Newly launched financial products are not selling well, with 35 issuances failing within the year! Amidst volatile market conditions, institutions are issuing statements to reassure investors.

As the return rates on fixed-income assets continue to trend downward, there have been a clearly increasing number of failed cases in the issuance of bank wealth-management products within the year.

As of March 24, according to an incomplete sorting of publicly available information by a reporter from China Securities Journal, since 2026, at least 35 wealth-management products from wealth-management companies including Huaxia Wealth, Pudongyin Wealth, and Huihua Wealth have failed during the issuance process because the actual fund amount collected did not reach the minimum issuance size limit stipulated in the product offering documents. The number is far higher than the level in the same period of previous years. In terms of product type, the vast majority of failed products were fixed-income products.

On the one hand, some fixed-income products have failed to issue; on the other hand, with recent global market volatility and fluctuations in equity assets, some wealth-management products that include exposure to equities (those with a “+” component) have experienced net value pullbacks. In response, multiple bank wealth-management companies have issued statements to reassure investors. Some companies remind investors to take a rational view of short-term volatility and stay confident in holding their positions.

More than 30 failed issuances—far above the same period in prior years

Although the industry’s expected “deposit migration” narrative is still unfolding, in a low interest-rate environment, fixed-income assets have been repeatedly probing lows, driving the performance comparison benchmarks and actual yields of fixed-income bank wealth-management products further downward. Against this backdrop, some newly issued fixed-income wealth-management products “can’t be sold.”

Since 2026, the number of failed cases for newly issued bank wealth-management products has increased significantly. Based on the reporter’s compilation of product issuance announcements by wealth-management companies and commercial banks, as of March 24, at least 35 wealth-management products failed to issue because the total amount raised did not reach the minimum issuance size limit specified in the product prospectus. These include products planned for issuance by wealth-management companies and some regional small and medium-sized banks.

Compared with data from the same period in previous years, the frequency of issuance failures in the first quarter of 2026 has risen markedly. Based on an incomplete tally using iFinD data, in the first quarters of 2025, 2024, and 2023, the number of related failed-issuance products was 4, 12, and 13, respectively.

Specifically, Huaxia Wealth had the most failed-raising products this year, with 15; Pudongyin Wealth and Huihua Wealth had 6 and 5, respectively. Meanwhile, CMB Wealth, Everbright Wealth, BOCOM Wealth, Guangfa Wealth, and Bohai Wealth also had products that were unable to be成立. In addition, some local small and medium-sized banks, such as Nanhai Rural Commercial Bank, Yuyao Rural Commercial Bank, and the private wealth-management arm of Hangzhou United Bank, also saw issuance failures due to the inability to meet scale targets.

According to the reporter’s review, the characteristics of the failed-issuance products are quite similar. In terms of investment type, most failed-raising products are fixed-income products, including pure-bond fixed-income products and a few fixed-income enhanced products. In terms of risk rating, most are medium-to-low risk products and low-risk products. In terms of operating structure, closed-end products are predominant, covering terms of half a year and above, and one year and above; there are also short-term holding products with 90 days, 30 days, and 14 days. In terms of the customer target segment, most products are for individual investors, and there are also a small number of institutional wealth-management products planned for issuance, such as by Pudongyin Wealth.

Weak subscription demand for closed-end products

Zhou Yiqin, founder of Crown Consulting, believes that compared with public mutual funds, bank wealth-management products have lower issuance costs and simpler processes, with smaller sunk costs; therefore, wealth-management companies do not have an obsession with guaranteeing issuance. If the channel promotion efforts are insufficient, or if the product design does not sufficiently match market demand, the product lacks core competitiveness. Once market acceptance is low, it may be difficult to meet the minimum subscription/raising requirements for issuance.

From the perspective of product operating features, Zhou Yiqin believes that closed-end fixed-income wealth-management products have a fixed lock-up period: during the holding period, investors cannot redeem, and liquidity is inherently restricted. At present, investors generally do not want funds to remain tied up for a long time, and the mismatch with demand directly leads to sluggish subscription intentions. From the perspective of customer needs, open-ended products are more favored by the market, yet the number of closed-end fixed-income products issued far exceeds that of the former.

Puyiyuan Standard previously held the view that generally speaking, when market sentiment is low and the issuance environment is poor, issuance failures will occur. In addition, some products that the issuing institutions previously rolled out in batches may also face difficulties selling once the market changes. The institution also pointed out that as investors’ investment capabilities continue to improve and wealth-management product types become further diversified, market competition will grow fiercer; investors will become more rational, and failed fundraising for wealth-management products will become a norm.

On the other hand, the performance comparison benchmark for fixed-income products is also continuing to move down. According to Puyiyuan Standard data, in February 2026, across the whole market, the average performance comparison benchmark for newly issued open-ended products was only 1.85%; for closed-end products, the average performance comparison benchmark was 2.35%.

In terms of yield, as of the end of February 2026, the annualized yield over the past 1 month for cash-management-type products was 1.25%, slightly down from the previous month; for fixed-income-type products overall, the average annualized yield over the past 1 month was 2.16%, down 146 BP (basis points) month-over-month.

Amid a volatile market, wealth-management companies issue statements in clusters to reassure investors

Recently, global financial markets have seen large-scale fluctuations due to developments in the Middle East; China’s A-share market has also shown clear volatility.

Regarding market fluctuations, multiple bank wealth-management companies have successively released a “letter to investors,” “speaking” to investors to stabilize sentiment, urging them to view short-term volatility rationally and stay confident in holding their positions. As of March 24, companies including CMB Cinda Wealth, 信银理财, Everbright Wealth, Hangyin Wealth, and Nanyin Wealth have already published statements to reassure investors.

In its letter to investors, CMB Cinda Wealth stated that although the conflict between the U.S. and Iran has increased uncertainty in supply chains and energy prices, China has a relatively stable geopolitical landscape, a complete industrialization system, and diversified energy sources, so the actual impact on the economy is limited. The institution believes that although short-term volatility may persist due to overseas shocks, it is only a bumpy period within a slow bull market, and market adjustments are a good time to allocate to high-quality equity assets.

On the same day, 信银理财 released its interpretation of the recent market, stating: “In the short term, a liquidity shock typically caused by a decline in global markets’ risk appetite driven by events usually won’t last long; at this current position, it is not advisable to blindly sell off.” The institution also believes that from a 6–12 month medium-term perspective, as logic such as economic cycle stabilization and the gradual deepening of China’s economic transformation continues, the A-share market still has the resilience to repair upward, and “fixed-income plus” wealth-management products can continue to be held.

In its “letter to investors,” Everbright Wealth explained that the underlying assets of “fixed-income plus” products are composed of “fixed income” and the “+” portion. The institution said that the main component in the product is high-quality fixed-income assets. This part has low volatility and relatively stable returns, and as the stabilizer (“ballast”) of the product, it remains steady in the current environment. The volatility in the product’s net asset value is mainly attributable to the “+” portion within the product. The institution conveyed to clients that market pricing will gradually return to rationality and hopes to give the strategy more time and patience.

For urban commercial bank wealth-management companies, Hangyin Wealth explained to investors that currently, the Shanghai Composite Index has pulled back to around 3,800 points, and valuation pressure and pessimistic sentiment have been released to a large extent; the recent sharp retracement in gold objectively reflects market concerns about a strong U.S. dollar and tighter liquidity, but the high-level risks accumulated earlier have been mitigated to a certain degree, which will provide a more solid foundation for more reasonable pricing in the future; the impact on bonds is mainly reflected in yields rising at the long end, while the short end is affected relatively less, keeping overall risk within a controllable range.

A reporter from China Securities Journal learned from grassroots bank wealth-management client managers that recently, pullbacks in multi-strategy wealth-management products have been relatively large, but after most clients are given explanations for the causes of the volatility, their sentiment has been relatively stable. From the product sales side, a wealth-management manager said that currently, they are mainly guiding clients to purchase closed-end products with terms of more than one year.

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责任编辑：秦艺