Editor's Note: The Guidelines for the Management of Classified Fund Business of Shenzhen Stock Exchange (hereinafter referred to as the Guidelines) will be implemented on May 1 2065438. Investors should pay attention to the changes in the relevant business authority of participating in graded funds after the implementation of these Rules, arrange relevant transactions reasonably, and guard against investment risks. In order to help investors fully understand and grasp the trading rules of graded funds and fully understand the possible impact on the investment of graded funds after the implementation of the rules, this topic interprets the operating mechanism, trading, subscription and redemption, split and merger, and guiding contents. 、

First, the basic concept of graded funds

A graded fund refers to a fund whose shares are divided into sub-shares with different expected risk returns through the risk-return distribution method agreed in the fund contract, and all or part of the shares are listed or redeemed on the exchange. According to the agreement of the fund contract, the basic share and sub-share of the graded fund can be paired and converted by splitting and merging.

Share structure: graded funds include parent fund (basic) share, A share and B share, in which the fund share ratio of A share and B share remains unchanged.

Agreement on income: share A gets the annual rate of return agreed in the fund contract, and the fund income is allocated to share A first, and the remaining income belongs to share B. ..

The net value relationship of the three types of fund shares in graded funds is as follows: the net value of basic shares = the reference net value of A shares × the proportion of A shares+the reference net value of B shares × the proportion of B shares.

Second, the operating mechanism of graded funds

Graded funds divide the basic share (parent fund) into two funds with different risk-return characteristics, A and B, by agreeing on the income in the contract. The share pairing conversion business includes splitting and merging, that is, the basic share is split into two types of shares according to the agreed proportion; And the act of pairing and merging the two types of shares into the basic shares in the market according to the agreed proportion. Therefore, the three types of shares of graded funds can be converted through the share matching conversion business.

Third, secondary market transactions

After the graded fund shares are listed on the Shenzhen Stock Exchange, investors can use the Shenzhen Stock Exchange account to buy and sell the fund shares through any securities company during the trading hours of the Shenzhen Stock Exchange, and the transaction is conducted at the matching price of the trading system. The declared number of buying funds is 65,438+000 or its integral multiple, and the minimum change unit of the declared price is 0.0065,438+0 yuan RMB. Fund trading is subject to price limit, and the price ratio is 10%.

Four. On-site subscription and redemption

The parent fund shares of open-ended graded funds can be purchased and redeemed through the exchange floor. Sub-shares of graded funds cannot be purchased and redeemed separately. Investors can use securities accounts to apply for and redeem the shares of the parent fund through securities companies with fund sales business qualifications during trading hours. The fund manager or the registration and settlement institution entrusted by him shall be responsible for the confirmation of the redemption results of fund shares.

Verb (abbreviation for verb) split and merge

The exchange market share of open-ended graded funds can be converted by pairing, including splitting and merging: splitting refers to the behavior of the holders of graded fund shares to split their parent fund shares in the exchange market into two types of sub-fund shares according to the agreed proportion; Merger refers to the behavior of fund share holders to merge their two types of sub-fund shares into parent fund shares in the exchange according to the agreed proportion.

Main contents of intransitive verb guide

The main contents of the Guidelines include: First, in terms of investor suitability management, individuals and general institutional investors who meet the threshold condition of 300,000 yuan of securities assets, pass comprehensive evaluation and sign the "Disclosure of Investment Risks of Classified Funds" can apply for the authority to subscribe for sub-shares and split the basic shares of classified funds. Second, in terms of risk warning measures, the converted Class B shares are marked with "*" before the fund abbreviation on the conversion base date; For graded funds that may or have been discounted and have a high B share premium, the fund manager shall issue a risk warning announcement, and members shall promptly remind investors of the risks according to the requirements of the Exchange. Thirdly, in investor education, fund managers and members should fully reveal the investment risks of graded funds, strengthen investor education and properly handle related contradictions and disputes. Fourth, regarding the responsibilities and obligations of investors, investors should follow the principle that the buyer is responsible, cooperate with members to provide relevant certification materials for the investor's suitability management and be responsible for its authenticity, accuracy and legality. In addition, the Guidelines further clarify the business process of grading fund conversion, so that investors can accurately understand the conversion mechanism of grading funds.

Seven. Changes of investors' trading rights and rights of splitting and merging after the implementation of these guidelines.

After the implementation of the "Guidelines", investors who have not opened the authority will not be able to purchase the sub-shares and split the basic shares of graded funds; Investors who already hold sub-shares of graded funds, but have not yet opened the relevant rights of graded funds, can choose to continue to hold or sell the sub-shares of graded funds currently held. Investors should pay attention to the changes in the relevant business rights of participating in graded funds after the implementation of the Guidelines, and arrange related transactions reasonably to avoid the risks arising therefrom.

Changes of investors' trading rights and merger rights after the implementation of the Guidelines