Greater China Banks Daily: Banks’ WMP AUM dropped MoM in June; Jiutai RCB tier-2 bond set to pay interest, easing investor concern

Research evidence excerpt

Greater China Banks Daily: Banks’ WMP AUM dropped MoM in June; Jiutai RCB tier-2 bond set to pay interest, easing investor concern

Global Research

14 July 2026ab

Greater China Banks Daily Equities

ChinaBanks’ WMP AUM dropped MoM in June; Jiutai

RCB tier-2 bond set to pay interest, easing Banks

investor concern MayAnalystYan

may.yan@ubs.com

+852-2971 7157

Banks’ WMP AUM dropped MoM in June Alex Ye

Analyst

STCN, July 12: Top 14 bank wealth-management subsidiaries saw AUM fall to S1460522090005

Rmb25.65tn by end-Jun, down Rmb1.07tn MoM or c.4%, mainly due to seasonality alex.ye@ubs.com

factors. Four WMP subsidiaries recorded MoM declines of over Rmb100bn, led by ABC +86 755 2215 8858

WM (-Rmb180bn), SPDB WM (-Rmb120bn), IB WM (-Rmb110bn) and BoCom WM (-

Catherine Yang, CFA

Rmb100bn), while BOC WM and ICBC WM also fell by c.Rmb96bn and Rmb87bn. Only Analyst

four players still had AUM above Rmb2tn by end-Jun, CMB WM, CITIC WM, IB WM and S1460526010003

Everbright WM. Product mix shifted notably as pure fixed-income bond products and catherine-za.yang@ubs.com

cash-management products contracted, down c.Rmb920bn MoM/c.Rmb700bn YTD +86-755-2215 8860

and c.Rmb260bn MoM/c.Rmb620bn YTD, respectively. By contrast, “fixed income+” Helen Li, CFA

products grew c.Rmb92bn MoM and nearly Rmb1.4tn YTD, while hybrid products rose Analyst

c.Rmb170bn YTD, suggesting stronger demand for equity-enhanced strategies. Yield helen-za.li@ubs.com

divergence likely drove the shift, with cash-management products’ 1M annualized +852-2971 6066

return at just 1.12% (-4bps MoM) and open-ended fixed-income WMPs averaging

1.67% (-75bps MoM).

Jiutai RCB tier-2 bond set to pay interest, easing investor concern

Caixin, July 13: Jilin Jiutai Rural Commercial Bank’s Tier-2 capital bond, closely watched