SFC-HKMA’s joint product survey shows increasing participation of intermediaries and investors

Press Releases

27 Sep 2022

SFC-HKMA’s joint product survey shows increasing participation of intermediaries and investors

The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) today (27 September) released the findings of their 2021 joint survey on the Sale of Non-exchange Traded Investment Products by licensed corporations (LCs) and registered institutions (RIs) (Note 1).

The survey results show that notwithstanding the continued pandemic and difficult market environment, the number of investors who purchased investment products increased 5% to 770,000 (Note 2). The total number of firms engaged in the sale of investment products increased slightly to 390. Major observations from the survey included:

  • Among the $5,015 billion (Note 3) investment products sold in 2021, structured products ($2,385 billion or 48%) remained the predominant product type sold by firms, followed by collective investment schemes (CIS) ($1,491 billion or 30%) and debt securities ($818 billion or 16%). CIS was the most popular product in terms of the number of investors who purchased them.
  • The total transaction amount of equity-linked structured products increased by 5% to $1,674 billion, largely due to the buoyant market of the underlying internet and technology stocks during the first half of 2021, while the sales of authorised CIS helped drive the 5% increase in the overall transactions in CIS to $1,491 billion.
  • Weighed down by uncertainties in interest rates outlook, the total transaction amount for debt securities dropped 23% to $818 billion. This, along with declines in the sales of other structured products, was the main reason for the 12% decline in the overall sales of investment products by LCs and RIs in 2021.
  • A total of 70 firms used online platforms to distribute investment products, up 21% from the last survey. CIS remained the most popular product type, accounting for 91% of total online sales. About 65% of clients investing in CIS transacted online and the online sale of CIS accounted for 18% of the transaction amount of all CIS sold.

“The survey reveals increased retail participation in the investment market, notwithstanding the difficult market environment, and an increasing trend for firms to use online platforms for distribution,” said Ms Julia Leung, Deputy Chief Executive Officer and Executive Director, Intermediaries of the SFC. “It yields useful information on market trends and distribution channels for the industry participants and regulators alike to better serve the interests of retail investors.”

“This joint product survey strengthens the supervisory collaboration between the SFC and the HKMA, and enhances surveillance of the market by the regulators,” added Mr Arthur Yuen, Deputy Chief Executive of the HKMA. “The survey also provides useful input to our policy formulation and supervisory work in protecting investors.”

This is the second survey conducted annually by the SFC and the HKMA on all the LCs and RIs which engaged in selling activities. The above findings were based on responses from a total of 327 LCs and 63 RIs which reported sale of investment products during the reporting period.


Securities and Futures Commission
Hong Kong Monetary Authority
27 September 2022



  1. Survey questionnaires were sent to 2,223 LCs and 111 RIs licensed or registered for Type 1, Type 4 or both regulated activities and over 99% responded. The survey covered the sale of non-exchange traded investment products from 1 January to 31 December 2021 (the reporting period) by respondent firms to non-professional investor (PI) clients, individual PIs and certain corporate PIs.
  2. The number of investors who completed at least one transaction in non-exchange traded investment products during the reporting period.
  3. The 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.
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Last revision date : 27 September 2022