蚂蚁集团考虑延期收购交易，耀才证券金融跌超4%

Core Viewpoint - Ant Group is considering extending the deadline for its acquisition of Yaotai Securities, originally set for November 25, 2025, due to potential regulatory approval delays from mainland China [1][2]. Group 1: Acquisition Details - Ant Group launched a tender offer to acquire a 50.55% stake in Yaotai Securities at a price of HKD 3.28 per share, marking a significant step for Ant's expansion into overseas brokerage licenses [2]. - The acquisition requires approvals from the Hong Kong Securities and Futures Commission and the National Development and Reform Commission of China. The Hong Kong regulator has already approved the deal, while the application to the Chinese regulator has been submitted [2][5]. - Yaotai 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 [2][5]. Group 2: Market Reaction - Following the announcement of potential delays in the acquisition, Yaotai Securities' stock price fell by 4.36%, trading at HKD 8.33 per share [2][3]. - The stock price had previously surged from HKD 3 to a high of HKD 17 after the acquisition announcement, but has since retreated to HKD 8.71 as of November 11 [5]. Group 3: Regulatory Environment - The regulatory environment for cross-border brokerage services has tightened, with ongoing scrutiny of firms like Tiger Brokers and Futu Securities for illegal account openings targeting mainland investors [4][7]. - The China Securities Regulatory Commission has been actively addressing these issues since 2021, leading to stricter policies and a significant reduction in such practices [6][7]. - Analysts suggest that the regulatory focus on preventing cross-border account opening issues aligns with the broader policy direction supporting technology and private enterprises, which may still favor the completion of the Ant-Yaotai deal despite uncertainties [8].