Core Viewpoint - Guotou Ruijin Fund issued a response regarding the market controversy caused by the valuation adjustment of its silver (LOF) fund, emphasizing its commitment to fair pricing and investor communication [1][4]. Group 1: Valuation Adjustment - On February 2, Guotou Ruijin announced a change in the valuation calculation rules for six silver futures contracts, leading to significant fluctuations in the fund's net value [1]. - The net asset value of the A-class shares dropped from 3.2838 yuan to 2.2494 yuan, and the C-class shares fell from 3.2621 yuan to 2.2290 yuan, with both classes experiencing a daily decline of 31.5% [1]. Group 2: Market Reaction - From February 2 to February 6, the Guotou Silver LOF experienced a continuous "limit down" for five trading days, with a total weekly decline of 40.94%, and the latest market price was reported at 3.099 yuan per share [2][5]. Group 3: Investor Communication - The company stated that it will adhere to legal compliance and actively respond to investor demands, aiming to mitigate the impact of the valuation adjustment on investors [4]. - A dedicated working group has been established to develop solutions for investors, including mediation and arbitration channels [4].

Core Viewpoint - Guotou Ruijin Fund has issued a response regarding the market controversy caused by the valuation adjustment of its silver (LOF) fund, emphasizing its commitment to investor interests and transparency [1] Group 1: Company Response - The company has outlined three key points in its announcement: prioritizing investor interests, establishing a dedicated working group to address investor claims, and ensuring the effective execution of dispute resolution methods [1] - Guotou Ruijin Fund has committed to fair pricing and protecting the legal rights of all investors, while actively communicating with them through various channels [1] Group 2: Valuation Adjustment Impact - The controversy arose from a sudden announcement on February 2, where the company adjusted the valuation calculation rules for six silver futures contracts, leading to significant fluctuations in the fund's net value [1] - Following the valuation adjustment, the net asset value of the A-class shares dropped from 3.2838 yuan to 2.2494 yuan, and the C-class shares fell from 3.2621 yuan to 2.2290 yuan, resulting in a daily decline of 31.5% for both classes [1] - The fund's market price experienced a continuous decline, with a cumulative drop of 40.94% over five trading days, closing at 3.099 yuan per share on February 6 [2]

Group 1 - The core viewpoint of the article is that Guotou Ruijin is taking proactive measures to address investor concerns following significant valuation adjustments of its silver futures investment fund [1][2]. - The company emphasizes its commitment to investor rights and will respond to investor demands while minimizing the impact of valuation adjustments [1]. - A working group has been established to facilitate investor claims through various legal channels such as mediation and arbitration [1]. Group 2 - Recent fluctuations in silver prices have prompted Guotou Ruijin to adjust the valuation method for its silver futures contracts, effective February 2, 2026 [2]. - The fund will now reference international market prices at 3 PM Beijing time for the valuation of specific silver futures contracts, aiming for a more accurate reflection of market changes [2]. - The latest net asset value of the Guotou Silver LOF fund was reported at 2.2494 yuan, representing a decline of over 31% from the previous trading day, marking a rare historical event [3].

Core Viewpoint - The adjustment of the valuation method for the Guotou UBS Fund's Guotou Silver LOF has led to significant market reactions, including a record drop in the fund's net value and subsequent trading halts [1][2]. Group 1: Valuation Adjustment - On February 2, the fund's net value was reported at 2.2494 yuan, a decrease of 31.5% from the previous trading day, marking the largest single-day drop in public fund history [1]. - The fund's trading resumed after a halt, but it faced another drop, closing at 4.25 yuan, with a premium rate of approximately 88.94% at the time of reporting [1]. Group 2: Market Conditions - The valuation adjustment was prompted by significant fluctuations in the international silver market and discrepancies with the Shanghai Futures Exchange silver futures [1]. - The fund will revert to using domestic futures settlement prices for valuation once market conditions stabilize and contract prices reflect supply and demand adequately [2].

Core Viewpoint - The controversy surrounding the Guotou Ruijin Silver LOF fund arose from a significant adjustment in its asset valuation method, which led to a drastic drop in its net asset value and raised concerns among investors about the timing and rationale behind the decision [1][3][26]. Group 1: Fund Performance and Valuation Adjustment - The Guotou Ruijin Silver LOF experienced a dramatic decline of 31.05% in its net asset value on February 2, dropping from 3.2838 yuan to 2.2494 yuan [3][5]. - The fund's price had previously surged over 240% within a month, reaching a peak of 5.247 yuan, driven by both the rise in silver futures and high market premiums [8][9]. - Following the valuation adjustment, the fund's premium rate skyrocketed to 110%, indicating a significant disparity between the market price and the adjusted net asset value [3][26]. Group 2: Market Reactions and Investor Concerns - The announcement of the valuation adjustment was made after the market closed on February 2, leading to concerns among investors who had already submitted redemption requests based on the previous net asset value [26][30]. - The adjustment method, which referenced international silver futures prices, was unprecedented in the industry and raised questions about its appropriateness and the potential impact on investor confidence [26][30]. - Investors expressed frustration over the timing of the announcement and the perceived lack of consideration for their interests, as the adjustment occurred amidst extreme market volatility [6][28]. Group 3: Regulatory and Operational Context - The fund management company justified the valuation adjustment by citing significant fluctuations in international silver prices and the limitations of the domestic futures market's price movement due to trading restrictions [29][30]. - The company indicated that the adjustment was in line with regulatory guidelines and the fund's contract, which allows for alternative valuation methods under certain conditions [29][30]. - The management emphasized that the adjustment aimed to ensure that the fund's net asset value accurately reflects the underlying asset's fair value, particularly during extreme market conditions [30].

Core Viewpoint - The sudden valuation adjustment by Guotou Ruijin Fund led to a dramatic drop in the net asset value (NAV) of Guotou Silver LOF, causing significant investor confusion and concern as the NAV plummeted by 31.5% in a single day, marking a record decline for public funds [2][3][8] Group 1: Valuation Adjustment Details - On February 2, 2026, Guotou Ruijin Fund announced a valuation adjustment for Guotou Silver LOF, referencing the price fluctuations of silver futures in major international markets to ensure the NAV accurately reflects the underlying asset status [3][10] - The adjustment was prompted by a significant discrepancy between the Shanghai Futures Exchange silver futures prices and international market prices, with international silver prices dropping by 31% over two trading days, while the Shanghai prices fell by less than 20% [3][10] - The adjustment aimed to align the fund's NAV with the true international price level, as the previous valuation was deemed to have an inflated value exceeding 10% [3][10] Group 2: Investor Reactions and Market Impact - Following the valuation adjustment, Guotou Silver LOF faced a rapid increase in market skepticism, with discussions on social media questioning the legality and appropriateness of the sudden change [8][10] - Investors who had purchased the fund at a premium faced dual risks due to the sharp decline in silver futures prices and the high premium rate of nearly 90% on the fund's market price [5][6] - The fund experienced a significant sell-off, with over 55 billion yuan in sell orders at the limit down price, indicating a severe market reaction to the valuation adjustment [6][10] Group 3: Compliance and Regulatory Considerations - Legal experts noted that the fund's contract allows for valuation adjustments under specific circumstances, and the adjustment was deemed compliant with industry guidelines, which support fair value adjustments [10][11] - The timing of the announcement raised questions about the adequacy of information disclosure, as investors were not informed prior to the adjustment, leading to potential losses for those who redeemed their shares before the announcement [11][12] - Despite the legal backing for the adjustment, investor sentiment remained negative, with many expressing a loss of trust in the fund management due to the abrupt nature of the change [12][13]

Core Viewpoint - Guotou Ruijin Fund Management Co., Ltd. announced an adjustment to the valuation method for six silver futures contracts held by its Guotou Ruijin Silver Futures Securities Investment Fund (LOF), leading to a significant drop in the fund's net asset value by over 31% in a single day, raising concerns and controversies in the market [2][4]. Valuation Adjustment - The adjustment involves changing the valuation calculation for the six silver futures contracts (AG2604, AG2605, AG2606, AG2608, AG2610, AG2612) to reference the international market prices at 3 PM Beijing time, instead of the previous method based on the Shanghai Futures Exchange settlement price [4]. - Following this adjustment, the A-class share net value dropped from 3.2838 yuan to 2.2494 yuan, and the C-class share fell from 3.2621 yuan to 2.2290 yuan, both experiencing a decline of 31.5% [4]. Reasons for Adjustment - The adjustment was prompted by a significant drop in international silver prices, which exceeded normal fluctuations, while domestic markets were restricted by price limits, creating a disparity between domestic and international prices [5]. - Guotou Ruijin emphasized that continuing to use domestic settlement prices would misrepresent the fund's net value, leading to a "virtual high" perception of asset value [5][6]. Controversy Over Announcement Timing - The timing of the announcement, made after trading hours, has been a focal point of controversy. Guotou Ruijin explained that the international market prices needed for accurate valuation are only available after 3 PM, and that market conditions could change during trading hours [6][7]. - The company expressed concerns that an early announcement could be misinterpreted as an attempt to prevent redemptions, potentially leading to market panic and liquidity issues [7]. Market Reaction - The valuation adjustment led to a rapid response in the secondary market, with the fund's price hitting a trading limit down, closing at 4.722 yuan, while the adjusted net value was only 2.2494 yuan, resulting in a premium rate of 109.92% [8]. - To mitigate risks associated with high premiums, Guotou Ruijin issued a risk warning and announced a temporary suspension of trading for the fund [8].

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 [1][4]. Group 1: Valuation Adjustment - The fund's valuation adjustment was made due to significant fluctuations in international silver prices compared to domestic futures prices, necessitating a re-evaluation of the fund's assets [2][3]. - The new valuation method references the price changes in international silver futures markets, effective from February 2, 2023, at 3 PM Beijing time [2]. Group 2: Investor Reaction - Investors expressed outrage over the timing of the announcement, which was made after trading hours on February 2, leading to concerns about fairness and transparency in the valuation process [4][5]. - Complaints from investors highlighted the perceived unfairness of changing the valuation rules retroactively, which they felt undermined their trading decisions made earlier that day [4]. Group 3: Fund's Justification - The fund justified the lack of prior announcement by stating concerns about potential panic and liquidity issues if investors were informed too early [5][6]. - The fund emphasized that the adjustment was necessary to ensure that the net asset value accurately reflected the true value of the underlying assets, especially given the extreme market conditions [3][6].

Core Viewpoint - The incident involving the Guotou Ruijin Silver LOF fund highlights significant discrepancies between domestic and international silver prices, leading to a drastic valuation adjustment that resulted in a record single-day decline of 31.5% for the fund, raising concerns among investors about the fairness and transparency of the fund's pricing mechanisms [1][5][15] Group 1: Fund Performance and Valuation Adjustments - On February 2, the Guotou Ruijin Silver LOF fund experienced a trading halt with a 31.5% drop in net asset value, marking a record decline for public funds [1][5] - The fund's price on February 3 was capped at 4.250 yuan per share, with a reported net asset value of 2.2494 yuan per share, resulting in a market premium of approximately 89.97% [4][5] - The fund management cited significant fluctuations in international silver prices as the reason for the valuation adjustment, which was necessary to ensure that the fund's net value accurately reflected the underlying asset values [2][5] Group 2: Market Mechanisms and Investor Sentiment - Investors expressed frustration over perceived double standards in the fund's pricing strategy, particularly the limitations on purchasing during price increases and the immediate valuation adjustments during declines [8][11] - The trading mechanism of the fund, which includes a 10% price limit, created a "liquidity trap" for investors, preventing them from selling their holdings despite knowing the asset value had significantly decreased [9][11] - The incident has drawn comparisons to the "mini version of the oil treasure" event, indicating that complex product designs can expose ordinary investors to unexpected risks during extreme market conditions [13][15] Group 3: Lessons for Investors - The event serves as a cautionary tale for investors regarding the risks associated with high premiums on funds, particularly in volatile markets where the arbitrage mechanisms may fail [12][13] - Investors are advised to understand the differences in domestic and international trading rules, as these can significantly impact the performance of cross-border investment products [13][14] - The complexity of the Guotou Ruijin Silver LOF fund, involving futures trading and dual pricing mechanisms, underscores the importance of comprehending the fund's contract and valuation methods before investing [14][15]

Core Viewpoint - The adjustment of the valuation method for the Guotou Ruijin Silver LOF fund has led to a significant drop in its net asset value, raising concerns among investors regarding the timing and transparency of the announcement [1][3][4]. Group 1: Valuation Adjustment - On February 2, Guotou Ruijin Fund announced a change in the valuation method for its silver futures contracts due to significant price fluctuations in the international silver market [2][3]. - The fund's net asset value dropped from 3.2838 yuan to 2.2494 yuan, a decline of 31.5%, marking an extreme record for a single day [1][2]. - The new valuation method references the price changes in the international silver futures market, which allows for a more accurate reflection of the underlying asset's fair value [2][3]. Group 2: Investor Reaction - The timing of the announcement, made after the trading day ended, has sparked outrage among investors who felt blindsided by the sudden change in valuation rules [4][5]. - Investors expressed concerns about fairness and transparency, arguing that the lack of prior notice violated principles of timely information disclosure [4][5]. - Complaints and calls for action from investors flooded online platforms, highlighting dissatisfaction with the handling of the valuation adjustment [4][5]. Group 3: Company Explanation - Guotou Ruijin Fund stated that the decision not to announce the adjustment in advance was to prevent panic and potential runs on the fund [1][5]. - The company emphasized that the adjustment was necessary due to the extreme market conditions and the limitations imposed by domestic trading rules, which could lead to a misrepresentation of the fund's actual value [3][6]. - The fund clarified that the actual value of the assets is uncertain until the market closes, which justifies the timing of the announcement [6].