Leading position in the stock brokerage and margin finance businesses in China. Strong capital position with prudent risk management. Moderately high likelihood of extraordinary financial support from the Jiangsu provincial government. Operations predominately in China, where economic and industry risks are high. Some business concentration in brokerage and wealth management. The stable outlook reflects our expectation that Huatai Securities Co. Ltd. will maintain its leading position in most of its businesses, sound risk management, and solid capitalization over the next 24 months. We also expect a moderately high likelihood of support from the Jiangsu provincial government for Huatai Securities, if needed. The stable outlook on Huatai International Financial Holdings Co. Ltd. (HTIF) reflects the outlook on Huatai Securities. We expect
