The Shanghai and Shenzhen stock exchanges take action, QDII, Guotou Silver, and other LOFs will be delisted.

On the afternoon of August 7, the Shanghai and Shenzhen Stock Exchanges simultaneously solicited public opinions on the "Notice on Improving the Related Arrangements for Listed Open-Ended Funds." The draft opinion clarified the delisting standards and implementation process for LOFs. According to statistics from Wind, there are a total of 34 forcibly delisted products, with the total net asset value of on-market products approximately 24.6 billion yuan, accounting for about 45% of the total on-market scale of LOFs. The structure primarily consists of QDII equity funds, along with QDII alternative investments, QDII bond funds, and one commodity futures LOF. Among the products with the largest on-market scale are: Guotou Ruijin Silver Futures, E Fund Baillie Gifford Information Technology, ICBC India Market, Haifutong US Dollar Income, Harvest Oil, and Southern Oil. Some products are currently still exhibiting high premium status. The premium rates for the Invesco Great Wall Global Semiconductor Chip Industry LOF reached 32%, Guotou Ruijin Silver Futures 27%, Southern Oil 22%, and E Fund Oil 21%. In the overall LOF market, the current high premiums are mainly concentrated in products with limited off-market quotas, including insufficient QDII quotas and purchase limits that cut off arbitrage supply, causing secondary market prices to continue to trade at a premium relative to net value. Industry insiders analyzed that this is related to the LOF trading mechanism: on-market prices can transact in real-time, while off-market subscription and redemption are restricted by confirmation cycles, quotas, and purchase limits. When it is difficult to increase shares off-market at net value, secondary market prices tend to trade at a premium relative to net value. Oil, silver, and certain overseas equity-themed LOFs have repeatedly exhibited high premiums during various market phases.