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 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 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 saw double-digit growth last year

The reports indicate that most disclosed companies maintained double-digit growth in their 2025 wealth management scale, 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 scales last year 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 24.3116 trillion yuan in 2025, while Xinyin Wealth Management grew to 22.9617 trillion yuan. China Post Wealth Management surpassed 1 trillion yuan at the end of 2025, reaching 13.17152 trillion yuan.

Major bank 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, Xinyin, Puyin, Shangyin, and Huiyin Wealth Management saw their scales grow by 10%–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, breaking 4,000 points and reaching 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 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 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 allocations last year, such as Xingyin and Hangyin. However, Hangyin initially reduced its equity investment 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 increased its equity ratio in the first half but reduced it in the second half, ending the year with a lower proportion than at the start.

Overall, the banking wealth management sector reduced its equity asset ratio last year. According to data from the Banking Wealth Management Registration and Custody Center, the balance of equity assets in wealth management products 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 asset allocation 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 some 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 also 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, 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 the year, reaching near 10-year highs, significantly boosted the appeal of hybrid products that had been less popular before. Although China Post Wealth Management issued only 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.

At the end of 2025, the scale of hybrid products held by China Post Wealth Management and Xingyin Wealth Management reached 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 hybrid product scale continued to grow despite a reduction of 2 products in the second half. Suyin Wealth Management also increased its hybrid product scale by 1.409 billion yuan last year, despite a reduction of 15 products.

With new products attracting funds and existing products continuing to draw investor interest, the proportion of hybrid products in the overall portfolios of most firms increased by the end of 2025 compared to the beginning of the year. This includes firms like Xingyin, China Post, Hangyin, Huiyin, Hengfeng, and Guangyin, whose hybrid product holdings grew significantly.

Data from the Banking Wealth Management Registration and Custody Center shows that the overall proportion of hybrid products in the industry 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.