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Holly LaFon
Holly LaFon
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Baron Funds Comments on Haitong Securities Co.

May 29, 2014 | About:

Haitong Securities Co., Ltd. (SHSE:600837) is a leading securities and brokerage firm in China. Shares were weak during the first quarter due to macro concerns over rising non-performing loans in the Chinese banking system, which could lead to a more pronounced credit contraction. We believe Haitong is well-positioned to gain for many years as credit allocation in China undergoes a secular shift from a state-bank sponsored system driven by political relationships to a more market-driven and credit sensitive system increasingly administered by the securities industry.

From Baron Funds' first quarter 2014 commentary.

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