券商跨境开户风波再起耀才证券“躺枪” 蚂蚁考虑延长收购交易日期

Core Viewpoint - Ant Group is considering extending the deadline for its acquisition of Yao Cai Securities, originally set for November 25, 2025, due to potential delays in obtaining necessary regulatory approvals [1][4]. Group 1: Acquisition Details - Ant Group has made a tender offer to acquire a 50.55% stake in Yao Cai Securities at a price of HKD 3.28 per share, marking a significant step for Ant Group's expansion into overseas brokerage licenses [4]. - The acquisition 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 as of September 23 [4]. - Yao Cai Securities has indicated that it may not meet all transaction conditions by the original deadline, primarily due to the lack of approval from mainland regulators [4][6]. Group 2: Regulatory Environment - Recent media reports highlighted ongoing issues with cross-border illegal account openings by firms like Tiger Brokers and Futu Securities, prompting regulatory scrutiny [5][6]. - In response to these issues, Futu and Tiger have tightened their account opening policies, limiting services to clients with specific identification requirements [5][6]. - The regulatory environment has been under review since 2021, with the China Securities Regulatory Commission taking steps to address illegal cross-border operations by these firms [7]. Group 3: Market Impact - The potential acquisition has led to fluctuations in Yao Cai Securities' stock price, which rose significantly after the announcement but has since declined, closing at HKD 8.71 as of November 11 [6]. - Analysts believe that the acquisition could transform Yao Cai from a traditional brokerage into a more technologically advanced platform, enhancing its overall capabilities [6]. - Despite the uncertainties surrounding the acquisition timeline, there remains a possibility for the deal to proceed, supported by the broader policy direction favoring technology and private enterprises in China [8].