One week after the announcement of a compensation plan related to a net asset value adjustment for a Silver LOF, Sdic Capital Co.,Ltd., the parent company of Sdic瑞银 Fund Management, has for the first time provided an official assessment of the financial impact on the listed company. On the afternoon of February 23, Sdic Capital Co.,Ltd. issued an announcement regarding its subsidiary, Sdic瑞银 Fund Management Co., Ltd. The announcement disclosed that the net asset value adjustment for the Sdic瑞银 Silver Futures Securities Investment Fund (LOF), managed by Sdic瑞银 Fund, has attracted market attention. Sdic瑞银 Fund had already released a specific work plan for the matter on February 15, 2026. Sdic Capital stated that, based on preliminary calculations, the plan is expected to have a certain negative impact on the company's net profit attributable to shareholders in 2026. The estimated impact amount is less than 5% of the company's audited net profit attributable to shareholders for the year 2024 and will not have a substantive effect on the company's overall business development.
On the same day the parent company disclosed the financial impact, the Sdic Silver LOF once again issued a suspension and resumption of trading notice for the secondary market. The announcement indicated that, due to the fund's secondary market trading price being significantly higher than its net asset value per share, resulting in a substantial premium, trading of the fund will be suspended from the market open on February 24, 2026, until 10:30 AM that day, and will resume at 10:30 AM. This is the latest in a series of trading halts implemented by the fund recently to address high premium risks.
What is the scale of the impact? According to Sdic Capital's disclosed 2024 annual report, the company's net profit attributable to shareholders for 2024 was 2.694 billion yuan. Calculating the theoretical maximum impact based on the "less than 5%" figure mentioned in the announcement suggests an amount of approximately 134.7 million yuan. However, as Sdic Capital does not hold a 100% stake in Sdic瑞银 Fund, this figure needs to be adjusted based on the ownership structure. Public information shows that Sdic Capital indirectly holds a 61% stake in Sdic泰康 Trust Co., Ltd., which in turn holds a 51% stake in Sdic瑞银 Fund. Based on this ownership chain, for the impact on Sdic Capital's net profit to reach the upper limit of 134.7 million yuan, the compensation amount that Sdic瑞银 Fund itself must bear due to this plan could be higher. According to Sdic Capital's annual report data, Sdic瑞银 Fund reported consolidated operating revenue of 1.379 billion yuan and a net profit of 376 million yuan for the full year 2024.
Sdic Capital stated in the announcement that it will continue to supervise its controlled investment enterprises to strictly adhere to compliance standards, earnestly fulfill their primary responsibilities, continuously enhance risk management capabilities and investor returns, and maintain the stable, healthy, and orderly development of the capital market. The company emphasized that this matter "will not have a substantive effect on the company's overall business development."
The root of this incident can be traced back to the international precious metals market at the end of January 2026. Influenced by multiple international political and economic factors, COMEX silver futures experienced an historic single-day decline of over 36% on January 30. Due to differences in daily price limits between domestic and international futures markets, the silver futures on the Shanghai Futures Exchange were subject to a ±17% daily limit in subsequent trading sessions, preventing their price from fully reflecting the sharp decline seen internationally. This created a challenge for the Sdic Silver LOF, which is linked to the main domestic silver futures contract, in determining the fair value for its net asset value calculation.
To treat all holders fairly and prevent some investors with access to information from exploiting timing differences in valuation for advantageous redemptions, Sdic瑞银 Fund adjusted the fund's valuation. The calculated decline in NAV was revised from -17%, based on domestic futures prices, further down to -31.5%. While this adjustment brought the fund's NAV closer to the actual international market decline, it also sparked disputes from some investors who had redeemed their shares on the day before the adjustment regarding their redemption amounts.
In response to investor concerns, Sdic瑞银 Fund released a specific work plan on February 15, 2026. This represents the first compensation plan introduced by a public fund following a valuation adjustment caused by extreme market conditions. According to the plan, compensation is targeted at individual investors who confirmed redemptions based on the NAV of February 2, 2026. This includes those who submitted redemption applications after 3:00 PM on January 30, 2026, and before 3:00 PM on February 2, 2026. Institutional investors are excluded. For individual investors where the financial impact of the valuation adjustment was less than 1,000 yuan, the settlement amount will be the full impact amount. This group accounts for over 90% of the investors who redeemed on that day. For individual investors where the financial impact of the valuation adjustment was 1,000 yuan or more, the total settlement amount will be determined as 1,000 yuan plus a certain percentage of the amount exceeding 1,000 yuan.
Sdic瑞银 Fund stated that eligible individual investors can search for the "Sdic瑞银 Silver Fund" mini-program within the Alipay app. After completing identity verification as prompted, they can handle the relevant matters online. Due to the large number of investors involved and the significant workload, to ensure investor inquiries are resolved conveniently and reliably, the company is making every effort to advance technical support preparations. The relevant mini-program is scheduled to officially launch on February 26, 2026.