A settlement initiative by a fund management company is attracting significant market attention regarding its potential effect on yearly earnings.

During the Spring Festival holiday, the company announced a special settlement plan for individual investors who confirmed redemptions on February 2. On the final evening before work resumed after the holiday, the firm's indirect major shareholder issued a disclosure regarding the possible financial impact of this arrangement.

This disclosure has revealed further details and developments concerning the incident.

The shareholder's announcement highlighted that the fund company's specialized工作方案, released on February 15, 2026, pertains to a valuation adjustment for its silver futures fund. According to listing rules, the potential impact on the shareholder's net profit attributable to parent company owners must be disclosed.

A preliminary estimate indicates the settlement plan will have a certain negative effect on the shareholder's 2026 net profit, though the amount is expected to be less than 5% of its audited 2024 figure. The shareholder stated this would not substantially affect its overall business development.

Based on the shareholder's 2024 net profit of 2.694 billion yuan, the estimated maximum impact is capped at 135 million yuan. However, considering the fund company is a third-tier subsidiary with an indirect ownership stake of approximately 31.36%, the total expenditure for the settlement plan is projected not to exceed 432 million yuan.

Notably, the fund company reported a net profit of 376 million yuan for 2024. This implies the upper limit of the settlement cost could reach 1.36 times the firm's annual profit from that year.

The fund company's unprecedented工作方案 includes several innovative features without industry precedent. Management reiterated that the valuation adjustment made on the evening of February 2 was necessary due to historic extreme volatility in silver prices, aiming to ensure fair treatment of all investors and prevent advantages for early redeemers.

In response to significant investor concern, the company promptly developed a specialized plan to address诉求. The scheme adopts a layered, categorized approach for reliability and convenience, specifically targeting individual investors—excluding institutions—who confirmed redemptions on February 2.

The settlement terms vary based on redemption amounts: individual investors affected by less than 1,000 yuan will receive full compensation, covering over 90% of redeemers that day. Those with impacts exceeding 1,000 yuan will receive 1,000 yuan plus a proportion of the amount above that threshold.

Eligible individual investors can process their claims via a dedicated mini-program on Alipay starting February 26, 2026. The company has also provided hotlines for inquiries and support for clients without Alipay accounts.

This settlement arrangement represents a groundbreaking response to disputes arising from fund valuation adjustments and is expected to spark prolonged discussion within the industry. It underscores the need for fund companies to exercise caution when adjusting valuations, particularly regarding timing and specific terms.

The incident, triggered by historic silver price fluctuations, also highlights the importance of carefully designing product contracts for commodity- or futures-linked funds and preparing thorough contingency plans for potential high volatility.

Furthermore, funds with both on-exchange and over-the-counter trading venues, each exhibiting distinct price behaviors, demand comprehensive expertise in product design, risk management, compliance, disclosure, and communication from management companies.

Even after the plan's announcement, different investor groups may raise further concerns, such as the exclusion of institutional investors or the 1,000-yuan threshold for full settlement, necessitating rational dialogue among all parties.

Although the event remains unresolved, it offers valuable industry insights. A key takeaway is that launching a public fund is only the beginning; it requires continuous refinement and diligent oversight by managers, distributors, and related parties. No public fund is perfect at inception—it improves through ongoing adjustments and experience over time.