Very strong capitalization. Strong market position in China's retail brokerage segment. Conservative management. Groupwide risk management integration at early stages of development. Revenue concentrated in the stock brokerage business and investment gains. The stable outlook reflects our view that Haitong could maintain its very strong capitalization and overall financial risk profile over the next 24 months. We also expect the company to retain its status as a government-related entity over the period. We could raise the rating if Haitong demonstrates superior risk management capabilities and a record of lower credit losses than its peers. An upgrade resulting from an increase in extraordinary government support is unlikely, in our view. We may lower the rating if Haitong's financial risk profile weakens
