Multiple high-premium LOFs pulled back sharply in Monday's morning session. The Global Chip LOF hit its daily limit down, yet its premium stayed elevated at 18%. The Guotou Silver LOF tumbled more than 8% intraday, with its premium also breaking above 18%. The pullback came after the Shanghai and Shenzhen stock exchanges jointly published draft LOF delisting rules for public comment over the weekend. The draft specifies two types of products that would be forced to delist, taking aim at chronic problems in the on-exchange LOF market: speculative trading driven by inflated premiums, liquidity drain in mini funds, and prices vulnerable to manipulation. A Shanghai-based public fund practitioner said the delisting expectation could directly suppress speculative sentiment toward high-premium QDII or commodity futures LOFs, according to Yicai.
High-premium LOFs sold off together in Monday's morning session. The Global Chip LOF hit its daily limit down, yet the premium stayed stubbornly high at 18%. Guotou Silver LOF slid more than 8% at one point intraday; its premium also pushed past 18%.
The moves may trace to a heavyweight regulatory release last weekend. Shanghai and Shenzhen exchanges jointly issued a draft LOF delisting rule for public comment. It defines two categories of products that would be forced to delist, aimed squarely at long-standing problems in the on-exchange LOF market — speculative bids on inflated premiums, withering liquidity in mini funds, and prices easily swayed by manipulation.
A Shanghai-based public fund practitioner told Yicai that for high-premium QDII or commodity-futures LOFs, the delisting expectation could directly deflate speculative sentiment.
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