Guotou UBS Silver LOF "Post-Settlement" Begins: Tens of Thousands "Use" the Mini Program, Settlement Ratio Revealed

The “aftermath” of the Guotou Ruixin Silver LOF incident has officially begun.

On February 26, the “Guotou Ruixin Silver Fund” launched a mini-program on the Alipay platform, marking the start of a “settlement” between individual investors and the fund manager.

By searching “Guotou Ruixin” directly on Alipay, users can find the “Guotou Ruixin Silver Fund” mini-program, which is used to handle matters related to the “Announcement of the Silver Fund-Related Plan by Guotou Ruixin Fund Management Co., Ltd.”

Currently, more than 10,000 people have used this mini-program.

“Launched” for a Reason

The mini-program named “Guotou Ruixin Silver Fund” was created to implement the relevant provisions of the work plan announced by Guotou Ruixin Fund on February 15 this year, regarding disputes over its silver fund.

At that time, Guotou Ruixin stated that the work plan was formulated following the principles of “layered classification, convenience, and reliability.” Individual investors who meet the standards outlined in the plan could search for the “Guotou Ruixin Silver Fund” mini-program on Alipay starting February 26, complete identity verification as prompted, and then proceed with related procedures online.

Indeed, the mini-program was officially launched on February 26, 2026.

“Usage Steps”

From the usage data, over 10,000 people have used the mini-program so far.

When opening the mini-program, users first see a “Warm Reminder”: reiterating that the mini-program is for handling matters related to the “Announcement of the Silver Fund-Related Plan by Guotou Ruixin Fund Management Co., Ltd.”

It also reaffirms that the scope of the plan applies to individual investors in Guotou Ruixin Silver (LOF) who confirmed net asset value redemption between February 2, 2026, and January 30, 2026, after 3:00 pm, and submitted redemption requests between January 30 and February 2, 3:00 pm.

Subsequently, the mini-program verifies users’ names, ID numbers, and other information to confirm whether they fall within the scope of this plan.

“Large-Amount” Settlement Ratio Revealed

Additionally, details have been disclosed regarding the specific arrangements for settlement of affected amounts over 1,000 yuan, which were not clarified in the previous announcement.

According to media reports, the settlement ratio is as follows: for individual investors with valuation adjustment impacts of less than 1,000 yuan, the full amount of the impact will be settled at its actual value.

For those with impacts of 1,000 yuan or more (including), the settlement ratio will be determined based on different amount ranges (see below).

Specifically, if an investor’s “affected amount” exceeds 1,000 yuan, the portion below 1,000 yuan will be settled at 100%. The portion between 1,000 and 2,000 yuan will be settled at 35%, and subsequent ranges follow similarly (see below).

For example, if an investor’s “affected amount” is 2,026 yuan, the approximate settlement amount would be about 1,000 + 1,00035% + 2625% = 1,356.50 yuan.

Of course, this affected amount needs to be calculated and mutually agreed upon.

Addressing Key Market Concerns

Media also published a series of responses from Guotou Ruixin Fund regarding questions of market concern, including why investors trading on the secondary market are not covered, why investors who did not redeem on February 2 are not included, and what is the source of funds for this special settlement plan.

Specifically, regarding the first question: why are secondary market investors not covered? Guotou Ruixin explained that because the Guotou Ruixin Silver Futures Securities Investment Fund (LOF) combines both subscription/redemption mechanisms and on-exchange trading, the two have fundamentally different pricing logic.

The valuation adjustment directly affects the fund’s net asset value (NAV), impacting only subscription and redemption transactions based on NAV. Secondary market trading occurs in the secondary market, with prices formed by buyers and sellers according to Shenzhen Stock Exchange trading rules, based on supply and demand, and are not directly equivalent to NAV. Therefore, gains or losses for secondary market investors mainly depend on market price fluctuations, and their trading behavior is not directly affected by the NAV adjustment, so they are not within the scope of this special plan.

Regarding the second question: why are investors who did not redeem on February 2 not included? Guotou Ruixin stated that the valuation adjustment only affects investors who redeemed based on the NAV on February 2. Other investors are unaffected. For those who did not redeem on that date, whether the valuation is adjusted or not, the overall two-day decline is similar. The adjustment aims to protect those who did not redeem on February 2.

Specifically, from January 30 15:00 Beijing time to February 2 15:00, COMEX silver fell by 31.5%, while domestic silver futures, limited by the Shanghai Futures Exchange’s price limit, declined about 31.84% over the same period, closely matching international silver futures prices. For investors who did not redeem, the fund’s adjusted valuation on February 2 still reflects the true value of the underlying assets. Over the long term, domestic and international silver futures tend to move in tandem.

This plan is a proactive measure to improve investor experience. Although the valuation adjustment is legal, compliant, and procedurally proper, it may cause some investors to feel a “gap” between expectations and reality.

The settlement plan aims to resolve investor concerns through rational communication, helping us improve service. It does not involve investors who did not redeem on that day. The valuation adjustment is to protect the interests of those who have not redeemed.

Regarding the third question: what is the source of funds for this special plan? Guotou Ruixin Fund stated that the funds come from the company’s own assets, which are strictly separated from the fund’s assets. The company also emphasized that this plan is not only a response to specific issues but also a sincere response to the "financial for the people"理念. The company is willing to proactively go beyond “exemption” to better fulfill its fiduciary duties and improve investor experience.

Risk Warning and Disclaimer

Market risks exist; investments should be cautious. This article does not constitute personal investment advice and does not consider individual users’ specific investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions herein are suitable for their particular circumstances. Investment is at your own risk.