During the year, the bank's financial management subsidiary was approved to open its business faster. On August 3, Hengfeng Bank Co., Ltd. (hereinafter referred to as "Hengfeng bank") announced on its official website that its wholly-owned subsidiary Hengfeng Wealth Management Co., Ltd. (hereinafter referred to as "Hengfeng wealth management") was approved by China Banking and Insurance Regulatory Commission to open its business. So far, six financial management subsidiaries of banks have been approved to open during the year, and many banks have expressed their intention to set up financial management subsidiaries. In response, Mingming, chief economist of CITIC Securities, said in an interview with the Securities Daily that in the future, the bank's financial management subsidiaries will gradually undertake most of the financial management business of the parent bank and become the absolute main body of the financial management market. The announcement issued by Hengfeng bank shows that the registered capital of Hengfeng wealth management is 2 billion yuan, the registered place is Qingdao, and the business scope is: to issue wealth management products to the unspecified public, and to invest and manage the entrusted investors' property; Non public issuance of financial products to qualified investors, investment and management of entrusted investors' property; Financial advisory and advisory services; Other businesses approved by the banking regulatory authority under the State Council. Hengfeng bank said that the establishment of Hengfeng wealth management was an important measure for the bank to strictly implement the regulatory requirements, promote the healthy development of wealth management business, and promote the return of bank wealth management business to its original source, marking an important step in promoting the return of asset management to its original source, serving the high-quality development of the real economy, and helping to achieve common prosperity. "Under the current regulatory policy, only bank financial management subsidiaries can issue bank financial management products. Therefore, banks have applied for the establishment of financial management subsidiaries in order to obtain the admission ticket of bank financial management business." Xue Hongyan, vice president of Xingtu Financial Research Institute, told the reporter of Securities Daily. Since the beginning of this year, a number of bank financial management subsidiaries have been approved to open, including Bank of Pudong financial management, Schroder Bank of communications financial management, Bank of Shanghai financial management, Goldman Sachs ICBC financial management and Minsheng financial management. So far, a total of 29 bank financial management subsidiaries have been approved for construction, including 6 large state-owned banks, 11 joint-stock banks, 7 urban commercial banks, 1 rural commercial bank and 4 joint-venture banks. In addition to Bohai wealth management, the other 28 wealth management subsidiaries have obtained approval for opening. Mingming said that if the financial management subsidiary wants to stand out in the financial management market, on the one hand, it needs to do a good job in basic planning and create absolute returns for customers with the help of years of fixed income investment experience; On the other hand, it is necessary to continuously strengthen the construction of investment and research system of equity assets, strengthen personnel training, and make equity investment with the help of fof and other modes. In addition, in addition to relying on the channels of the parent bank, the financial management subsidiaries also need to continuously expand new channels, expand the product coverage and expand the product scale. "The bank's financial management business depends on the customer base in the short term and the product capability in the long term." Xue Hongyan said that at this stage, bank financial management subsidiaries mainly rely on the parent bank to obtain customers, and national banks have more competitive advantages. However, against the background of the net worth of financial products, the market has put forward higher requirements for the product management ability and customer accompanying ability of banks. Compared with fund companies, banks generally have shortcomings in the management of net worth products. Those who can devote themselves to improving the product ability