This report does not constitute a rating action

Source: S&P Global Ratings.

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250,000 53.0%
52.0%
200,000 51.0%
50.0%
150,000 49.0%
48.0%
100,000 47.0%
46.0%
50,000 45.0%
44.0%
0 43.0%
2018 1H22 2018 1H22
China Cinda China Huarong

Property exposure (LHS) Property exposure of RDA (RHS)

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Ratings Score Snapshot To From •
China Great Wall Asset Management Co. Ltd.

Issuer Credit Ratings BBB/Stable/A-2 A-/Watch Neg/A-2

SACP of the nonbank operations bb- bb+

Group SACP bb- bb+

Anchor (after entity-specific adj.) bb bb+ •

Business Position Strong (+1) Strong (+1)

Capital and Earnings Constrained (-1) Moderate (0)

Risk Position Moderate (-1) Moderate (-1)

Funding and Liquidity Adequate and Adequate (0) Adequate and Adequate (0)
•
Support (+4) (+4)

GRE Support (+4) (+4)

China Great Wall AMC (International) Holdings Co. Ltd.

Issuer Credit Rating BBB/Stable/A-2 BBB+/Watch Neg/A-2

Group Status Core Highly Strategic

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Ratings Score Snapshot To From •
China Huarong Asset Management Co. Ltd.
Issuer Credit Ratings BBB-/Stable/A-3 BBB/Negative/A-2

SACP of the nonbank operations b+ bb-

Group SACP b+ bb-

Anchor (after entity-specific adj.) bb bb+ •

Business Position Strong (+1) Strong (+1)

Capital and Earnings Weak (-2) Constrained (-1)

Risk Position Constrained (-2) Constrained (-2) •

Funding and Liquidity Adequate and Adequate (0) Adequate and Adequate (0)

Comparable Ratings Analysis (+1) (0)

Support (+4) (+4)

GRE Support (+4) (+4)

China Huarong International Holdings Ltd.

Issuer Credit Rating BBB-/Stable/A-3 BBB/Negative/A-2

Group Status Core Core

China Huarong Financial Leasing Co. Ltd.

Issuer Credit Rating BB+/Dev/B BB+/Dev/B
Group Status Moderately Strategic Moderately Strategic

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Ratings Score Snapshot To From •
China Cinda Asset Management Co. Ltd.

Issuer Credit Ratings BBB+/Stable/A-2 A-/Negative/A-2

SACP of the nonbank bb bb+ •

operations

Group SACP bb bb+

Anchor (after entity-specific adj.) bb bb+

Business Position Strong (+1) Strong (+1)

Capital and Earnings Moderate (0) Moderate (0)

Risk Position Moderate (-1) Moderate (-1)

Funding and Liquidity Adequate and Adequate (0) Adequate and Adequate (0) •
Support (+4) (+4)

GRE Support (+4) (+4)

China Cinda (HK) Holdings Co. Ltd.

Issuer Credit Rating BBB+/Stable/A-2 A-/Negative/A-2

Group Status Core Core

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Ratings Score Snapshot To From •
China Orient Asset Management Co. Ltd.
Issuer Credit Ratings BBB/Stable/A-2 BBB+/Negative/A-2

SACP, excluding bank, bb bb+

insurance, and securities •
operation
Group SACP bb- bb

Anchor (after entity-specific adj.) bb bb+

Business Position Strong (+1) Strong (+1)

Capital and Earnings Moderate (0) Moderate (0)

Risk Position Moderate (-1) Moderate (-1) •

Funding and Liquidity Adequate and Adequate (0) Adequate and Adequate (0)

Support (+4) (+4)

GRE Support (+4) (+4)

•
China Orient Asset Management (International) Holding Co. Ltd.
Issuer Credit Rating BBB/Stable/A-2 BBB+/Negative/A-2

Group Status Core Core

Dongxing Securities Co. Ltd.

Issuer Credit Rating BBB-/Stable/A-3 BBB/Negative/A-2

Group Status Highly Strategic Highly Strategic

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