Ant's acquisition for Bright Smart may delay on regulatory issues

Alibaba’s (9988) fintech affiliate Ant Group’s plan to acquire local brokerage Bright Smart Securities & Commodities (1428) has not yet received green light from Chinese regulators, and Ant is considering potential extension of the closing date, the companies said.

The deal for Ant to buy a nearly 51 percent interest in Bright Smart for more than HK$2.81 billion was announced in April. 

It won the nod from the Hong Kong securities watchdog but other completion conditions such as getting approval from the relevant Chinese regulators have not been met. 

Ant has been actively engaging with relevant authorities but may not satisfy all the conditions before the closing date on November 25, it said, adding that it may extend the offer period.