The person in charge of fund asset valuation in China is the fund manager, and the fund custodian is responsible for reviewing the valuation results of the fund manager.

In order to accurately and timely carry out fund valuation and net share valuation, fund managers should formulate business management systems for fund valuation and net share valuation, and clarify the procedures and techniques for fund valuation; Establish a valuation Committee and improve the valuation decision-making system; Use a reliable valuation business system; Ensure that appraisers are familiar with the valuation principles and specific valuation procedures of various investment products; Improve relevant risk monitoring, control and reporting mechanisms; Establish a regular review and review mechanism to ensure that there are no major defects in relevant procedures and technologies.

Fund managers should fully understand the relevant valuation principles and techniques, fully negotiate with the custodian, and carefully determine the fair value. The custodian shall carefully review the valuation principles and techniques adopted by the fund management company before examining the net asset value of the fund and the purchase and redemption price of the fund shares. When there are objections to the valuation principles and techniques, the custodian is obliged to ask the fund manager to make a reasonable explanation and reach an agreement through active discussion.

In order to improve the rationality and reliability of valuation, China Asset Management Association has established a fund valuation mechanism. After fully soliciting opinions from the industry and reporting to the China Securities Regulatory Commission, we will put forward valuation guidelines for investment products that do not exist in the active market or have assets or liabilities with the same characteristics in the active market, and regularly evaluate and revise the published valuation guidelines.

Fund managers and custodians can refer to the valuation guidelines of fund industry associations when conducting fund valuation, calculating the net value of fund shares and related review work, but they cannot be exempted from relevant responsibilities. Even if the fund manager chooses a service organization for valuation, it cannot exempt the manager from relevant responsibilities.