pick was the lowest-risk, most liquid "near-cash" product available.
This reflects a clear priority in a high-rate environment: lock in yield and preserve liquidity first, then look elsewhere.
What signal is the bond market sending?
Currency-linked product sales rose 50% to HK$698 billion; sovereign-bond sales surged 138%.
Corporate bonds from mainland Chinese issuers also drew strong demand. This means → Hong Kong's role as an offshore funding hub is being validated by actual transaction volume, not just policy positioning.
Fixed-income, currency, and commodity-linked products all remained in favour — pointing to one verdict: capital is chasing certainty of return.
Can this momentum last into 2026?
HKMA executive director Hui Chi-man said the growth "clearly affirms investor confidence in Hong Kong's asset and wealth management industry"; SFC executive director Yip Chi-hang called it a reflection of "global investor confidence in Hong Kong as a leading international financial centre."
But the data covers all of 2025. Whether the trend carries into 2026 hinges on two variables: the path of global interest rates and the pace of offshore bond supply.
In plain terms = if rates start falling, money-market funds lose their edge; if offshore issuance slows, the base effect on sales will show. Behind the headline numbers, sustainability is the real test.
市场有风险，内容仅供研究参考，不构成投资建议。