Strong position in the retail 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 risk is high. Susceptible to market volatility due to increased financial investments. The positive outlook reflects our view of a one-in-three chance that the company's strengthening capitalization could result in an upgrade. We expect the company to maintain its leading position in most of its businesses, sound risk management, and a moderately high likelihood of support from the Jiangsu provincial government, if needed. The outlook on Huatai International Financial Holdings Co. Ltd. (HTIF) reflects the outlook on Huatai Securities Co. Ltd. We
