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.

Futu said it will suspend buy orders and fund deposits for existing mainland China investors from June 12, while sell orders and withdrawals will remain available. About 440,000 accounts are affected.