Zhong Guo Zheng Quan Bao·2025-06-08 21:08Core Viewpoint - Multiple public fund companies have adjusted the valuation method for long-term suspended stocks held by their funds, adopting the "index return method" during the suspension period, primarily affecting Haiguang Information and Zhongke Shuguang [1][2][3] Group 1: Valuation Adjustment Announcement - Over twenty public fund companies, including E Fund, Huaxia Fund, and Southern Fund, announced on June 6 that they would use the "index return method" for valuing suspended stocks starting June 5 [2] - The suspended stocks primarily involve Haiguang Information and Zhongke Shuguang, with some companies adjusting the valuation for both stocks while others only for Haiguang Information [2][5] - The "index return method" will utilize the AMAC industry index as a calculation basis, as stated by some fund companies [2] Group 2: Reasons for Adjustment Timing - The adjustment of valuation methods occurred on June 5, despite the stocks being suspended since May 26, due to significant changes in the economic environment or major events affecting stock prices [3] - The AMAC electronic index saw a rise of over 3% since the suspension, with a single-day increase of over 2% on June 5, which likely triggered the valuation adjustment [3] Group 3: Prevention of Arbitrage - The primary aim of the valuation adjustment is to prevent arbitrage opportunities for suspended stocks, as investors can indirectly build positions through fund subscriptions during the suspension [4] - If funds continue to value the stocks at pre-suspension prices, investors could buy in at a lower cost and profit upon resumption of trading, which would harm existing fund holders [4] Group 4: Differences in Adjustment Practices - The differences in valuation adjustments among fund companies may relate to the number of shares held; companies with fewer holdings may not need to adjust valuations significantly [5] - If a single fund's holdings significantly impact its net asset value, all funds under the same management must adjust valuations accordingly [5] Group 5: Consistency in Valuation Procedures - Fund managers are required to maintain consistency in valuation procedures and techniques across different funds holding similar investment types, as per regulatory guidelines [6] - Haiguang Information ranks as the 22nd largest holding among active equity public funds, with a total holding value exceeding 9 billion, while Zhongke Shuguang is less prominent in the top holdings [6]