On the evening of 12, the CSRC issued the Guiding Opinions on Further Standardizing the Valuation of Securities Investment Funds, stipulating that "if there is no market price on the valuation date, the economic environment has changed significantly after the recent trading day, or the securities issuer has a major event that affects the securities price, so that the potential valuation adjustment has more than 0.25% impact on the fund's net asset value on the previous valuation date, reference should be made to the current market price and major changes of similar investment products. The guidance further standardized the fair value estimation of non-market investment varieties such as long-term suspended stocks.

On September 16, the new valuation method of CSRC was formally implemented, and major fund companies announced the latest adjusted unit net value of their funds. According to the statistics of China Fund Network, some funds whose stocks have been suspended for a long time have suffered heavy losses due to the new valuation method, among which Wu Dong Electric Power and Chinese leading enterprises are the first to bear the brunt, and their single-day net value has dropped by more than 12%. Last Thursday, I wrote an article entitled "Long-term suspension of stocks will brew a fund tragedy" to remind investors of the investment risks of funds. The Wu Dong power drop 12.59% analyzed in that article is basically consistent with our calculation. In addition, the other three funds mentioned in that article, Chinese businessmen lead, China Sea is flexible, and Harvest theme, also appeared in the forefront of the one-day decline list, with declines exceeding 7.5%. If investors can adopt our suggestions and take appropriate measures last week, such losses can be effectively avoided.

The timely introduction and implementation of the guidance can effectively avoid the abnormal fluctuation of the fund's net value caused by the resumption of trading after a long-term suspension of stocks, which is conducive to strengthening the risk control of the fund and eliminating the illusion that the fund's net value of suspended stocks will resist falling.