Very strong capital position supported by sound risk management. Strong retail client coverage in China supporting wealth management transition. Moderately high likelihood of extraordinary financial support from the Jiangsu provincial government. Operations predominately in China, where economic and industry risks are high. Susceptible to market volatility due to increased financial investments. The stable outlook on Huatai Securities Co. Ltd. reflects our view that the company will maintain its very strong capitalization, strong market position, sound risk management, and adequate liquidity position over the next 12-24 months. We also expect a moderately high likelihood that the company would receive extraordinary support from the Jiangsu provincial government, if needed. The outlook on Huatai International Financial Holdings Co. Ltd. (HTIF) reflects the outlook
