Since September, five wealth management companies have actively participated in the offline placement of five IPO targets. Overall, entering 2026, the enthusiasm among wealth managers for IPO subscriptions has been steadily rising, with the number of participating products also showing rapid growth.
On September 14, China Plastic Co., Ltd. (301686.SZ) released its preliminary placement results announcement for its IPO on the ChiNext board. According to the announcement, a total of 21 wealth management products under Ningbo Wealth Management and Everbright Wealth Management received offline share allocations.
On September 10, during the preliminary inquiry for Hongfucheng (301716.SZ), a combined 23 wealth management products under Ningbo Wealth Management, Everbright Wealth Management, and China Merchants Bank Wealth Management participated in the preliminary inquiry for offline placement. Since the beginning of September alone, subscription quotes from wealth management products have appeared in the offline placement processes of five IPO companies, including C燧原-U (688801.SH), N信诺维 (688837.SH), and Shengu Group (601091.SH). Notably, all the IPO companies targeted by wealth managers are either high-tech or "little giant" enterprises.
Overall, since the start of 2026, wealth managers' enthusiasm for IPO subscriptions has been intensifying, with product participation counts trending sharply upward. According to Wind data, from January 1 to September 15, 2026, seven wealth management firms participated in IPO offline placement inquiries. Ningbo Wealth Management led with inquiries into 59 companies and 58 valid quotes, while Everbright Wealth Management and Xingye Wealth Management each submitted inquiries for over 40 companies.
Regarding new products, Wang Renshi, a special researcher at the Shanghai Finance and Development Laboratory, pointed out that 74 new "subscription-themed" wealth management products have been launched this year, with second-half volumes already surpassing the first half, signaling a rapidly climbing track in demand. On the reasons behind this rising enthusiasm, Wang Renshi attributes it to multiple converging drivers.
"First, it's forced by the fixed-income 'asset shortage'. In the first half of 2026, the average annualized return in the wealth management industry dropped to 2.05%, compressing bond coupon spreads to razor-thin levels. Pure fixed-income products are struggling to meet client expectations, yet high-equity products amplify net value volatility, which clients can't tolerate. IPO subscription has become a 'middle path'. A fixed-income base with modest subscription exposure keeps overall volatility far below direct stock holding, while still capturing primary-secondary market price differentials," Wang Renshi explained.
Wang Renshi further emphasized that the impressive returns from new listings are a major draw for wealth management capital. "In the first half of 2026, 70 new stocks debuted with an average first-day gain of 280%. Ningbo Wealth Management's allotted new shares saw an average first-day rise of 286%, while one wealth product allocated shares in Changxin Technology posted a remarkable 263% annualized 7-day return."
Looking at performance, against the backdrop of generally declining wealth product yields, subscription-themed products are increasingly standing out. Puyin Standard data shows that as of the end of August 2026, wealth management products with "subscription" in their names delivered an average annualized return of 4.58% year-to-date and 4.60% since inception, offering relatively attractive returns.
Moreover, Wang Renshi noted that policy has paved the way for wealth managers' entry into IPO subscription. "In March 2025, regulators officially included wealth management products as Class A priority offline placement targets in IPOs, granting them equal treatment to public funds. Previously, wealth managers had to route through public funds to participate; now they can directly quote and secure allocations, substantially lowering the barrier to entry."
He Hanwen, a researcher at Puyin Standard, commented that amid capital market reforms driving IPO volume expansion and quality improvement, offline subscription has become an effective avenue to boost wealth product returns-an area wealth managers can no longer afford to overlook.
Hard tech is set to be the primary opportunity. From the types of IPO targets, wealth management funds have shown stronger preference for offline placement in hard-tech sectors such as AI chips, high-end equipment manufacturing, and critical materials since the start of the year. Wang Renshi believes that in the short term, hard-tech new listings are indeed "big juicy deals," particularly in semiconductors, AI chips, and humanoid robots, where high technical barriers, strong growth potential, and bullish market sentiment fuel significant first-day surges. "Concentrating firepower on such targets yields immediate returns for wealth managers."
"Over the long term, this resembles a strategic positioning move. By focusing on hard tech, high-end manufacturing, and new productive forces, wealth managers align with national science and technology strategies, which regulators view favorably. Additionally, subscription activities allow them to gradually build equity research and investment systems, honing skills in quotation, pricing, and risk control, thereby accumulating experience for broader equity expansion," Wang Renshi added.
However, Wang Renshi also cautioned that this concentration carries certain risks. "Unitree Technology went from universal acclaim to a halved stock price in just 13 trading days. How long can the subscription profit effect last? If market sentiment reverses and new stock valuations correct, can wealth managers' research and risk-control shortcomings hold up? Furthermore, many subscription products overstate the 'guaranteed profit' selling point while downplaying the volatility risks of equity positions, posing risks of misleading investors."
On industry participation, the IPO subscription landscape among wealth managers is showing a pattern of leading institutions actively engaging while most others accelerate their follow-up. He Hanwen noted that according to China Wealth Network, 13 wealth management firms have completed registration as offline investors, representing about 40% of the 32 licensed firms. Among them, 10 have launched subscription-focused wealth products. Recent placement results from landmark IPOs indicate that wealth managers' allocation amounts remain relatively limited, with a clear concentration among top-tier institutions.
Wang Renshi also highlighted that the current subscription landscape is characterized by front-runners leading, aggressive strategies, and pronounced differentiation. "In terms of participants, 13 wealth managers are registered as offline investors, accounting for 40% of the 32 licensed institutions. But only 7 are truly active, showing extreme concentration-Everbright Wealth Management and Ningbo Wealth Management together secure over 90% of allocations. The remaining 60% have yet to enter, hindered mainly by research capabilities and strategic choices. As for quotation tactics, they generally adopt an aggressive 'high bid to ensure selection' approach. Shenzhen Stock Exchange data shows Everbright Wealth Management quotes above issuance price 98% of the time, Ningbo Wealth Management 99.41%, and Xingye Wealth Management a full 100%. In essence, they'd rather pay a premium to guarantee inclusion," Wang Renshi emphasized.
Looking ahead, He Hanwen believes subscription business is tied to IPO supply pacing, with expansion pace likely dependent on regulatory policy direction, long-term post-listing returns, and wealth managers' own research and risk-control capabilities. Meanwhile, regarding diversification strategies, the industry is currently building systematic approaches for selective participation across A-shares, the Beijing Stock Exchange, Hong Kong, and public REITs. This could evolve into a dual-track strategy combining "primary equity investment + secondary subscription enhancement," shifting subscription from a phased opportunity to a routine auxiliary allocation tool.