China Investment UBS Silver LOF Fund Faces Dispute Over Valuation Adjustment, Investors File Complaints for Disclosure Violations

Recently, China Investment UBS's Silver LOF Fund caused a sharp 31.50% drop in net asset value in a single day after suddenly changing its valuation method, sparking strong dissatisfaction among investors. Many investors have filed complaints alleging disclosure violations, claiming that the fund company failed to inform them of the risks before trading, infringing on their right to know and make informed trading decisions.
Event Recap:
On the evening of February 2, China Investment UBS announced that it would adjust its valuation method to "reference the price fluctuations of silver futures in major international markets."
After the adjustment, the fund's unit net value dropped from 3.2542 yuan to 2.229 yuan on February 2, a 31.50% decline in a single day.
This adjustment was retroactively applied to all trading on February 2, including redemption requests submitted earlier that day.
Points of Controversy:
1. Alleged Violation of Disclosure Timing: The fund company only announced the suspension of trading and price limits on February 1, without mentioning the change in valuation method; the adjustment announcement was only issued after the market closed on February 2, which is claimed to violate the "Fund Law" and "Information Disclosure Management Measures" requiring timely disclosure of material information.
2. Investors Traded Unaware: Investors trading on February 2 were unaware that the net value would be significantly reduced. Some bought or held shares at the limit-down price, only to suffer losses far exceeding the 10% limit-down restriction.
3. Company Response Under Question: China Investment UBS responded that the reason for not announcing in advance was to avoid panic and runs, claiming this is industry practice. However, legal experts pointed out that valuation method changes are "price-sensitive information" that must be disclosed in advance.
Investor Actions:
The Black Cat Complaint Platform has received dozens of related complaints demanding compensation, refunds, and apologies.
Some investors have filed complaints through the CSRC's 12386 hotline and official website.
Legal professionals suggest that affected investors can claim damages from the fund manager based on the fund contract and relevant laws and regulations.
LOF funds are governed by the Securities Law, which imposes mandatory disclosure obligations on fund managers.
This move "deprives investors of their right to make informed trading decisions," and is suspected of disclosure violations.
The "post-hoc adjustment" of fund net value has caused passive large losses for investors, with timely disclosure issues at the core of the dispute. Currently, investor rights protection actions are gradually underway.