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 from mainland China [1][4]. Group 1: Acquisition Details - Ant Group is making 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. The Hong Kong regulator has already granted approval, while the application to the Chinese regulator has been submitted and is under active communication [4]. Group 2: Market Reaction - Following the announcement of the potential extension of the acquisition deadline, Yao Cai Securities' stock price fell by 4.36%, trading at HKD 8.33 per share [5][6]. - The stock price had previously surged from HKD 3 to a peak of HKD 17 after the acquisition announcement in April, but has since declined to HKD 8.71 as of November 11 [9]. Group 3: Regulatory Environment - The regulatory environment has been tightening around cross-border brokerage practices, with recent reports highlighting ongoing issues with illegal account openings by firms like Tiger Brokers and Futu Securities [8][11]. - The Chinese Securities Regulatory Commission has been actively addressing these issues since 2021, leading to stricter policies and a significant reduction in such practices over the past two years [11]. Group 4: Future Outlook - Analysts suggest that the acquisition may still have a chance to proceed despite uncertainties, as the overall policy direction remains supportive of technology and private enterprises [12].
蚂蚁集团考虑延期收购交易，耀才证券金融跌超4%