Listed Chinese Firms Cut Wealth Product Purchases, Shift to Broker Yield Notes

The shift from structured deposits to broker-issued income certificates signals that corporate treasuries are reaching for yield as deposit returns compress, even as overall subscription volumes contract. This matters because listed firms' cash allocation choices are a real-time read on risk appetite in China's onshore market, and a migration into broker-issued products concentrates exposure in a different set of intermediaries. Whether the contraction in total purchases continues, and whether broker-issued certificates draw regulatory scrutiny as they absorb more corporate cash, is the open question.