The total assets of a fund refer to the sum of the values of all assets of the fund. Fund assets minus all liabilities is the net asset value of the fund. The net asset value of the fund divided by the current total fund share is the net fund share value.
(3) Basic principles of valuation
1. For investment products with active market, if there is a market price on the valuation date, the fair value shall be determined by using the market price. If there is no market price on the valuation date, but the economic environment has not changed significantly after the recent trading day, the latest trading market price shall be adopted to determine the fair value. If there is no market price on the valuation date, and the economic environment has changed significantly after the recent trading day, we should refer to the current market price of similar investment products and major change factors, adjust the market price of the recent trading, and determine the fair value. If there is sufficient evidence that the recent market price cannot truly reflect the fair value (such as stocks that have been suspended for a long time or temporarily suspended for abnormal reasons, etc.). ), the recent market price should be adjusted to determine the fair value of investment products.
2. For investment products with no active market, the fair value shall be determined by the valuation technology generally recognized by market participants, and verified by the actual transaction price in the past. The results obtained by using valuation technology should reflect the transaction price adopted by normal commercial exchanges under the fair conditions on the valuation date. When using valuation technology to determine fair value, all market parameters considered by market participants in pricing should be used as far as possible, and the effectiveness of valuation technology should be ensured through periodic verification.
3. If there are sufficient reasons to show that the fair value of the relevant investment products cannot be objectively reflected according to the above valuation principles, the fund management company shall negotiate with the custodian bank according to the specific circumstances and make a valuation at the price that best reflects the fair value.
(four) the valuation method of specific investment varieties
1. Evaluate the varieties listed and traded on the exchange. Usually, the securities listed on the stock exchange (including stocks and warrants) are valued at the market price (closing price) listed on the stock exchange on the valuation date; Bonds listed and traded on the exchange are valued at the closing net price on the valuation date; The fair value of securities listed on an exchange without an active market shall be determined by valuation techniques. The fair value of the asset-backed securities transferred by the exchange in the form of block trading is determined by the valuation technology. When the valuation technology is difficult to reliably measure the fair value, the subsequent measurement is made according to the cost.
2. Valuation of unlisted varieties issued by the exchange.
(1) When unlisted stocks, bonds and warrants are issued for the first time, the fair value is determined by using valuation technology, and when it is difficult for valuation technology to reliably measure the fair value, it is measured at cost.
(2) Unlisted shares issued through allotment, share transfer, allotment and public offering of new shares shall be valued at the market price of the same stock listed in this Exchange.
(3) After a stock with a definite lock-up period is listed on this Exchange, its initial public offering shall be valued according to the market price of similar stocks listed on this Exchange.
(4) Non-public offering of shares with a clear lock-up period shall be determined according to the following methods:
(1) If the initial acquisition cost of a non-public offering stock with a clear lock-up period on the valuation date is higher than the market price of the same stock listed and traded on the stock exchange, the market price of the same stock listed and traded on the stock exchange shall be adopted as the value of the stock on the valuation date.
② If the initial acquisition cost of a non-public offering of a stock with a clear lock-up period is lower than the market price of the same stock listed and traded on the stock exchange on the valuation date, the value of the stock shall be determined according to the following formula:
Among them: Fv-the value of non-public offering shares with a clear lock-up period on the valuation date;
C- initial acquisition cost of non-public offering of shares with clear lock-up period (due to
Where the equity business leads to the ex-dividend of market price, the initial measurement shall be made on the ex-dividend date.
The cost is adjusted accordingly);
P- the market price of the same stock listed and traded on the stock exchange on the appraisal date;
D1-the trading day of the exchange included in the lock-up period of the non-public offering of shares with clear lock-up period;
DR-the remaining lock-up period on the valuation date, that is, the trading day of the exchange from the valuation date to the end of the lock-up period (excluding the valuation date).
3. Valuation of non-circulating varieties such as suspension of trading by the exchange.
(1) The allotment right enjoyed by shareholders is valued by the difference between the closing price and the confirmation date of allotment. If the closing price is equal to or lower than the matching price, the valuation is zero.
(2) For warrants that have stopped trading but have not exercised their rights, valuation techniques are generally used to determine their fair value.
(3) For the valuation of stocks that have been suspended for a long time due to major special events, it is necessary to judge whether to adopt valuation technology according to the basic principles of valuation. At present, the Fund Valuation Working Group of China Securities Industry Association has put forward the commonly used valuation methods for this kind of stock, including index return method, comparable company method, market price model method and valuation model method. , for the manager's reference in fund valuation. At present, some fund managers refer to the "China Securities Association Fund Valuation Index" and use the index income method to value some long-term suspended stocks.
4. The fair value of fixed-income varieties such as bonds and asset-backed securities traded in the national inter-bank bond market shall be determined by valuation techniques.
(five) the handling of pricing errors and bear the responsibility.
1. A fund management company shall formulate an identification and emergency plan for errors in valuation and net share valuation. When the valuation or net share valuation error actually occurs, the fund management company shall immediately correct it and take reasonable measures in time to prevent the loss from further expanding. When the valuation error of the net value of fund shares reaches or exceeds 0.25% of the net value of fund assets, the fund management company shall report to the regulatory authorities in time; When the valuation error reaches 0.5%, the fund management company shall make an announcement and report it to the regulatory authorities for the record.
2. If a fund management company or custodian bank fails to comply with the relevant laws and regulations or the provisions of the fund contract in the process of fund valuation, fund share net value calculation or review, and causes damage to the fund property or fund share holders, it shall be liable for compensation according to law. * * * If the peers cause damage to the fund property or fund share holders, they shall be jointly and severally liable for compensation.
(six) the suspension of valuation
When the fund has the following circumstances, the valuation can be suspended:
1. When the stock exchange involved in the fund investment is closed due to legal holidays or other reasons.
2. Due to force majeure or other circumstances, fund managers and fund custodians cannot accurately evaluate the value of fund assets.
3. The valuation of investment products accounting for a considerable proportion of the fund has undergone major changes, and the fund manager decided to postpone the valuation in order to protect the interests of investors.
4. In case of emergency that the fund manager thinks, the fund manager cannot sell or evaluate the fund assets.
5. Other circumstances identified by the China Securities Regulatory Commission and the fund contract.