21独家｜券商跨境开户乱象风波再起，蚂蚁考虑延期收购交易耀才

Group 1 - Ant Group is considering extending the deadline for the acquisition of Yao Cai Securities, originally set for November 25, 2025, as they have the right to do so under the agreement [1][4] - The acquisition offer is priced at HKD 3.28 per share, targeting a 50.55% stake in Yao Cai Securities, marking a significant step for Ant Group's expansion into overseas brokerage licenses [4] - The transaction requires approval from the Hong Kong Securities and Futures Commission and the National Development and Reform Commission of China, with the former already granted approval [4] Group 2 - Recent announcements indicate that Yao Cai Securities may not meet all transaction conditions by the original deadline, primarily due to pending regulatory approvals from mainland China [4][6] - The ongoing regulatory scrutiny of cross-border account opening practices has raised concerns, particularly as Ant Group's acquisition is at a critical stage [6][8] - Yao Cai Securities, being a traditional local broker, primarily serves Hong Kong residents and foreigners, which may mitigate some of the negative impacts from the regulatory environment [6] Group 3 - The stock price of Yao Cai Securities has experienced volatility, rising from HKD 3 to a peak of HKD 17 after the acquisition announcement, but has since declined to HKD 8.71 as of November 11 [6][8] - The regulatory crackdown on cross-border account opening has been ongoing for two years, with significant actions taken against firms like Futu and Tiger Brokers for illegal operations [7][8] - Analysts believe that the acquisition may still have a chance to succeed despite uncertainties, as the overall policy direction remains supportive of technology and private enterprises [8]