---
title: "The number of newly issued wealth management products by banks decreased month-on-month, with 40 products failing to raise funds, as the market enters an era of stock game"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/280408040.md"
description: "New changes have emerged in the bank wealth management market, with 40 wealth management products failing to be issued, mainly fixed-income products, and most having a medium to low risk level. The number of newly issued products has decreased month-on-month, with 2,969 issued in January and 2,396 in February, bringing the total market volume to 47,518. The shift in investors' risk preferences is the main reason for the failures, despite a reduction in deposit interest rates, as household savings have not significantly decreased. Industry insiders believe that bank wealth management may enter an era of stock game, with stock market volatility and declining bond market yields being important factors"
datetime: "2026-03-25T03:43:10.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280408040.md)
  - [en](https://longbridge.com/en/news/280408040.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280408040.md)
---

# The number of newly issued wealth management products by banks decreased month-on-month, with 40 products failing to raise funds, as the market enters an era of stock game

This report (chinatimes.net.cn) reporter Hu Jinhua reports from Shanghai

With the maturity of high-interest deposits, significant changes are occurring in the large-scale bank wealth management market.

According to incomplete statistics from FaXun Wealth Management Network, as of now, a total of 40 wealth management products have failed to be issued since the beginning of the year, among which the managers include major state-owned banks and joint-stock banks' wealth management companies, and all are fixed-income products; in terms of risk levels, the vast majority are R2 (medium-low risk) or even R1 (low risk), and closed-end net value products are particularly neglected. In addition, the number of newly issued wealth management products by banks this year has also seen a month-on-month decrease of several hundred. According to statistics from the China Securities Wealth Management, in January 2026, 2,969 new wealth management products were issued, a month-on-month decrease of 305; in February, 2,396 new wealth management products were issued, a month-on-month decrease of 573. As of the end of February, the total number of bank wealth management products in the market was 47,518, with products sold by wealth management subsidiaries accounting for 77.88% of the total issuance.

"This phenomenon not only breaks the myth of the infallibility of wealth management products during the era of rigid redemption but also reflects the structural contradictions in the market against the backdrop of deepening net value transformation. The structural shift in investors' risk preferences is the primary driving factor behind the failure of product issuance. Although bank deposit rates continue to decline, the total amount of household savings has not shown a significant decline. Behind this phenomenon is investors' ongoing concerns about the fluctuations in wealth management net values," pointed out Jiang Bin, head of wealth management at FaXun Financial Research Institute.

**Behind the Month-on-Month Decline and Issuance Failures**

Industry veterans have pointed out that although the current decline in newly issued products and failures in the bank wealth management market are hardly noticeable in absolute numbers, the emergence of these two signals indicates that bank wealth management may be entering an era of stock game.

"In the past, there have always been failures in fundraising for bank wealth management products every year, but it is relatively rare to see dozens of products fail to raise funds in the first quarter, with issuers ranging from large state-owned banks to rural commercial banks and other financial institutions of various sizes. We believe that the emergence of these two phenomena is still closely related to increased stock market volatility and declining bond market yields," said Liang Wei, a fixed-income industry analyst at a leading brokerage in Shanghai, to the reporter from Huaxia Times.

On March 18, a wealth management subsidiary of a state-owned bank announced that its issuance of the Jiaxin (Stable Profit) fixed-income product with a minimum holding period of 30 days, Phase 38 (National Banking Wealth Management Information Registration System Number: Z7000726000158), and the Jiaxin (Stable Profit) fixed-income daily open-ended product, Phase 68 (National Banking Wealth Management Information Registration System Number: Z7000726000394), was raised from 9:00 on March 16, 2026, to 17:00 on March 17, 2026, but failed to meet the fundraising conditions. Additionally, the failure of the Huaxia Wealth Management fixed-income pure bond product W, which has a minimum holding period of 90 days, was due to the fundraising scale not meeting the preset investment asset requirements; In February of this year, Bohai Bank Wealth Management announced that its fixed-income closed-end wealth management product series, Cai Shou You Lue, could not be established due to not reaching the minimum fundraising scale; in January, Guangyin Wealth Management's Happiness Tianli Closed-End Fixed Income Public Wealth Management Product No. 3059 also failed to issue due to not meeting the minimum fundraising scale requirements stated in the product prospectus.

Our reporter has sorted through the announcements of various banks' wealth management products and found that the reasons for the failure of this round of "broken" products mainly include three points: high homogeneity, closed-end fixed income, and fundraising scale not reaching the lower limit.

"From the essence of the phenomenon, this is not an isolated event, but an inevitable result of intensified homogeneous competition among fixed-income products in a low-interest-rate environment. When market yields continue to decline, the attractiveness of traditional closed-end fixed income products to investors significantly weakens. If wealth management companies continue to follow the past scale-oriented issuance rhythm, they are likely to encounter resistance on the fundraising side. This also indicates a certain degree of mismatch between the product side and the funding side in the wealth management market," said Wu Zewei, a special researcher at SuShang Bank.

Previously, Puyi Standard expressed the view that the homogeneity dilemma in wealth management product design is the core supply-side factor leading to issuance failures. Most of the failed products are highly similar in core elements such as investment scope, operation mode, and performance benchmarks, primarily allocating "bonds + interbank certificates of deposit." This "thousand products, one face" pattern makes investors lack differentiated choices, ultimately evolving into a simple competition of yields.

Puyi Standard analyzed that macro interest rate fluctuations and credit event shocks constitute the main risks in the external market environment. Since 2025, the 10-year government bond yield has experienced three rounds of severe fluctuations, and under this interest rate environment, the net value management of fixed-income products faces severe challenges. At the same time, multiple non-standard default events of urban investment platforms, although not directly involving wealth management assets, have exacerbated investors' concerns about credit bond allocations through risk transmission effects, significantly increasing the difficulty of fundraising for related debt products. In extreme market conditions, particularly low market sentiment, the issuance environment is very poor, leading to issuance failures; additionally, some products that issuance institutions previously batch-laid out may encounter sales difficulties once the market changes; from a yield perspective, the performance of already established similar products can also affect investors' judgments.

**The market enters the era of stock game**

It is worth noting that closed-end net value wealth management is becoming increasingly unpopular among investors.

"Closed-end fixed income wealth management has a fixed lock-up period, and cannot be redeemed during the duration, which inherently limits liquidity. Currently, investors are generally unwilling to let funds remain long-term, and the insufficient adaptability on the demand side directly leads to low subscription willingness, making fundraising naturally difficult. From the perspective of customer demand, open-ended products are more favored in the market, but from the perspective of issuance supply, the number of closed-end fixed income products issued far exceeds that of open-ended ones, resulting in a large issuance base and making cases of fundraising failures more easily perceived by the market," pointed out Zhou Yiqin, a senior financial regulatory policy expert.

Another banking industry insider stated that the increasing probability of failure for newly issued wealth management products has directly led to a significant decrease in the growth rate of new product numbers compared to the previous period. Additionally, there is another phenomenon that is difficult to observe: as the growth rate of new products declines, the exit speed of existing products is faster. At some point this year, the entire banking wealth management market will reach a delicate balance Intuitive data shows that by the end of 2025, there will be a total of 159 banking institutions and 32 wealth management companies in the country with existing wealth management products, totaling 46,300 products, an increase of 14.89% compared to the beginning of the year; the existing scale will reach 33.29 trillion yuan, an increase of 11.15% compared to the beginning of the year. However, by the end of February 2026, the total number of bank wealth management products in the entire market was 47,518, an increase of 673 from January. Among them, there were 45,122 existing products and 2,396 newly issued products for the month. Fixed-income products accounted for the largest number, with a total of 43,897, an increase of 682 month-on-month. In terms of issuing institutions, wealth management subsidiaries issued 1,866 new wealth management products, accounting for 77.88% of the total issuance in the market. At the end of the month, there were 35,053 wealth management products from bank wealth management subsidiaries, an increase of 736 month-on-month, accounting for 73.77%, up 2.14 percentage points from January.

"If we compare the existing quantity, we can see that the number of bank wealth management products decreased by more than 1,200 in the first two months of this year; more than 5,000 new products were issued in the first two months of this year, so by the end of February, the number of bank wealth management products should be close to or reach 50,000, but the actual number only increased by more than 1,200, which also means that more existing bank wealth management products expired and exited the market. Moreover, from the growth rate of newly issued products, the growth rate in the first two months of this year is significantly lower than the same period last year, dropping from double-digit growth to single-digit," analyzed Liang Bin.

Liang Bin believes that the current user scale of the bank wealth management market has reached a ceiling, and the period of traffic dividends has ended. The competitive logic of the industry has shifted from acquiring new customers to enhancing existing ones. This shift means that the bank wealth management market no longer relies on a rough customer acquisition growth model but needs to achieve growth by improving the satisfaction and loyalty of existing customers.

"In the competition of the existing market, large state-owned commercial banks have consolidated their leading position in the market with their vast customer base and comprehensive ecological embedding. Meanwhile, joint-stock banks have chosen a specialized and refined differentiated survival path, seeking breakthroughs by focusing on specific customer groups and professional barriers. Urban commercial banks and rural commercial banks have also shown rapid growth during this stage, but the differentiation is quite serious. In the face of challenges in the existing market, the bank wealth management market needs to further innovate and optimize services to meet investors' needs. This includes providing more personalized wealth management products and services, as well as improving operational efficiency and customer experience through technological means. At the same time, regulatory agencies may also introduce new policies and regulations to promote the healthy development of the market," Liang Bin suggested

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