Core Viewpoint - The banking sector in Sichuan is planning to jointly apply for a wealth management company license, which could signify a new trend in the establishment of such companies in China, especially under the pressure of clearing existing wealth management products by the end of 2026 [1][2]. Group 1 - Three banks in Sichuan, namely Chengdu Bank, Chengdu Rural Commercial Bank, and Sichuan Bank, are preparing to apply for a wealth management company license together, indicating a collaborative approach among local banks [1]. - There has been no new wealth management company license approved since December 29, 2023, and if Sichuan's application is successful, it may signal the beginning of a new round of license approvals [1]. - Currently, most wealth management companies are established solely by banks, but the joint application by three domestic banks could introduce a new model for the formation of wealth management companies [1]. Group 2 - The pressure to clear existing wealth management products is significant, particularly in central and western provinces, leading many local banks to actively seek licenses [2]. - The "one province, one bank" model, similar to the Sichuan approach, is gaining traction among provinces that have yet to obtain a wealth management license, indicating a potential shift in how licenses are pursued [2].