Diversified businesses and revenue. Solid market position in China's broker sector. Group-wide risk management is yet to be tested through a credit cycle. Larger-than-peers structural investment products linked to corporate credit exposures. The stable outlook on Haitong Securities Co. Ltd. (Haitong) reflects our expectation that the company will maintain a risk-adjusted capital (RAC) ratio of 10%-15% over the next 24 months. We also expect the company to maintain its leading position in China's securities sector and remain a government-related entity of the Shanghai government. The stable outlook on Haitong International Securities Group Ltd. (HTI) reflects the outlook on Haitong, and our expectation that HTI will remain a core subsidiary of Haitong over the next two years. Therefore, the ratings on
