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Merrill Lynch lowered the A share and H share rating of HAITONG SEC (06837.HK)  -0.880 (-6.111%)    Short selling $42.08M; Ratio 7.875%   from Neutral to Underperform. The target price of H share was $13, due to the concern of reduction in commission rates in 2015. In addition, the share price is commensurate to 1.6x 12-month forward P/E, which was nearly to historical high, as driven by the launch of SH-HK Connect. The broker believed that the SH-HK Connect will inject new liquidity to A share markets, but the driven force on stocks may be limited. Following the cooling down of SH-HK Connect, the market will shift the focus on macro economy and risks. The share price for brokers will then undergo gradual correction.   

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