Group 1 - The China Securities Regulatory Commission has issued guidelines regarding the valuation of securities investment funds, specifically referencing the "Index Income Method" for valuation [1] - Starting from September 3, 2025, Shanghai Guotai Junan Securities Asset Management Co., Ltd. will apply the "Index Income Method" for the valuation of its securities investment funds holding "Chip Original Co., Ltd." (stock code: 688521) [1] - The valuation method will revert to using the closing price on the day of trading once the stock resumes trading and demonstrates active market trading characteristics, with no further announcements required [1]

Group 1 - The announcement includes information about the fund's dividend distribution, stating that the net asset value of the fund shares cannot fall below par value after the distribution [1] - Investors who apply for subscription, conversion, or regular investment on the record date will not enjoy the dividend rights, while those who redeem or convert out on the record date will [1] - The default dividend distribution method for investors who do not choose is cash distribution, and investors can modify their distribution method at sales outlets [1][2] Group 2 - The fund management company has decided to adjust the valuation method for the stock "SMIC" (stock code: 688981) held by its funds, using the index yield method starting from September 4, 2025 [4] - The subscription and redemption prices will be based on the net asset value calculated using the adjusted valuation method [4] - The valuation method will revert to market price once the stock resumes trading and shows active market trading characteristics [4] Group 3 - Starting from September 5, 2025, Huatai Securities will begin selling certain funds managed by the company [6] - The specific dates, times, processes, and fee discount activities for fund sales will be determined by the sales institution [7] - Investors can consult details through the websites and customer service numbers of both Huatai Securities and the fund management company [8]

Core Viewpoint - The company has decided to adopt the "index income method" for valuing its large collective asset management plan holdings in "Chip Original Co., Ltd." (stock code: 688521) starting from September 3, 2025, in accordance with relevant regulations [1] Group 1 - The valuation method will change to the "index income method" after consultation with the custodian [1] - The company will revert to using the closing price for valuation once the stock resumes trading and exhibits active market trading characteristics [1] - No further announcements will be made regarding the change back to the closing price valuation method, and investors are advised to pay attention [1]

Group 1 - Multiple public fund managers, including Caitong Fund, Robeco, and E Fund, have adjusted the valuations of stocks held in their portfolios due to significant discrepancies between stock prices and their intrinsic values [1][2] - The adjustments aim to ensure the fairness and accuracy of fund net values, protecting investors from misleading information caused by market price distortions [1][2] - For instance, the star pharmaceutical stock Nohow Health has seen its valuation adjusted by over ten public fund managers since July, with significant differences in the adjusted prices among them [2][3] Group 2 - Different public fund managers may employ various valuation techniques, leading to discrepancies in the final valuation results even for the same stock [3] - Fund managers play a crucial role in selecting investment targets, typically starting with promising industry directions and then choosing quality stocks based on comprehensive analysis [3] - The investment strategies of different fund managers often vary, with some focusing more on macro and industry analysis while others emphasize the fundamental quality of the companies [3]

Core Viewpoint - The stock price of Tianmao Group has been drastically reduced by over 90% by Huatai Fund, from 2.74 yuan per share to 0.27 yuan per share, due to significant changes in the company's fundamentals and regulatory issues [1]. Group 1: Company Overview - Tianmao Group has been suspended from trading for nearly two months since May 6, 2023, due to the inability to disclose its annual report by the legal deadline [2]. - The company faces a risk of delisting if it fails to disclose more than half of the board's assurance of the annual report's authenticity within two months of the delisting risk warning [2][3]. - The actual controller of Tianmao Group is Liu Yiqian, a well-known art collector and investor, who has a significant history in the A-share market [4]. Group 2: Financial Implications - Huatai Fund's decision to adjust the valuation of Tianmao Group's stock is aimed at protecting the interests of fund holders amid potential large adjustments in stock prices due to regulatory penalties or fundamental changes [1]. - As of the end of 2023, Tianmao Group's subsidiary, Guohua Life, has total assets nearing 300 billion yuan and net assets exceeding 26 billion yuan [4].

Group 1 - The stock price of Tianmao Group (000627) has been significantly reduced by a fund company, with a valuation set at 0.27 CNY per share, down from 2.74 CNY per share, representing a decline of over 90% [1] - The fund company, Huatai Fuhua Fund, stated that the adjustment in stock valuation is primarily to protect the interests of fund holders, especially when a listed company faces regulatory penalties or significant changes in its fundamentals [1] - Tianmao Group has been suspended from trading for nearly two months due to its failure to disclose its 2024 annual report by the legal deadline of April 30 [4] Group 2 - If Tianmao Group does not disclose more than half of its board members' guarantees of the accuracy and completeness of the annual report within two months from the date of the delisting risk warning, its stock will be terminated from listing [5] - The company has limited time left to complete and disclose its annual report, with just over two months remaining [5] - The actual controller of Tianmao Group is Liu Yiqian, a well-known art collector and investor, who has a significant background in the A-share market [5]