Robust market position in China's retail brokerage segment. Strong capitalization. Group-wide risk management integration at the developing stage. Relatively large exposure to structured investment products. The issuer credit rating on Haitong Securities Co. Ltd. reflects our expectation that the company will maintain its strong capitalization, strong market position in securities-related businesses, and adequate earnings capacity over the next 12-24 months. Haitong's adequate risk management and funding situation support the rating. We continue to expect Haitong to benefit from a moderate likelihood of extraordinary support from the Shanghai municipal government. The rating on Haitong International Securities Group Ltd. (HTI) reflects our view that the company is a core subsidiary of Haitong. As such, the ratings on the two entities move in
