On July 27, 2026, Changxin Technology made its official debut on the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange. In response, multiple public funds issued announcements cautioning investors about the potential risk of discrepancies between the Indicative Optimized Portfolio Value (IOPV) of ETF shares and their actual net asset value (NAV).

Taking China Asset Management Co., Ltd. (ChinaAMC) as an example, some of its ETFs participated in the subscription for Changxin Technology shares, initially valuing the stock at its issue price of RMB 8.66 per share ahead of the listing. Given that Changxin Technology’s shares will not be subject to price limits during the first five trading days post-listing, significant price volatility is anticipated. However, on the first day of trading, the ETF’s IOPV will only reflect the issue price and will not account for subsequent market price fluctuations. Consequently, a notable divergence between the IOPV and the actual NAV of the fund shares may emerge on that day.