In our view, Huatai Securities' capital raising actions and new investment trading strategy that it rolled out earlier this year could sustainably strengthen the company's capitalization. We are revising our outlook on Huatai Securities and its core subsidiary, HTIF, to positive from stable. We are also affirming the ratings on the two companies at 'BBB/A-2'. The positive outlook reflects our view of a one-in-three chance that the trend in strengthening capitalization could result in an upgrade over the next two years. On Nov. 29, 2019, S&P Global Ratings revised its outlook on the long-term ratings on Huatai Securities Co. Ltd. and its core subsidiary, Huatai International Financial Holdings Co. Ltd. (HTIF), to positive from stable. At the same time, we
