China Cinda Asset Management Co. Ltd. And China Cinda (HK) Holdings Co. Ltd.

Very high likelihood of extraordinary government support. Unique market position shaped by regulations. Listed company with better disclosure than peers'. Increasing sensitivity of assets to fluctuating market prices. Concentrated exposure to property development. High inherent risks in distressed asset management. The stable outlook on China Cinda Asset Management Co. Ltd. (China Cinda) reflects our view that the group's non-bank business will maintain a leverage ratio of 4.51x-6.5x over the next 12-18 months. We also expect the company to maintain asset quality in line with peers' and manageable impairment charges on assets. The stable outlook on China Cinda (HK) Holdings Co. Ltd. (Cinda HK), reflects our view that the company will remain a core subsidiary of China Cinda over the next

...Outlook The stable outlook on China Cinda Asset Management Co. Ltd. (China Cinda) reflects our view that the group's non-bank business will maintain a leverage ratio of 4.51x-6.5x over the next 12-18 months. We also expect the company to maintain asset quality in line with peers' and manageable impairment charges on assets. The stable outlook on China Cinda (HK) Holdings Co. Ltd. (Cinda HK), reflects our view that the company will remain a core subsidiary of China Cinda over the next 12-18 months. As such, the ratings and outlook on Cinda HK will move in tandem with those on China Cinda. Cinda HK is China Cinda's Hong Kong-based subsidiary....

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