The competitive landscape among bank-affiliated wealth management subsidiaries has become increasingly defined in the first half of 2026, with subsidiaries of joint-stock commercial banks decisively surpassing those of the major state-owned banks in terms of assets under management.
As of the end of June 2026, the top four positions in the ranking of bank wealth management subsidiaries by product scale are entirely held by joint-stock bank units. The product scales of CMB Wealth Management, CITIC Wealth Management, Industrial Bank Wealth Management, and Everbright Wealth Management have all surpassed the two trillion yuan mark, with Everbright Wealth Management recently crossing this threshold to secure the fourth position. This ranking structure was established as early as February and has remained stable since.
Previously, market discussions about joint-stock bank wealth units overtaking their state-owned counterparts typically focused on the top three spots being held by joint-stock banks. Now, after two and a half years, the fourth position in the industry has also shifted to a joint-stock bank subsidiary.
Reflecting on 2019, the inaugural year for banks to establish these subsidiaries, the industry has evolved over seven years from a phase where state-owned bank units initially led to the current scenario where joint-stock bank subsidiaries comprehensively occupy the top four spots. In 2019, four major state-owned banks—Bank of Communications, ICBC, China Construction Bank, and Bank of China—were among the first to establish their wealth management subsidiaries, with Bocom Wealth Management leading initially with a management scale of 952.515 billion yuan.
However, since 2020, the top position has been held by CMB Wealth Management, which continues to lead today. In 2022, Industrial Bank Wealth Management also surpassed the state-owned bank units, jumping to second place with a wealth management product scale of 2.06 trillion yuan, becoming one of only two companies at the time with a management scale exceeding one trillion yuan alongside CMB Wealth Management. The next turning point occurred in 2023 when CITIC Wealth Management climbed to third place, marking the point where joint-stock bank subsidiaries began to occupy the top three industry rankings comprehensively.
In 2024, ABC Wealth Management made a push, briefly overtaking CITIC Wealth Management to become the third-largest in the market. This briefly broke the joint-stock banks' hold on the top three, although CMB Wealth Management and Industrial Bank Wealth Management remained firmly in first and second place. By the end of 2025, the top five in the industry were CMB Wealth Management, Industrial Bank Wealth Management, CITIC Wealth Management, ABC Wealth Management, and ICBC Wealth Management—all five institutions had management scales above two trillion yuan.
In January and February of this year, the scales of ABC Wealth Management and ICBC Wealth Management fell below the two trillion yuan mark. Concurrently, Industrial Bank Wealth Management, which had long held second place, swapped positions with the third-ranked CITIC Wealth Management, with CITIC moving up to second. Meanwhile, Everbright Wealth Management climbed from seventh place at the start of the year, officially surpassing the two trillion yuan threshold and replacing a state-owned bank wealth management company to secure a spot in the industry's top four.
Data shows that by the end of the first quarter, the wealth management scales of CMB Wealth Management, CITIC Wealth Management, Industrial Bank Wealth Management, and Everbright Wealth Management reached 2.56 trillion yuan, 2.38 trillion yuan, 2.31 trillion yuan, and 2.01 trillion yuan, respectively, making them the only four companies in the peer group above the two trillion yuan mark. By the end of June, the scales of these four institutions had further grown to 2.73 trillion yuan, 2.49 trillion yuan, 2.28 trillion yuan, and 2.1 trillion yuan.
It is worth noting that this marks the first time Everbright Wealth Management's management scale has exceeded two trillion yuan. From 2020 to 2025, its management scale was 0.5 trillion yuan, 1 trillion yuan, 1.19 trillion yuan, 1.31 trillion yuan, 1.57 trillion yuan, and 1.95 trillion yuan, showing a year-on-year upward trend.
Everbright Wealth Management's rise to fourth place is partly attributable to its distribution channels. Unlike state-owned bank wealth management subsidiaries, which rely heavily on their parent banks' channels, joint-stock bank subsidiaries generally recognized the strategic value of third-party distribution earlier. By the end of June this year, the scale of Everbright Wealth Management's products distributed through external channels accounted for 54% of its total outstanding scale, an increase of 19 percentage points from the end of October 2023. It now cooperates with 64 sales institutions, and its externally distributed scale has surpassed that sold through its parent bank.
Product offerings have also been instrumental. Over the past four years, the joint-stock bank cohort has consistently ranked at the forefront of the industry in terms of the number of new products issued. In deploying products containing equity components, joint-stock bank wealth management companies acted earlier and maintained higher allocations. Taking Everbright Wealth Management as an example, its hybrid product proportion reaches 9.47%, significantly higher than the industry average.
Leadership Transition at the Top Four Joint-Stock Bank Wealth Units
It has been observed that the inaugural chairmen and general managers (or presidents) of the top four joint-stock bank wealth management subsidiaries have all now left their positions.
Everbright Wealth Management opened in September 2019, among the first batch approved and the first to commence operations among joint-stock banks. Its inaugural chairman, Zhang Xuyang, is a veteran in China's asset management industry. He stepped down in October 2022 and returned to China Everbright Bank as Board Secretary. The second chairman, Ren Feng, took over in October 2022 and was transferred to become chairman of Everbright Jinou in July 2024. The current chairman, Wang Jingchun, assumed the role in September 2024; he was previously a vice president during Everbright Wealth Management's early days.
At the general manager level, Everbright Wealth Management's first general manager, Pan Dong, retired in April 2024 upon reaching retirement age. The current general manager, Wu Xingfeng, took over in January 2025, having previously worked in the Financial Institutions Department of China Everbright Bank.
CMB Wealth Management was also among the earliest established subsidiaries, opening in 2019. Its inaugural chairman was Liu Hui, then Assistant President of China Merchants Bank (SEHK: 3968) and General Manager of the Asset Management Department. In May 2021, Liu Hui resigned as chairman due to a work transfer and later became General Manager of China Merchants Group Financial Holding Co., Ltd. The second chairman, Chen Yisong, took office in September 2021 and stepped down in May 2023. In December 2023, Wu Jianbing was officially approved as the third chairman.
CMB Wealth Management's first president was Wang Tao, who assumed the role in November 2019. In November 2022, Wang Tao returned to China Merchants Bank as General Manager of the Retail Credit Department. The current president is Zhong Wenyue, whose qualification was approved in December 2023; he previously served as Executive Vice President of China Merchants Fund.
Industrial Bank Wealth Management commenced operations in December 2019. Its inaugural chairman was concurrently held by Sun Xiongpeng, then Vice President of Industrial Bank. In January 2022, Industrial Bank internally announced that Sun Xiongpeng would no longer serve concurrently as chairman of the wealth management subsidiary. Its first president, Gu Weiping, was appointed at the time of opening and retired in 2022 upon reaching retirement age.
The current chairman of Industrial Bank Wealth Management, Jing Song, and president, Wang Shengming, both assumed their roles in 2022, representing the second generation of leadership. Jing Song's qualification as chairman was approved in October 2022; he previously served as President of Industrial Bank's Shenyang Branch. Wang Shengming was promoted to president around the same time, having long worked in the Asset Management Department of Industrial Bank.
CITIC Wealth Management opened in July 2020 and has seen changes involving three chairmen and two presidents. The inaugural chairman was concurrently held by Guo Danghuai, then Vice President of CITIC Bank. In October 2023, Guo Danghuai submitted his resignation to the CITIC Bank board due to retirement. The inaugural president, Gu Lingyun, was promoted to chairman in February 2024 and was transferred back to CITIC Bank as Vice President in September of the same year. The qualification of the current chairman, Wang Hongdong, was approved in June 2025.
At the president level, after Gu Lingyun's promotion to chairman in February 2024, Dong Wenze assumed the presidency in June 2024. In November 2025, He Jin began acting as president and later formally assumed the role, with his qualification approved in May 2026.
Recently, influenced by adjustments in the technology sector and market volatility, the net asset values of some wealth management companies' products containing equity components have experienced short-term pullbacks, which may exert some pressure on the growth of product scales. As the industry continues to evolve, whether leadership changes at these subsidiaries will be key to maintaining their leading positions remains to be seen over time.
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