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中国拟议中的上市开放式基金（LOF）退市引发高溢价基金抛售 2026-08-11
Chinese commodity futures and overseas-investing listed open-ended funds (LOFs) with high premiums tumbled on August 10 after two mainland bourses proposed delisting such funds amid concerns over trading risks, a move industry insiders estimate could affect more than 120 funds with CNY26 billion (USD3.9 billion) in on-exchange assets.
The Invesco Great Wall Global Semiconductor Chip Industry Equity Securities Investment Fund, a fund that mainly invests in semiconductor and chip-related companies worldwide and trades as the Global Chip LOF, hit the daily limit down of 10 percent on August 10, though its premium remained at 18 percent. The SDIC UBS Silver Futures Securities Investment Fund LOF, which tracks silver futures prices, sank almost 10 percent intraday, with its premium also exceeding 18 percent.
LOFs are Chinese funds that combine features of open-ended and closed-ended funds. Investors can subscribe to or redeem shares at net asset value, or trade them on stock exchanges at market prices, risking losses when high premiums narrow.
The Shanghai and Shenzhen stock exchanges released draft rules for public comment last Friday, proposing to terminate the listings of commodity futures LOFs and Qualified Domestic Institutional Investor (QDII) LOFs after a transition period of at least one year, with all affected funds to be delisted by Dec. 31, 2027. Small LOFs whose on-exchange net asset value remains below CNY10 million (USD1.5 million) for 60 consecutive trading days would also face mandatory delisting.
High Premiums Expose LOF Risks
Since their introduction in 2004, LOFs have played a positive role in diversifying the supply of publicly offered fund products and broadening investment channels for individual investors, industry insiders said. But shortcomings in the LOF mechanism have gradually emerged.
Some LOFs carry relatively high secondary-market premium risks, particularly commodity futures and QDII LOFs, the insiders noted. Futures exchanges' restrictions on opening positions and insufficient QDII foreign exchange quotas can lead to the suspension or restriction of subscriptions, making it easier for large premiums to develop in exchange trading.
Some small LOFs also face the risk of short-term speculation that drives premiums higher because of insufficient liquidity, the insiders added.
About 125 LOFs could be affected by the proposed delisting rules, with their combined on-exchange assets totaling about CNY26 billion, according to calculations by industry insiders.
There were 402 LOFs listed on the Shenzhen and Shanghai stock exchanges as of the end of June, with combined on-exchange and over-the-counter assets of CNY649.8 billion (USD96.3 billion). Their on-exchange assets totaled CNY59.4 billion (USD8.8 billion).
The draft rules also propose adding an asterisk before the exchange abbreviations of affected funds from the date the new rules take effect until their delisting to alert investors to the risks.
Source: Yicai Global
