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With growth in household disposable income, higher allocation in financial assets as a percentage of total wealth, and more financial product offerings, we expect the wealth management market in China to reach CNY293t by 2025F, representing a 5-year CAGR of 19%. The cross-border Wealth Management Connect scheme is another significant source of growth due to abundant investable assets in the Greater Bay Area, estimated to be around CNY18t.
Our analysis suggests that the growth in China's wealth management product market will bring in additional CNY1.9t in fee income for industry participants. Of which, China banks will be the key beneficiaries with additional fee contribution of CNY731b.
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Best Positioned – China Banks
China Merchants Bank and Ping An Bank are well positioned to benefit from China’s expanding wealth management market.
These two Chinese banks have the highest assets under management (AUM) among retail clients, better branch productivity, and ample room to gain a larger share of retail customers’ wallet.
Grandstand Picks - China Brokers
GF Securities and CITIC Securities stand out with their unique advantages in securities asset management and substantial stakes in the largest mutual fund companies in China.
The stake-holding in top mutual fund companies provides additional stable revenue source to GF and CITIC, apart from revenues from fund distribution.
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