Financial management companies are expanding in size, with equity products becoming the new favorite

Source: 21st Century Business Herald Author: Tang Yaohua, Intern Huang Yue

Currently, 14 wealth management companies have disclosed their 2025 second-half financial product reports, including Xingyin Wealth Management, Puyin Wealth Management, China Post Wealth Management, Xinyin Wealth Management, Huiyin Wealth Management, Hangyin Wealth Management, Qingyin Wealth Management, Huihua Wealth Management, BlackRock CCB Wealth Management, Societe Generale Agricultural Bank Wealth Management, and others.

With the disclosure of these reports, the development outlook for wealth management companies in 2025 is also becoming clearer. Data shows that most companies achieved double-digit growth last year, with a trend toward more diversified product types. The appeal of hybrid and other equity-linked products has increased, significantly boosting their market share. After the A-shares hit new highs, some companies reduced their investment in equity assets in the second half of 2025.

Most wealth management companies saw double-digit growth last year

The reports indicate that most disclosed companies maintained double-digit growth in their wealth management scale in 2025, with only a few, such as Qingyin Wealth Management and Guangyin Wealth Management, experiencing single-digit growth last year. Qingyin and Guangyin Wealth Management saw their scales decrease in the first half of the year but rebounded in the second half.

Two joint-venture wealth management firms, Societe Generale Agricultural Bank Wealth Management and Huihua Wealth Management, doubled their scales last year based on a low starting point, with growth rates of 202.04% and 105.81%, respectively. BlackRock CCB Wealth Management’s growth was slightly lower at 60.97%.

Xingyin Wealth Management, which has entered the “2 trillion yuan club,” continued to grow its scale to 24.31161 trillion yuan in 2025, while Xinyin Wealth Management’s scale increased to 22.96173 trillion yuan. China Post Wealth Management surpassed 1 trillion yuan by the end of 2025, reaching 13.17152 trillion yuan.

Major bank wealth management subsidiaries like China Post Wealth Management, as well as city commercial bank subsidiaries Hangyin Wealth Management and Suyin Wealth Management, also experienced significant growth last year, with increases of 31.82%, 38.53%, and 30.48%, respectively.

Xingyin Wealth Management, Xinyin Wealth Management, Puyin Wealth Management, Shangyin Wealth Management, and Huiyin Wealth Management saw their scales grow by 10% to 20%, with increases of 12.44%, 17.96%, 15.31%, 18.05%, and 19.57%, respectively.

Many companies reduced their equity asset investment ratios in the second half of last year

In the second half of last year, as A-shares fluctuated upward, surpassing 4,000 points and hitting a 10-year high, many wealth management companies chose to lower their investment in equity assets. Data from their financial reports show that companies like Suyin Wealth Management, BlackRock CCB Wealth Management, China Post Wealth Management, Puyin Wealth Management, Shangyin Wealth Management, Huiyin Wealth Management, and Huihua Wealth Management reduced their equity asset allocations last year.

This may be related to a slight change in market outlook among some firms. Industry insiders told the 21st Century Business Herald that sentiment toward the stock market in the second half of last year was less optimistic than in the second half of 2024 and the first half of 2025.

Suyin Wealth Management and BlackRock CCB Wealth Management significantly cut their equity allocations. Suyin’s equity investment ratio dropped from 8.39% at the end of 2024 to 6.11% at the end of 2025, while BlackRock CCB’s fell from 5.6% to 2.1%. Both had relatively high equity allocations compared to industry peers.

Some firms increased their equity investments last year, such as Xingyin Wealth Management and Hangyin Wealth Management. However, Hangyin initially reduced its equity ratio in the first half of the year but increased it again in the second half, resulting in a slight overall increase for the year. Qingyin Wealth Management raised its equity ratio in the first half but lowered it in the second half, ending the year with a lower ratio than at the start.

Overall, the banking wealth management sector reduced its equity asset ratio last year. According to the Bank Wealth Management Registration and Custody Center, by the end of 2025, the balance of equity assets in wealth management products was 0.66 trillion yuan, accounting for 1.85% of total investment assets, slightly down from 2.58% at the end of 2024. The proportion of cash, bank deposits, interbank certificates of deposit, and fund assets increased. The decline in equity asset ratios mainly occurred in the second half, with the ratio at the end of June 2025 still at 2.38%.

“A possible reason is channel preferences, and wealth management companies also consider contrarian strategies to some extent,” a product department insider from a wealth management firm told the 21st Century Business Herald. Adjusting investment ratios dynamically based on market performance is a common practice among these firms.

Enhanced appeal of products with equity features

Last year, wealth management firms like Xingyin Wealth Management and Hangyin Wealth Management actively promoted products with equity features, including numerous hybrid products. They issued 48 and 14 hybrid wealth management products, respectively. Hengfeng Wealth Management and Suyin Wealth Management also issued several, with 12 and 7 products each.

Hangyin Wealth Management mainly issued hybrid products in the second half of the year, with 12 issued then compared to only 2 in the first half, showing a clear focus on the latter period. Both firms also issued many equity-linked products in the second half, with Hangyin issuing 6 and Xingyin 5.

As the stock market rallied and hit near 10-year highs in the second half, the previously less popular hybrid products gained significant investor interest. Despite only issuing 5 hybrid products in the second half, China Post Wealth Management raised as much as 62.572 billion yuan, with an average of 12.514 billion yuan per product.

At the end of 2025, China Post Wealth Management and Xingyin Wealth Management had outstanding hybrid product scales of 76.499 billion yuan and 51.24 billion yuan, respectively, with increases of 44.76% and 46.68% in the second half. Notably, China Post Wealth Management’s scale continued to grow despite a reduction of 2 hybrid products, and Suyin Wealth Management’s hybrid product scale increased by 140.99% even as it reduced 15 products.

With new products attracting funds and existing products continuing to draw investor interest, most firms saw an increase in the proportion of their hybrid products in total assets by the end of 2025 compared to the beginning of the year. This includes firms like Xingyin Wealth Management, China Post Wealth Management, Hangyin Wealth Management, Huiyin Wealth Management, Hengfeng Wealth Management, and Guangyin Wealth Management.

Data from the Bank Wealth Management Registration and Custody Center shows that the overall proportion of hybrid products in the total scale of wealth management products increased from 1.98% at the end of 2024 to 2.73% at the end of 2025. The scale of products in the commodities and financial derivatives categories also rose slightly from 0.04% to 0.07%. Wealth management products are becoming more diversified.

(Edited by: Wen Jing)