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, BNP Paribas 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 in scale 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 wealth management firms 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 saw their scales decrease in the first half of the year but rebounded in the second half.

Two joint-venture wealth management firms, BNP Paribas Agricultural Bank Wealth Management and Huihua Wealth Management, doubled their scale last year based on a low base, 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 2.431161 trillion yuan in 2025, while Xinyin Wealth Management grew to 2.296173 trillion yuan. China Post Wealth Management surpassed 1 trillion yuan by the end of 2025, reaching 1.317152 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, 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% last year, with increases of 12.44%, 17.96%, 15.31%, 18.05%, and 19.57%, respectively.

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

In the second half of last year, the A-share market fluctuated upward, surpassing 4,000 points and hitting a 10-year high. Many wealth management firms chose to reduce their investment in equity assets during this period. Data from the financial product reports show that firms such as Suyin Wealth Management, BlackRock CCB Wealth Management, China Post Wealth Management, Puyin Wealth Management, Shangyin Wealth Management, Huiyin Wealth Management, and Huihua Wealth Management decreased their equity investment ratios 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 was less optimistic in the second half of last year compared to the second half of 2024 and the first half of 2025.

Suyin Wealth Management and BlackRock CCB Wealth Management significantly reduced 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 companies previously maintained relatively high proportions of equity assets compared to peers.

Some firms increased their equity investment ratios last year, such as Xingyin and Hangyin. However, Hangyin reduced its 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 initially increased its equity ratio in the first half but reduced 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 investment ratio last year. According to the Bank Wealth Management Registration and Custody Center, the balance of wealth management products invested in equities at the end of 2025 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 investment 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 also a routine practice.

Enhanced appeal of products with equity features

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

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 second half. Both firms also issued many equity-linked products, with Hangyin issuing 6 and Xingyin 5.

The stock market’s upward trend in the second half of last year, reaching near 10-year highs, significantly boosted the appeal of hybrid products that had been less popular before. Despite only issuing 5 hybrid products in the second half, China Post Wealth Management raised nearly 62.57 billion yuan, with an average of about 12.514 billion yuan per product.

At the end of last year, China Post Wealth Management and Xingyin Wealth Management had hybrid product scales of 764.99 billion yuan and 512.4 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 in the second half. Suyin Wealth Management also increased its hybrid product scale by 140.99% last year, despite reducing 15 hybrid products.

With new products attracting more funds and existing products continuing to draw investor interest, the proportion of hybrid products in the overall scale of most firms increased by the end of 2025. Companies like Xingyin, China Post, Hangyin, Huiyin, Hengfeng, and Guangyin all saw their hybrid product proportions rise compared to the beginning of the year.

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