According to incomplete statistics from the Beijing Business Daily, from June 8th to December 12th, at least 11 fund companies have lowered the valuation of the shares of ZTE Corporation. This is also the result of the downward adjustment of the valuation of ZTE Corporation by a large number of fund companies before April 25th. Re-encountered the valuation down. Beijing Business Daily reporter noted that the majority of the fund company adjusted ZTE A shares valuation according to 20.04 yuan/share, compared to the closing price of 31.31 yuan before the suspension of ZTE, the bearish near 4 limit Level.
On June 12th, TEDA Manulife and Ping An UOB Fund issued the 'Announcement on Adjustment of the Valuation of ZTE's Shares under their Funds'. The Ping An UOB Fund Bulletin shows that since June 11, 2018, the company’s funds (Except Transactional Open Index Funds) The shares held by ZTE A shares are valued at a valuation of 22.82 yuan.
The TEDA Manulife Fund also stated in the announcement that the company has adjusted the valuation of the ZTE A shares held by its funds since April 18, 2018, and made valuations at 25.05 yuan per share. More fair and reasonable, the company and the fund custodian agreed that starting from June 11, 2018, revaluation of the ZTE Corporation held by the company's funds, according to 20.04 yuan / share price valuation.
According to incomplete statistics from Beijing Business Daily, except for TEDA Manulife and Ping An Dahua, from June 8th to 11th, there were at least 11 fund companies that issued the “Announcement on Adjustment of Valuation of ZTE's Shares under their Funds”. On the 8th of the month, the Wells Fargo Fund issued an announcement saying that since June 7, 2018, valuation adjustments have been made to ZTE's shares held by its securities investment funds. Among them, ZTE A shares are valued at 20.04 yuan; ZTE The H-shares of the Communications were valued at HK$16.38. That is to say, compared to the closing price of the 31.31 Yuan of ZTE A shares before the suspension on April 17th, the Wells Fargo Fund had a shortfall of nearly four consecutive stops.
In the following days, many fund companies such as GF Fund, ICBC Credit Suisse, Anxin Fund and Guohai Franklin Fund also issued announcements on the downward adjustment of ZTE's valuation. ZTE's A-shares are mostly valued at 20.04 yuan per share.
However, of the 11 fund companies that lowered the valuation of ZTE Corporation, there are also two fund companies that have adjusted their valuations slightly higher. Among them, Ping An Dahua’s adjusted valuation is RMB 22.82 and Huasheng Fund’s adjusted valuation is RMB 20.54.
It is worth mentioning that as early as April 25th, at least 40 public fund companies have lowered the valuation of ZTE. The adjusted valuation is mostly 25.05 yuan, which is lower than the two closing prices before the suspension of the suspension of ZTE. Limit stop.
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 valuation of ZTE Corporation?
In response, Yang Delong, executive general manager of Qianhai Open Source, told the Beijing Commercial Daily reporter that although the United States reached a settlement with ZTE, the amount of fines suffered by ZTE Corporation is very large, which is undoubtedly a bad for listed companies. Some fund companies may worry about reconciliation. There will be multiple downsides after the close of the market, so ZTE’s stock valuation will be lowered again.
Yang Xiaoqing, a research fellow of Yingmao Fund, also stated that there are two major 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.