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 prospects for wealth management companies in 2025 are also coming into focus. Data shows that most wealth management companies achieved double-digit growth last year, with a more diversified range of financial products. 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 experienced double-digit growth last year

The reports indicate that most disclosed wealth management companies maintained double-digit growth in their 2025 assets under management, with only a few, such as Qingyin Wealth Management and Guangyin Wealth Management, experiencing single-digit growth last year. Qingyin and Guangyin saw their assets 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 from 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 to 24.3116 trillion yuan in 2025, while Xinyin Wealth Management increased to 22.9617 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 saw 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 experienced growth rates between 10% and 20%, specifically 12.44%, 17.96%, 15.31%, 18.05%, and 19.57%.

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 reaching a 10-year high, many wealth management firms chose to lower their investment in equity assets. 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 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 compared to the second half of 2024 and the first half of 2025.

Suyin Wealth Management and BlackRock CCB Wealth Management significantly cut their equity allocations, with Suyin reducing from 8.39% at the end of 2024 to 6.11% at the end of 2025, and BlackRock CCB from 5.6% to 2.1%. Both had relatively high equity allocation ratios compared to industry peers.

Some wealth management firms increased their equity investments last year, such as Xingyin and Hangyin, though Hangyin initially lowered its equity ratio in the first half of the year before raising it again in the second half, resulting in a slight overall increase for the year. Qingyin Wealth Management also 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 ratios last year. According to the Bank Wealth Management Registration and Custody Center, by the end of 2025, the balance of wealth management products invested in equities 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 assets held in cash, bank deposits, interbank certificates of deposit, and funds 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%.

“This may be related to channel preferences, and wealth management firms 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 wealth management companies.

Enhanced appeal of products with equity features

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

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

As the stock market rallied in the second half of the year, reaching near 10-year highs, the previously less popular hybrid products gained significant traction. Although China Post Wealth Management only issued 5 hybrid products in the second half, the total raised amounted to 62.572 billion yuan, with an average of 12.514 billion yuan per product.

By the end of last year, China Post Wealth Management and Xingyin Wealth Management had hybrid product scales of 76.499 billion yuan and 51.24 billion yuan, respectively, increasing by 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, 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, China Post, Hangyin, Huiyin, Hengfeng, and Guangyin.

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 in commodities and financial derivatives also rose slightly from 0.04% to 0.07%. Wealth management products are becoming more diversified.

(Edited by: Wen Jing)