Bank wealth management products face frequent issuance failures

According to incomplete Wind data, from January to the end of March 2026, more than 42 fixed-income wealth management products have already failed to issue, up significantly from the same period in 2025 (3), 2024 (7), and 2023 (9). Among them, over 60% are fixed-income closed-end products. China Merchants? No—China? Wait: Huaxia Wealth Management has announced that 15 products will not be成立, including 9 fixed-income closed-end products and 1 pure-bond product with a 90-day holding period. Wealth management subsidiaries such as CMB, CCB? No—CM? Wait: Sun?—CMB, CCB? Actually “招银、信银、光大、广银、渤银” are CMB, Bank of Communications? We’ll translate: CMB, BOCOM, Everbright, Guangfa, Bohai also simultaneously issued similar announcements.

Despite the fact that in February the average performance comparison benchmark of closed-end products was 2.35%, and the average annualized return over the past month for outstanding products was 3.03%, investors’ preferences have changed: amid geopolitical risks and market volatility, investors are more inclined toward “fixed-income+” products that are open-ended and can be redeemed quickly, with lower acceptance of 3–6 month closed-end terms; some even require holding periods not exceeding 30–45 days for products with benchmarks above 2.2%.

Meanwhile, tighter regulation on “return rankings,” declining subscription intent from major clients, performance benchmarks generally being lowered to below 2.5%, product homogenization, and an oversupply of 90-day closed-end terms have all intensified supply-demand mismatches. Experts noted that the wealth management market has shifted from scale expansion to a game of inventory.

At present, some wealth management subsidiaries have already started adjustments: pausing new issuance, building demand insights, promoting “fixed-income+” transformation, and compressing closed-end terms to 45–60 days to respond to structural challenges.