# What Is the Wealth Management Connect (WMC)?

> The Wealth Management Connect (WMC) is a scheme linking Greater Bay Area residents to Hong Kong and Macau banks, with quotas and eligibility rules.

URL: https://www.china-family-office.com/en/articles/education-research/what-is-wealth-management-connect/

Published: 2026-09-01 · by China Family Office Research Team

The Wealth Management Connect (WMC) is a cross-boundary scheme linking the banking wealth markets of the nine mainland cities of the Greater Bay Area with Hong Kong and Macau: mainland GBA residents invest in products sold by Hong Kong and Macau banks through the Southbound channel, while Hong Kong and Macau residents invest in mainland products through the Northbound channel. Launched in October 2021 and substantially upgraded in 2024, this guide explains how it works, the quotas and the eligibility rules — with sourced facts throughout.

## Southbound and Northbound

South and north describe the direction of money: mainland funds going south into Hong Kong and Macau products is the Southbound channel; Hong Kong and Macau funds going north into mainland products is the Northbound channel. For family office scenarios, Southbound is the most relevant — it is the compliant entry channel through which mainland family members access Hong Kong and Macau financial products.

| Channel | Who invests | Invests into | Personal quota |
| --- | --- | --- | --- |
| Southbound | Residents of 9 mainland GBA cities | Products sold by HK/Macau banks | RMB 3 million |
| Northbound | Hong Kong and Macau residents | Products sold by mainland banks | RMB 3 million |

## Eligibility (Southbound as an example)

- Residents of the nine mainland GBA cities: Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing.
- Household net financial assets of no less than RMB 2 million at month-end over the past three months, or personal financial assets of no less than RMB 1 million.
- An investment account with a Hong Kong or Macau bank, witnessed and opened through a mainland agent bank.
- Investments limited to low-to-medium risk products (deposits, bond funds and similar — complex high-risk products excluded).

## The 2024 upgrade (WMC 2.0)

Revisions effective February 2024 raised the personal investment quota from RMB 1 million to RMB 3 million; regional quotas for both Southbound and Northbound rose from RMB 150 billion to RMB 300 billion each; and eligibility and product scope were broadened — the most significant expansion since launch.

## How it differs from opening an account directly

Before WMC, mainland residents investing with Hong Kong banks had to travel to open accounts and move funds within the US$50,000 annual forex convenience limit. WMC’s value: witnessed account opening without travel, smoother closed-loop cross-border funds, and pre-screened products — at the cost of quota caps and a limited product range. For larger allocations (a family office, insurance and trust structures), WMC is an entry channel, not the whole answer.

## Family office view: entry channel vs full structure

For families, WMC best suits everyday wealth management and a first offshore allocation; larger succession and governance needs — trusts, insurance, an SFO structure — still require dedicated arrangements. Hong Kong now hosts more than 3,380 single family offices (InvestHK / Deloitte); combined with the 0% profits tax concession for eligible SFOs and the CIES residency route, the path runs from a WMC account to a full family office structure.

## Key facts at a glance

The Wealth Management Connect launched in October 2021, covering nine mainland GBA cities plus Hong Kong and Macau.

The 2024 upgrade raised the personal investment quota from RMB 1 million to RMB 3 million.

Regional quotas for Southbound and Northbound each rose to RMB 300 billion.

Southbound investors must meet conditions including household net financial assets of no less than RMB 2 million.

China’s wealth management market reached RMB 179.33 trillion in 2025, second globally (Sina Finance, 2026).

## FAQ

### Are WMC products capital-guaranteed?

No. Southbound products are limited to low-to-medium risk categories but remain investments — gains and losses are the investor’s. WMC is a channel arrangement, not a return promise.

### Can non-GBA hukou holders participate?

Non-hukou residents who have paid social insurance continuously in one of the nine cities for the required period can also qualify — confirm the latest criteria with the banks and regulators.

## Further reading

For the policy context, see [the 2026 Policy Address preview](/articles/education-research/policy-address-2026-family-office-preview/); for status and tax, see [the HK family office tax concession](/articles/education-research/hk-family-office-tax-concession/) and [the CIES basics guide](/articles/education-research/cies-investment-immigration-basics/); for jurisdiction choice, see [Hong Kong vs Singapore](/articles/compare/hong-kong-vs-singapore-family-office-2026/).

## References

- [Hong Kong Monetary Authority (HKMA)](https://www.hkma.gov.hk)
- [People’s Bank of China](http://www.pbc.gov.cn)
- [HK Government News](https://www.info.gov.hk)

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Education & Research · China Family Office (https://www.china-family-office.com/en/)