Beijing Business Daily reporter noted that the majority of the fund company adjusted ZTE A shares valuation according to 20.04 yuan / share, compared with the closing price of 31.31 yuan before the suspension of ZTE, the bearish level of nearly 4 levels.
On June 12th, TEDA Manilife and Ping An UOB Fund issued the “Announcement on the Adjustment of the Valuation of ZTE Corporation's Shares under their Funds”. The Ping An UOB Fund Bulletin showed that since June 11, 2018, the valuation of the ZTE A shares held by the company’s funds (except for the open-ended index funds) has been valued at 22.82 yuan.
The TEDA Manulife Fund also stated in the announcement that the company has adjusted its valuation of ZTE A shares held by its funds since April 18, 2018, and has valued at RMB 25.05 per share. In order to make the valuation of the fund more fair and reasonable, the company and the fund custodian agreed that, starting from June 11, 2018, the revaluation of ZTE held by the company's funds will be valued at the price of 20.04 yuan per share.
According to incomplete statistics from Beijing Business Daily, except for Taida Hongli and Ping An Dahua, from June 8 to 11, at least 11 fund companies released the “Announcement on the Adjustment of the Valuation of ZTE's Stock Valuation by Their Funds”. For example, on June 8, the Wells Fargo Fund announced that since June 7, 2018, valuations of ZTE's shares held by its securities investment funds have been adjusted. Among them, ZTE A shares are valued at 20.04 yuan; ZTE H shares are valued at HK$16.38. In other words, compared to the closing price of 31.31 yuan for the A shares of ZTE before the suspension on April 17th, the Wells Fargo Fund has seen four consecutive lows.
In the following days, many fund companies such as GF Fund, ICBC Credit Suisse, Anxin Fund, and Franklin Fund of the China Sea also issued announcements of downward adjustment of ZTE's valuation. ZTE A-shares are mostly valued at 20.04 yuan per share.
However, among the 11 fund companies that lowered the valuation of ZTE Corporation, there are also two fund companies that have adjusted their valuations slightly higher, with Ping An Dahua adjusting its valuation to 22.82 yuan and Huasheng Fund adjusting its valuation to 20.54 yuan.
It is worth mentioning that as early as April 25th, at least 40 public fund companies have lowered the valuation of ZTE Corporation, and the adjusted valuation is mostly 25.05 yuan, which is two orders lower than the closing price before the suspension of the suspension of ZTE. Lower limit.
On June 7, U.S. Secretary of Commerce Ross announced that he had reached a new settlement agreement with ZTE and ended the severe sanctions imposed on ZTE. Why did the fund company again downgrade the stock valuation of ZTE Corporation?
In response, Yang Delong, executive general manager of Qianhai Open Source, told the Beijing Business Daily that even though the United States reached a settlement with ZTE, the amount of fines suffered by ZTE Corporation is very large and is undoubtedly a bad for listed companies. Some fund companies may worry about reconciliation. There will be multiple stoppages after the close of trading, so ZTE’s stock valuation will be lowered again.
Ying Xiaoqing researcher Yang Xiaoqing also stated that there are two main reasons why ZTE Corporation has been downgraded again. First of all, the US punitive measures against ZTE are too serious and it is very serious for ZTE; secondly, ZTE will not be included in MSCI for the time being. The index fell short of expectations of foreign investment.