Listed structured products across Asia saw mixed fortunes in 2025, with Hong Kong and Indonesia posting strong gains, Singapore delivering a mixed performance and Thailand lagging as investors adjust to changing market dynamics.

Hong Kong SAR

Listed structured products in Hong Kong SAR – comprising derivative warrants (DWs) and callable bull/bear contracts (CBBCs) – recorded a 55% jump in average daily turnover to HK$18.3 billion (US$2.34 billion) in 2025 compared with the prior year, data from Hong Kong Exchanges and Clearing Limited (HKEX) shows.

DWs’ average daily turnover for 2025 hovered at around HK$7.7 billion, up over 50% year-on-year (YoY), while CBBCs’ soared over 59% to roughly HK$10.6 billion.

Hong Kong SAR: DWs and CBBCs’ average daily turnover from 2023 to 2025 (HK$ billion)

Source: HKEX

A total of 41,710 structured products were listed during the year, up 32% compared with 2024, HKEX highlighted in its latest earnings release.

Stock Exchange listing fees rose 38% YoY to HK$825m, driven by a higher number of newly listed DWs and CBBCs in 2025, following heightened market volatility and increased investor demand in these structured products, the exchange said.

There were 15 active warrant issuers and 12 active CBBC issuers in the Hong Kong listed product market in 2025, SRP data shows.

Last May saw warrant issuers flock to listing products tracking Contemporary Amperex Technology Co. Ltd (CATL) exposure, the same day that the Chinese electric vehicle battery supplier went public in Hong Kong.

Singapore

Daily leverage certificates (DLCs) finished 2025 on a strong note with average daily turnover surging 41% YoY to SGD14.6m (US$11.4m) in 2025, according to data from Singapore Exchange (SGX).

Structured warrants lagged, recording a daily turnover at SGD14.3m, down 10% YoY.

Singapore: DLCs and structured warrants’ average daily turnover from 2023 to 2025 (SGD million)

Source: SGX

Chinese tech names, including Alibaba, Meituan, Tencent and Xiaomi, dominate as the most actively traded single-stock underlyings, while the Hang Seng TECH Index and Hang Seng Index led the index-underlying front, the exchange’s spokesperson told SRP.

For DLCs, index-linked DLCs posted stronger growth in turnover, up 79% YoY to SGD1.9 billion in full year turnover while single stock DLC grew by 16% YoY to SGD1.8 billion, the spokesperson said.

Société Générale and UBS are currently the two active DLC issuers, while Mirae Asset Securities, which entered the DLC listing market in April 2023, is no longer actively listing products, according to SGX’s data screener from 5 March.

The French issuer expanded the underlying lists of its US single-stock DLCs to 10 with the addition of AMD, Broadcom, and Netflix, following its “Magnificent 7”-linked DLC launch in October 2024.

Macquarie Bank is the sole issuer of structured warrants on SGX. Société Générale, which debuted its first batch of structured certificates in August 2023, doesn’t have outstandings in these yield enhancement listed products, with the last batch expired last November, data from SGX shows.

Indonesia

Structured warrants’ average daily trading value surged over 2.4 times YoY to IDR10 billion (US$591,681) in 2025, a spokesperson for Indonesia Stock Exchange (IDX) told SRP.

Throughout 2025, we observed a notable shift in retail investors’ risk appetites

The number of new listings rose to 647 products from 495 in the prior year.

A strong market preference for the domestic energy and basic materials sectors, with most actively traded underlying coming from Barito Pacific Tbk PT, Petrosea Tbk PT and Rukun Raharja Tbk PT, the spokesperson said.

By number of listings, KGI Sekuritas Indonesia, which started listing warrants in July 2024, became the largest issuer across five issuers in 2025 with 162 listings. This is closely followed by Maybank Sekuritas Indonesia and RHB Sekuritas Indonesia, with 159 and 150 listings, respectively.

“Throughout 2025, we observed a notable shift in retail investors’ risk appetites, characterised by a growing awareness of how to utilise structured warrants for leveraged exposure,” a spokesperson at the exchange noted. “This increased understanding is clearly reflected in the surging average daily trading value.”

The exchange expanded the eligible underlying stocks to the IDX80 index in 2025 from the IDX30 and is looking to boost the availability and accessibility of structured warrant-related information to investors this year, the spokesperson highlighted.

It is also mandating liquidity providers to maintain a quotation presence for at least 80% of total trading hours and looks to continue educational promotion efforts, he added.

Malaysia

The number of new structured warrants listed on Bursa Malaysia in 2025 rose 21% to 2,190 products, data from the exchange shows.

There were eight active warrant issuers in the market last year, with the last issuer CITIC CLSA entering the market the end of last April.

The country's stock exchange posted a five percent increase in listing and issuer services revenue to MYR73.8m (US$18.7m) in 2025, driven by higher initial and annual listing fees from a higher number of structured warrants and market capitalisation respectively, the exchange stated in its earnings release. 

Bursa Malaysia has not released structured warrants’ overall turnover figures on its website and did not respond to requests for comments regarding such figures when approached by SRP.

The country’s structured warrants turnover rose to a level not seen since the 2020 Covid lockdown, sources familiar with the matter said, attributing the growth to the local equities market.

Malaysia's benchmark FTSE Bursa Malaysia KLCI index edged up 2.3% in 2025. 

Thailand

Derivative warrants listed on the Stock Exchange of Thailand posted a 43% YoY fall in average daily trading value to THB1.68 billion (US$53.3m) in 2025, data from the exchange shows.

Thailand: DWs’ average daily trading value (THB billion)

Source: Stock Exchange of Thailand

KGI ranked as the largest issuer in 2025, with around 55% of last year’s trading volume coming from the Taiwanese issuer’s products, up from 23% in the prior year. It newly listed 792 products in 2025, the largest amount across seven issuers.

Thanachart Securities and RHB Securities, formerly known as RHB OSK Securities, were the issuers exiting from listing new products last year.

Image: HNKz/Adobe Stock

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