In the first quarter, the scale of the financial management market remained stable, and the net worth transformation achieved remarkable results, with the net worth proportion reaching 94.15%. The number of investors in financial products continued to increase, with individual investors accounting for 99.15%. Financial products cashed investors’ income of 205.8 billion yuan. The term of bank financial products continues to be extended, and the product structure system continues to be enriched, which helps to collect and concentrate long-term funds.
In March, the circulation of financial products fell month on month. In March 2022, a total of 2213 bank financial products were newly issued, with a month on month decrease of 51.44%. There were 2689 mature bank financial products, down 41.57% month on month. As of March 2022, 1028 financial products based on stocks have been issued in total, and the largest number is Xinyin financial products (20.53%), 6327 financial products based on bonds, and the largest number is Xinyin financial products (3.75%); A total of 1547 financial products based on interest rate have been issued, and the largest number is Xinyin financial products (13.45%); A total of 198 financial products based on notes were issued, and the largest number was CMB financial products (61.62%); A total of 223 financial products based on credit assets have been issued, and the bank with the largest number of issuance is CMB financial products (51.12%); A total of 95 financial products based on exchange rate assets have been issued, and the largest number is China Agricultural Bank Of China Limited(601288) (74.74%); A total of 732 wealth management products based on commodities were issued, and the largest number was Xinyin wealth management (28.42%).
The bank financial management registration and custody Center released the profile of bank financial management market in the first quarter of 2022. In the first quarter of 2022, 7717 new products were launched in the bank financial management market, with a raising scale of 25.14 trillion yuan and 5.58 million new investors, creating a cumulative income of 205.8 billion yuan for investors. By the end of March, 321 institutions had financial products, with a scale of 28.37 trillion yuan and a net worth ratio of 94.15%, an increase of 21.12 percentage points year-on-year. By the end of March, the number of investors holding financial products had reached 86.88 million, an increase of 6.86% over the beginning of the year. Among them, there are 86.14 million individual investors, accounting for 99.15%; 740000 institutional investors, accounting for 0.85%.
The bank’s financial management subsidiary applies for the release of public offering license. On April 26, the CSRC issued the opinions on accelerating the high-quality development of the public fund industry, proposing to moderately relax the restrictions on the number of public fund licenses under the same subject, and support the bank’s financial management subsidiaries to apply for public fund licenses according to law and engage in public fund management business. This will promote bank financial management companies to enhance the core competitiveness of investment and research and deal with the competition in the asset management industry.
The internal control management system of wealth management companies was further improved. On April 29, the China Banking and Insurance Regulatory Commission formulated the measures for the management of internal control of wealth management companies, requiring wealth management companies to formulate a comprehensive, systematic and standardized internal control system for all business activities and management activities, and conduct a comprehensive evaluation at least once a year, including strengthening product design and duration management, improving investment and transaction system processes, strengthening the management of key personnel in important positions, and strengthening risk isolation from the parent bank. In addition, the measures fully benchmarked the good regulatory practice of China’s foreign investment management industry and refined relevant requirements in combination with the characteristics of financial management companies, such as the establishment of Chief Compliance Officer, the establishment of personnel information registration and publicity system, and the strengthening of transaction monitoring, early warning and feedback. The measures, together with the new regulations on asset management, the new regulations on financial management, the measures for financial management companies and other institutional rules, constitute the basic principles for the internal control management of financial management companies, and will jointly promote the legal and compliant operation and sustainable and stable operation of financial management companies. Significantly, the industry ecology continues to improve
