The scale of listed companies purchasing wealth management products continues to decline

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Our reporter: Xiong Yue

Recently, Lijiang Co., Ltd. announced that to improve capital utilization efficiency and make reasonable use of idle funds, the company’s board of directors approved the use of up to 400 million yuan to purchase wealth management products. The investment period is valid within 12 months from the date the board approval is granted, and within the specified amount and period, the funds can be rolled over.

According to Wind Information statistics, as of March 25 when this article was published, 460 listed companies had subscribed to wealth management products this year, totaling 137.77B yuan. However, this figure has significantly shrunk compared to the same period last year. In the same period in 2025, 809 listed companies subscribed to wealth management products with a total amount of 281.78B yuan.

Looking at a longer timeframe, since 2023, the scale of wealth management product subscriptions by listed companies has been on a downward trend. Wind Information data shows that from 2021 to 2025, the amounts subscribed by listed companies were 14.3 trillion yuan, 15.2 trillion yuan, 12.9 trillion yuan, 12.2 trillion yuan, and 10.6 trillion yuan, respectively.

“Since the beginning of this year, the scale of wealth management product subscriptions by listed companies has shrunk significantly, not due to corporate liquidity issues, but as a rational adjustment under the combined influence of macroeconomic environment, operational decisions, and market returns,” said Fu Yifu, a special researcher at Su Commercial Bank, in an interview with Securities Daily. He explained that current wealth management and deposit yields are continuously declining, making low returns unable to cover opportunity costs, leading to decreased corporate allocation willingness; at the same time, the recovery of real economic investment has prompted many companies to prioritize idle funds for core business investments, naturally squeezing wealth management funds; additionally, after the full net value transformation of wealth management products, increased volatility has led companies to proactively reduce wealth management scales for stability reasons, using some funds to repay debts and optimize financial structures.

“Overall, this phenomenon reflects that listed companies’ cash management strategies are becoming more pragmatic and more focused on capital efficiency,” Fu Yifu added.

Furthermore, the allocation structure of wealth management products by listed companies is becoming more diversified. Wind Information data shows that among the 14.3k yuan of wealth management products subscribed to this year, structured deposits accounted for the largest share at 15.2k yuan, or 59%; bank wealth management products amounted to 12.9k yuan, or 9%; securities firm wealth management products totaled 12.2k yuan, or 8%. Additionally, companies are also investing in deposits, fixed-term deposits, notice deposits, trusts, and reverse repurchase agreements on government bonds to seek diversification and reduce risks.

In Fu Yifu’s view, the overall characteristics of listed companies’ wealth management product subscriptions currently include: first, a preference for low-risk, high-credit-rating products to strictly control principal loss risks; second, high importance on liquidity, mainly short-term and open-ended products to ensure funds can be quickly mobilized for operations or project investments; third, more dispersed allocation, avoiding concentration in a single product, and reducing volatility risk through multi-institutional and multi-category matching. “Listed companies remain cautious about underlying assets that are vague or hidden in risk, and when choosing partner institutions, they also pay more attention to the credibility and risk control capabilities of leading institutions,” Fu Yifu said.

Regarding the trend of changes in the wealth management product allocation structure of listed companies, Fu Yifu believes that the shift from previous heavy reliance on structured deposits to diversified allocations such as bank and securities firm wealth management products is an important reflection of the move toward more refined and professional cash management. It is also a reasonable choice in a low-interest-rate environment to balance yield and risk.

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Editor: Gao Jia