National Investment Silver LOF Compensation Plan Launches Today, How to Compensate for Valuation Adjustment Impacting Over a Thousand Yuan?

Starting at midnight on February 26th, the highly anticipated Guotou Silver LOF valuation adjustment compensation process officially begins.

This compensation plan provides more detailed rules for the “excess cumulative退” calculation: investors affected by valuation adjustments of less than 1,000 yuan will receive full compensation; for those affected by more than 1,000 yuan, compensation will be calculated on a decreasing scale, with the highest tier’s excess portion calculated at only 5%.

It is understood that the funds for this special work plan come from the company’s own assets, which are strictly separated from fund assets. Additionally, there is no specific deadline set for closing the compensation channel.

Refund Operation Process

According to an announcement from Guotou Ruixin Fund, investors can now search for the “Guotou Ruixin Silver Fund” mini-program on Alipay, complete identity verification following the prompts, and handle compensation online.

After investigation, reporters found that once inside the mini-program, the system will automatically identify whether the investor qualifies for compensation. Upon passing verification, the page will first display the “Understand the Plan” section, clearly listing the system-calculated “Estimated Impacted Amount” and “Total Reconciliation Amount.” The reconciliation amount is calculated based on a uniform excess cumulative退 rule, according to the impacted amount. If investors disagree with the amount, they can select “Disagree with the Settlement” at the bottom of the page.

If the investor agrees to the settlement plan, they need to fill in their bank account information online, including account name, bank card number, and bank branch. After verifying the information is correct, click confirm and submit the application. The system will automatically generate a “Settlement Agreement,” and completing the online signature completes the application process. The settlement funds will be transferred to the original redemption account within the specified period, expected within 10 working days.

How is compensation handled if the valuation adjustment impact exceeds 1,000 yuan?

Guotou Ruixin Fund states that this compensation plan applies to individual investors who redeemed from the Guotou Ruixin Silver Futures Securities Investment Fund (LOF) at net asset value on February 2nd (including redemption applications submitted after 3 pm on January 30th and before 3 pm on February 2nd), excluding institutional investors.

For individual investors affected by valuation adjustments (from -17% to -31.5%) with impacts less than 1,000 yuan, full compensation is based on the actual impact amount. It is understood that over 90% of investors who redeemed on that day fall into this category.

For individual investors with impacts exceeding 1,000 yuan (including), the total settlement amount is calculated by adding the impact amount over 1,000 yuan multiplied by certain percentages to the base of 1,000 yuan: 35% for amounts between 1,000 and 2,000 yuan, 25% for 2,000 to 3,000 yuan, 15% for 3,000 to 5,000 yuan, 10% for 5,000 to 10,000 yuan, and 5% for amounts above 10,000 yuan. The sum of these segments is the total settlement amount the investor can receive.

How to calculate the “Impacted Amount”?
The core logic is to restore the customer’s holdings based on the redemption confirmed amount, then multiply by the difference ratio of valuation adjustment (14.5%, i.e., the difference between -31.5% and -17%), and finally calculate the impacted amount based on the original holdings and the ratio difference. The formula is:
Impacted Amount = Redemption Confirmed Amount ÷ (1 - 31.5%) × 14.5%.

For example, if an investor’s redemption amount is 4,737.81 yuan:
Step 1: Impacted amount = 4737.81 ÷ (1 - 31.5%) × 14.5% = 1002.89 yuan
Step 2: Calculate settlement amount: since 1002.89 yuan falls into the 1,000–2,000 yuan bracket, using the table formula: 1000 + (1002.89 - 1000) × 35% = 1001.01 yuan. The final settlement amount is approximately 1001.01 yuan.

If an investor’s redemption amount is 12,398.08 yuan:
Step 1: Impacted amount = 12,398.08 ÷ (1 - 31.5%) × 14.5% = 2624.41 yuan
Step 2: Since this falls into the 2,000–3,000 yuan bracket, using the formula: 1000 + 350 + (2624.41 - 2000) × 25% = 1506.10 yuan. The final settlement amount is approximately 1506.10 yuan.

If an investor’s redemption amount is 105,633.67 yuan:
Step 1: Impacted amount = 105,633.67 ÷ (1 - 31.5%) × 14.5% = 22,360.41 yuan
Step 2: Since this exceeds 10,000 yuan, using the formula: 1000 + 350 + 250 + 300 + 500 + (22360.41 - 10000) × 5% = 3018.02 yuan. The final settlement amount is approximately 3018.02 yuan.

The settlement funds come from the company’s own assets

It is understood that the funds for this special work plan come from the company’s own assets, which are strictly separated from fund assets. This means the compensation will be paid out of the company’s own resources, without diluting the interests of existing fund holders.

Guotou Ruixin Fund’s parent company, Guo Investment Capital (600061), previously issued an announcement on this matter. Preliminary estimates suggest that this compensation plan will have a certain negative impact on the company’s net profit attributable to shareholders in 2026. According to the announcement, the impact amount is less than 5% of the company’s audited net profit attributable to shareholders in 2024, so it will not have a substantial effect on the company’s overall business development. Financial data shows that Guo Investment Capital’s net profit attributable to shareholders in 2024 was 2.694 billion yuan, and the upper limit of the impact amount is approximately 134.7 million yuan.

No specific closing deadline set

Regarding investors’ concerns about the timeliness of compensation processing, reporters learned that there is no specific closing deadline for this compensation channel. This aims to reduce time pressure on investors, allowing ample time for processing, and also considers the online capacity and user experience of the mini-program to avoid system congestion caused by concentrated applications.

Many investors also wonder why investors who did not redeem on February 2nd are not included in the compensation scope. Industry insiders explain that the valuation adjustment only affects investors who redeemed at net asset value on February 2nd; other investors are unaffected. For those who did not redeem on February 2nd, the overall decline over the two days was similar regardless of valuation adjustments. The adjustment aims to protect those who did not redeem on February 2nd.

Additionally, some investors ask why intraday traders are not covered. Industry experts explain that Guotou Silver LOF involves both subscription/redemption and on-market trading mechanisms, which have fundamentally different pricing logic.

The valuation adjustment directly affects the fund’s net asset value, impacting only subscription and redemption transactions based on NAV. On-market trading occurs in the secondary market, with prices formed by buy and sell orders according to Shenzhen Stock Exchange rules, based on market supply and demand, and are not directly equivalent to the fund’s NAV.

Therefore, the gains and losses of on-market investors mainly depend on secondary market price fluctuations. Their trading activities are not directly affected by the NAV changes caused by this valuation adjustment, so they are not included in this special compensation plan.