Industry AUM reached RMB31.7tr by 4Q24 for a nearly 20% YoY improvement. Risk appetite was dampened over the year, though passive equity fundraising increased significantly in the fourth quarter following policy support.

China's private securities industry underwent substantial reforms in 2024, mainly aimed at smaller operations with crude risk controls. The year concluded with a large amount of company de-registrations and a contraction in industry AUM.

Volatile sentiment has weighed on Greater China allocations for the past few years, though 2024 marked a positive inflection point. Flows strengthened further in the first few months of 2025 following the rally in China tech.

2024 saw the phase in of the 80-20 sales ratio in the MRF program from its previous setting of 50-50. Product review periods also shortened during the year, though the scheme has seen only a few new entrants in recent years.