Rich Asian investors are plowing record money into complex stock bets that saddled them with big losses just a few years ago.

Issuance of structured products linked to Hong Kong and Singapore equities has surged 80% this year to a record of more than $200 billion, according to estimates from BNP Paribas SA, one of the top issuers. Products known as accumulators — which make their holders continuously buy stocks at preset levels — and fixed-coupon notes that offer monthly returns are particularly popular.

The revival coincides with a surge in Asia’s equities driven by the artificial intelligence frenzy. Typically marketed by private banks to wealthy clients, structured-note bets this year have been concentrated in Chinese mega-caps such as Alibaba Group Holding Ltd. and Tencent Holdings L

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