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Investing.com -- Ant Group said on Friday that procedures for its acquisition of Bright Smart Securities & Commodities Group are progressing as planned, countering a report suggesting the deal might face increased regulatory scrutiny and potential delays.
The Wall Street Journal reported on Thursday that the acquisition could be delayed as additional mainland Chinese regulators consider reviewing the proposal.
In April, Ant Group agreed to purchase a 50.55% controlling stake in Bright Smart Securities for HK$2.81 billion ($359.37 million).
Hong Kong-based Bright Smart addressed the situation in a Friday filing, noting it had seen media reports suggesting a possible delay.
The company confirmed that relevant procedures regarding the deal with authorities were advancing according to plan.
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