PolyU’s Department of Applied Social Sciences (APSS), in collaboration with The Investor and Financial Education Council (IFEC), conducted a follow-up study on Behavioural Science Study on Investor Behaviour in the Virtual Asset Markets: Heuristics in Virtual Assets Investment Decision-Making which was first conducted in 2022. Presented to global counterparts for the first time at the International Organization of Securities Commissions (IOSCO) Committee on Retail Investors (Committee 8) Virtual Workshop on Investor Resilience – Mainstream Investors on 10 June 2026, the latest findings revealed that Hong Kong virtual asset investors are showing significant declines in herd-following tendencies, post-gain risk exposure and reliance on past experience.
Prof. Eric Chui, Head of APSS and Co-Director of PReCIT, shared that virtual assets, as a relatively new investment product, are often influenced by market sentiment and various information from social media and other new channels, which can easily affect investors’ emotions. This study indicated that some behavioural biases remain among retail investors, underscoring the importance of building investor resilience and self-awareness. As investor behaviour does not follow a single fixed pattern, integrating behavioural insights into tailored investor education can help investors examine their own investment behaviour and attitudes, stay grounded amid market volatility, and make informed decisions
Ms Dora Li, IFEC General Manager and member of the IOSCO Committee 8, said that the study revealed positive changes in the behaviour of Hong Kong virtual asset investors, reflecting ongoing efforts to provide a more regulated market environment, strengthen stakeholder collaboration, and enhance investor education.
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