The latest rankings for China's top 100 public fund distributors in the second half of 2025 have been released. Ant Fortune maintained its leading position across three key metrics, with the size of equity funds under its distribution surpassing one trillion yuan for the first time. While China Merchants Bank posted notable growth in both equity and non-monetary fund distribution scales, the banking sector as a whole continued to face challenges.
By the end of 2025, the total equity fund assets under distribution by the top 100 distributors reached 6 trillion yuan, while non-monetary fund assets amounted to 11.7 trillion yuan. Stock index funds saw significant growth, with assets under distribution rising over 20% to 2.42 trillion yuan.
Ant Fortune solidified its top position, increasing its equity fund distribution scale from 822.9 billion yuan to 1.02 trillion yuan, becoming the only distributor to exceed the one trillion yuan threshold in this category.
The distribution landscape remains dominated by securities firms, banks, and third-party independent distributors. Among the top 100, securities firms occupied 57 spots, with Kaiyuan Securities and Bohai Securities newly entering the list while Tianfeng Securities and Guodu Securities dropped out. Among banks and third-party distributors, Dongguan Bank joined the rankings, while Lead Fund exited.
The overall public fund market expanded to 37.71 trillion yuan by year-end, driven by active trading and rising major indices in the A-share market during the second half of 2025. Distribution scales among top 100 firms correspondingly increased. For non-monetary funds, both banks and third-party distributors each managed over 4 trillion yuan in assets. Although securities firms ranked third, they achieved the highest growth rate at 24.34% among the three main channels.
Third-party distributors showed particularly rapid expansion in equity funds. By the end of 2025, the 16 third-party distributors on the list collectively managed 1.8 trillion yuan in equity fund assets, a 22.44% increase, raising their market share to 29.95%. Ant Fortune led by a significant margin, accounting for 16.98% of the equity fund market among the top 100 distributors with its 1.02 trillion yuan in assets.
China Merchants Bank followed with a 10.18% market share, distributing 610.5 billion yuan in equity funds. The bank's "TREE Changying Plan" was identified as a key driver of its growth in active equity funds during the period. However, despite strong performance from leading banks, the banking sector's distribution scales for both equity and non-monetary funds have declined for three consecutive reporting periods.
Stock index funds have become a primary competitive arena for distributors due to advantages including risk diversification, transparency, and low fees. Banks increased their efforts in this segment, with total distribution scale rising 34.16% to 357.8 billion yuan in the second half of 2025. Four banks—China Construction Bank, China Minsheng Bank, WeBank, and Bank of Nanjing—doubled their index fund assets, while Industrial Bank and Shanghai Pudong Development Bank each surpassed 100 billion yuan in this category.
Nevertheless, securities firms maintained dominant positions in stock index fund distribution, managing 1.32 trillion yuan in assets and accounting for over half of the top 100 total. CITIC Securities, Huatai Securities, and Guotai Haitong Securities led among securities firms, with the latter surpassing 100 billion yuan in index product assets, reaching 118.8 billion yuan—a 56.94% increase.
Third-party distributors also secured a substantial share, distributing 731.3 billion yuan in stock index funds, accounting for over 30% of the market. Ant Fortune alone managed 482.5 billion yuan in such funds, nearly 20% of the top 100 total.
