为何交易结束才说要调整白银LOF估值？国投瑞银独家回应

Core Viewpoint - Guotou Ruijin Fund announced an adjustment to the valuation method for its Guotou Silver LOF's silver futures contracts, leading to a significant drop in the fund's net asset value by over 31% on February 2, 2023, which has sparked controversy among investors regarding the timing of the announcement [2][3][4]. Group 1: Valuation Adjustment Details - The fund's valuation adjustment was made in response to significant fluctuations in international silver prices, which diverged greatly from the Shanghai Futures Exchange's silver futures prices [3][4]. - The new valuation method references the price changes in international silver futures markets as of 3 PM Beijing time, rather than the previous day's settlement price, which is subject to a ±17% price limit on the domestic exchange [3][4]. - The adjustment was deemed necessary to avoid "valuation lag," where the fund's net asset value would not accurately reflect the true value of its underlying assets during extreme market conditions [4]. Group 2: Investor Reactions and Controversy - Investors expressed outrage over the timing of the announcement, which was made after trading hours on February 2, leading to concerns that they were not informed of the new valuation rules prior to making trading decisions [4][5]. - Complaints and calls for action flooded investment communities, with investors questioning the fairness and transparency of the information disclosure process [4][5]. - Guotou Ruijin Fund defended its decision to delay the announcement, stating it aimed to prevent panic and potential runs on the fund, and emphasized that the valuation adjustment was in line with industry practices [5].