Classified B Hype Is "End Of The Day Carnival": More Than 400 Fund Risk Tips Can Not Stop Premium Pursuit.

"Hype is risky, beware of heavy losses."

In April 30th, a number of classified funds issued by ICBC Credit Suisse fund, Penghua Fund, CITIC Prudential fund and other fund companies issued a risk warning notice of premium, indicating that the current two tier market trading price is higher than that of the fund share reference net value. If investors invest blindly, they may suffer heavy losses.

The market volatility has intensified, and the B share of the classified fund, which is gaining a lot of leverage gains, has aroused renewed concern.

According to the latest data, in April 28th, the closing price of Peng Hua information B in the two tier market was 1.097 yuan, compared with the reference value of the fund share of 0.733 yuan that day, the premium rate reached 49.66%. In April 29th, the closing price of information B was 1.097 yuan, which was also significantly higher than the reference value of the fund share.

In April 28th, the closing price of ICBC's environmental protection B terminal in the two tier market was 0.725 yuan, compared with the reference value of the fund share of 0.3890 yuan that day, with a premium of 86.38%.

"The classification fund is characterized by high risk and high return. Because of the leverage mechanism, the volatility of B share is large and the risk is high." In April 30th, a large public fund worker in Beijing told the business reporter in twenty-first Century.

A number of fund companies remind people that they will bear varying degrees of investment risks because of leverage changes. In the current situation, investors should also pay attention to risks. After all, the grading fund is still being rectify, and the premium may be smoothed out afterwards.

However, risk warning is hard to suppress speculation.

A number of fund companies remind people that they will bear varying degrees of investment risks because of leverage changes. Gan Jun photo

Re activation of classification fund

Under the influence of the market, the premium of the classified fund continues to be high.

In twenty-first Century, economic news reporters combed the Wind data and found that in April 29th, 62 of the 115 classified B shares in the whole market showed a premium, of which 3 funds had a premium rate of more than 100%.

Among them, the premium rate of the Bank Internet financial B was the highest, reaching 160.5%, followed by Shen Wan Ling Xin Shen Zhi B and ICBC's Credit Suisse environmental protection industry B, with a premium rate of 116.61% and 103.36% respectively.

In addition, Shen Wan Ling Xin Electronics Industry B, Shen Wanling securities B two funds premium rate exceeds 50%, reaching 70.74% and 64.54% respectively.

"Theoretically, if the fund has an overall premium or discount, there is arbitrage opportunity, that is, to get the parent fund share at a low price and sell it at a higher price. As a result, investors can subscribe to the parent fund shares and spin off the shares to gain arbitrage income. A brokerage analyst told the twenty-first Century business reporter.

But the risk of arbitrage can not be ignored.

"Because the whole arbitrage process needs several trading days, the risk of operation is large, and if the premium rate is returned or even discounted on the day of selling the shares, arbitrage will fail. If investors do not understand the classification fund and arbitrage mechanism, blindly follow suit will suffer huge losses. The aforementioned agency said.

From the performance of fund companies, a number of agencies have been prompted for several days.

Take the Bank Internet financial B as an example, since February this year, the fund has issued 26 trade bulletin announcements as of April 30th, indicating the price risk of B share. In April alone, 20 announcements of trading price fluctuation were issued continuously.

The Bank of communications Schroder fund hints at a number of risks, including the design of the leverage mechanism in the B share of the Internet banking, and the volatility of the B share of the bank's Internet finance is higher than that of the other two categories, and the risk is higher. The B share holders of Internet banking will assume varying degrees of investment risks due to changes in leverage.

In addition, in the two tier market, the B share of the bank's Internet financial transactions, in addition to the risk of fluctuations in the net value of fund shares, will also be affected by other systemic risks, liquidity risks and other risks of the market, which may make investors face losses.

According to the latest disclosure, as of the closing of April 28, 2020, the reference value of the fund share of the B share of the bank's Internet finance has been close to the non periodic share conversion threshold stipulated in the fund contract. In the event of an irregular share conversion, the premium rate of the B share of the Internet banking market will also change significantly.

On the whole, according to incomplete statistics of economic report reporters in twenty-first Century, there were more than 20 announcements on the risk warning of classified B share premium in the early April 30th only. In April, there were more than 400 risk warning announcements issued in rough statistics.

Has been actively rectify.

"Generally speaking, the reasons for the recent high premium of classified B are poor liquidity, and some water points caused by the lag of the net value update, which also reflect the optimism of investors to a certain extent." A fund manager of a public offering fund in Shanghai said.

A public offering body in Southern China also said, "it may be that investors in the market are bullish and the price is going up and up. But as the market goes up, it will also eliminate part of the premium.

In fact, the serious shortage of liquidity is due to the fact that the classification fund is already in the process of liquidation.

? ? ? Earlier, the new regulation of fund management made the liquidation of the classification fund further clear. According to the regulations, the public offering products could not be divided into shares, requiring the financial institutions to formulate the asset management business rectification plan during the transitional period, make clear the time schedule and submit it to the relevant financial supervision and management department for approval and supervision. After the end of 2020, it is not allowed to issue or continue to violate the relevant regulations. Asset management products.

In 2018, the regulators also issued the relevant arrangements for the liquidation of the classified funds, and made clear the schedule for the transformation and transformation. The following 300 million graded funds were required to complete the rectification before the end of June 2019, and all the rectification work needed to be completed before the end of 2020.

That is to say, this year will be the last year of the classification fund in history.

"With the supervision work, the current stock classification fund is actively rectify." A public fund worker in Southern China told the twenty-first Century business reporter.

From the previous rectification situation, the fund company's main modes of rectify the grading fund include transforming into an index LOF fund, transforming into an ordinary index fund or a direct liquidation.

? ? "Many investors are not easy to understand the situation. Under the current circumstances, on the one hand, when a number of fund companies suspend business in the field, the premium rate of the B of the tier fund is rising. The classified B with a higher investment premium rate may bring great losses. On the other hand, under the current market environment, A shares continue to oscillate, and the lever property of the graded B will lead to greater volatility and may trigger a downward trend. The investment risk is higher. " The aforementioned public fund people said.

?