国投瑞银“网红基”风波：白银LOF净值单日大跌31.5%，估值调整引发赎回争议

Core Viewpoint - The sudden valuation adjustment of the Guotou Ruijin Silver Futures Fund (LOF) led to a historic single-day drop of 31.5%, causing significant investor losses and raising questions about the fund's management and compliance practices [2][10][29]. Group 1: Fund Performance and Impact - On February 2, the fund's net value plummeted from 3.2838 yuan to 2.2494 yuan, marking a 31.5% drop in a single day [6][10]. - The fund experienced a cumulative decline of 40.94% over the following week, with five consecutive trading days of limit-down [2][3]. - The incident resulted in over 100,000 complaints on consumer protection platforms, with some investors seeking redress through regulatory channels [4][6]. Group 2: Company Background and Financials - Guotou Ruijin Fund Management Co., established in 2005, has a management scale of 254.418 billion yuan as of the end of 2025, ranking 34th among public funds in China [4][29]. - The company reported a net profit of 1.49 billion yuan for the first half of 2025, a decrease of 7% year-on-year, indicating potential operational pressures [6][36]. - The fund's management fee is set at 1%, and it generated a net profit of 3.27 billion yuan in the first half of 2025, with management compensation reaching 11.7985 million yuan [20][36]. Group 3: Valuation Method Adjustment - The fund's valuation method was abruptly changed from the Shanghai Futures Exchange settlement price to reference international silver price fluctuations, which triggered the drastic drop in net value [4][10]. - The adjustment raised compliance concerns, as the fund's contract allows for valuation changes only under specific conditions, and the company did not provide prior notice to investors [22][25]. - Investors expressed dissatisfaction over the lack of timely information regarding the valuation change during trading hours, questioning their right to make informed decisions [26]. Group 4: Management and Investor Sentiment - The fund manager, Qian Han, has been in position for only two and a half years and manages 13 products, raising concerns about experience and capability [6][29]. - The incident has led to a significant trust crisis for Guotou Ruijin, with investors increasingly vocal about their grievances and seeking legal recourse [29][33]. - The company has formed a working group to address investor concerns and is exploring solutions to restore confidence [11][29].