Very high likelihood of extraordinary government support. Unique market position shaped by regulations. Core focus on the distressed-asset management business with good information disclosure. Relatively good credit quality of the banking subsidiary. Concentrated exposure to China's property sector. High inherent risk in the distressed-asset management business. Declining profitability amid business transition. The stable outlook on China Cinda Asset Management Co. Ltd. (China Cinda) reflects our view that the group will moderate expansion in its nonbank business such that the segment's leverage stabilizes, although at a high level, over the next 12-24 months. We also expect the company to maintain asset quality in line with its peers' and have manageable impairment charges on assets. The stable outlook on China Cinda (HK)
