Early trading saw multiple previously high‑premium LOFs sell off. Global Chip LOF hit the down‑limit while its secondary‑market premium remained near 18%; SDIC Silver LOF fell over 8% intraday and its premium also breached ~18%. The moves followed a joint Shanghai and Shenzhen exchanges consultation draft issued last weekend that sets out two mandatory delisting scenarios for LOFs, explicitly targeting persistent high‑premium speculation, mini‑fund liquidity failures and price manipulation. A Sh

Early trading saw multiple previously high‑premium LOFs sell off. Global Chip LOF hit the down‑limit while its secondary‑market premium remained near 18%; SDIC Silver LOF fell over 8% intraday and its premium also breached ~18%. The moves followed a joint Shanghai and Shenzhen exchanges consultation draft issued last weekend that sets out two mandatory delisting scenarios for LOFs, explicitly targeting persistent high‑premium speculation, mini‑fund liquidity failures and price manipulation. A Shanghai public fund manager said delisting expectations could directly curb speculative demand for high‑premium QDII and commodity‑futures LOFs.