China's recent regulatory measures to stabilize the equity markets could hurt the creditworthiness of the country's securities firms. HTS' substantial equity investment via the CSFC also exposes it to heightened market risks, in our view. HTS' plan to repurchase and cancel a substantial amount of its outstanding shares will further undermine its capital strength, in our opinion. We are revising our outlook on HTS and its core subsidiary HTI to negative from stable. In line with the outlook revision, we are lowering our long-term Greater China regional scale ratings on the companies to 'cnA-' from 'cnA'. We are affirming our 'BBB' long-term and 'A-2' short-term issuer credit ratings. We are also affirming our 'cnA-2' short-term Greater China regional scale rating
