The net value of the fund has nothing to do with redemption, but if there is a large-scale redemption, the fund manager will be forced to sell the fund to bear the redemption pressure of huge redemption, and a large number of redemptions of the fund will also lead to the continued decline of the stock market, which will further aggravate the decline of the net value of the fund and further stimulate the redemption will of the fund holders, forming a vicious circle. In other words, the large-scale redemption of the fund indirectly drives the downward pressure on the net value of the fund from the market level.