Net asset value

3. Closed-end fund discount refers to the phenomenon that the fund is sold at a price lower than its underlying net asset value, which exists in both mature and emerging markets.

The discount phenomenon of closed-end funds refers to the phenomenon that closed-end funds are often sold at a price lower than their unit net asset value (NAV), which is very common in mature foreign capital markets and emerging China securities markets.

Or, if I am bolder, I will consider buying stocks with a large discount to the net asset value (NAV) to provide a certain margin of safety, or some special concerns that provide a certain degree of protection.

If I am bold, I will consider buying a fund with a large discount on the net asset value (nav) in order to leave a margin of safety; Or a fund with a special theme that can provide a certain degree of protection.

This sounds risky, but I think there is a considerable margin of safety in view of the fact that the stock trading price is greatly discounted relative to the net asset value (NAV), the cash reserve is equivalent to a quarter of the net asset value, and the possibility of two large-scale IPOs in the next 12 to 18 months.

It sounds like this fund is very risky. However, in view of the substantial discount of the transaction price relative to the net asset value (NAV) and the cash reserve equivalent to a quarter of the net asset value, two large-scale IPOs may be held in the next 12 to 18 months, which I think is quite safe.