Regulatory ambiguities delay Ant Group’s $360 million acquisition in the fintech sector

Ant Group, the fintech subsidiary of

, has revealed it will push back the deadline for its planned purchase of Hong Kong-listed stablecoin-related company Bright Smart Securities, according to information from . The initial closing date, which was scheduled for November 25, 2025, as outlined in their April agreement, is now postponed due to ongoing regulatory uncertainties. The deal, worth HK$2.81 billion (about $360 million), is still awaiting approval from both the Hong Kong Securities and Futures Commission and China’s National Development and Reform Commission, as noted by . As of November 13, 2025, it is uncertain if all necessary conditions will be satisfied by the original deadline.

The transaction, which would give Ant Group a 50.1% controlling interest in Bright Smart, has come under the scrutiny of Chinese regulators, highlighting broader concerns over large tech firms engaging in cross-border financial activities. While Hong Kong’s authorities have already approved the acquisition, mainland regulators have not yet completed their assessment, according to

. Jason Hui, CEO of Bright Smart, stated that the company’s connection with Ant is strictly that of a bidder and a target, but mentioned they are keeping an eye on market developments and considering possible upgrades to their virtual asset trading licenses, as reported by .

Investor response has been divided. Shares of Bright Smart dropped more than 4% after the delay was announced, reflecting worries about regulatory obstacles, as reported by

. Experts attribute the delay to stricter oversight from Beijing over fintech growth, especially following the halted Ant Group IPO in 2020, which brought regulatory risks in the industry to light, as noted by . The postponement also illustrates the difficulties of managing compliance with two sets of regulations in cross-border transactions, a challenge expected to continue as Chinese regulators focus on maintaining financial stability, as reported by .

Ant Group has not provided detailed reasons for the delay, but previously suggested that acquiring Bright Smart could support its application for a virtual asset trading platform license, according to

. This move fits with the industry’s broader shift toward blockchain-powered financial solutions, though regulatory uncertainty remains a significant challenge. The result of this acquisition may influence future fintech mergers in Asia, where aligning regulations across borders is often complicated.

As developments unfold, market participants will be watching closely for further announcements from Ant Group and the relevant authorities. The extension of the timeline highlights the changing nature of fintech regulation, where innovation and regulatory oversight frequently intersect in unexpected ways.