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Ant Group Says Bright Smart Acquisition on Track Despite Delay Reports

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China’s Ant Group has confirmed that procedures for its acquisition of Bright Smart Securities & Commodities Group (1428.HK) are proceeding as planned, following reports suggesting the deal could face delays due to increased regulatory scrutiny.

Shares of Bright Smart fell as much as 26.2% to HK$10.26 on Friday after the Wall Street Journal reported that mainland Chinese regulators might review the transaction more closely. In a filing, Bright Smart said it had observed media reports of a potential delay but reaffirmed that discussions with the relevant authorities are moving forward.

Under the agreement, Ant will acquire a 50.55% controlling stake in Bright Smart Securities for HK$2.81 billion ($359.37 million), according to a filing in April. Ant, founded by billionaire Jack Ma and 33% owned by Alibaba, operates China’s widely used mobile payments platform Alipay.

The deal comes after Chinese regulators blocked Ant’s $37 billion IPO in 2020 and imposed a nearly $1 billion fine following a speech by Ma criticizing financial oversight. Ant is currently working to obtain a financial holding company licence, a step that could support its long-term IPO ambitions.

Ant Group to Seek Stablecoin Issuer License in Hong Kong

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Ant Group, an affiliate of Alibaba and operator of the popular mobile payments app Alipay, announced plans to apply for a license to issue stablecoins in Hong Kong through its overseas arm, Ant International. This follows the recent passage of a stablecoin bill by Hong Kong’s legislature, which establishes a regulatory framework for fiat-referenced stablecoin issuers.

Stablecoins are cryptocurrencies pegged to fiat currencies such as the U.S. dollar, frequently used by traders to move funds between tokens while maintaining stable value.

Ant International said it will apply for the fiat-referenced stablecoin (FRS) issuer license once the licensing process opens after the Stablecoins Ordinance takes effect on August 1.

The company also reportedly plans to pursue stablecoin licenses in other jurisdictions, including Singapore and Luxembourg.

Ant Group was founded by billionaire Jack Ma and is 33% owned by Alibaba. It remains a key player in China’s digital payments ecosystem.

Apple Launches Rare iPhone Discounts in China to Counter Local Competition

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Apple is offering limited-time discounts of up to 500 yuan ($68.50) on its latest iPhone models in China, aiming to bolster its market share amid intensifying competition from domestic rivals like Huawei. The four-day promotion, running from January 4 to January 7, includes discounts on several iPhone models when purchased with specific payment methods.

The flagship iPhone 16 Pro and iPhone 16 Pro Max, priced at 7,999 yuan and 9,999 yuan, respectively, will see the largest discounts of 500 yuan. Meanwhile, the iPhone 16 and iPhone 16 Plus will receive a 400 yuan reduction.

Intensified Competition and Economic Pressures

The price cuts come at a time when consumer spending in China is cautious, impacted by the country’s slowing economy and deflationary pressures, with consumer inflation hitting a five-month low in November.

Apple has faced declining market share in China, the world’s largest smartphone market, where local manufacturers have stepped up their game. Huawei has been a particularly strong competitor, re-entering the premium smartphone market in August 2023 with locally-made chipsets. Huawei also slashed prices of its high-end devices, including smartphones, by up to 3,000 yuan over a recent weekend sale on one of China’s major e-commerce platforms.

Apple’s Struggles and Recovery

Apple briefly fell out of China’s top five smartphone vendors in Q2 2024, although it managed to recover by Q3. However, its smartphone sales in the region still declined by 0.3% year-over-year in Q3, while Huawei’s sales surged by 42%, according to research firm IDC.

In addition to iPhones, the promotion also offers discounts of 200 to 300 yuan on older iPhone models, as well as reductions on MacBook laptops and iPad tablets. Customers must use designated payment methods such as WeChat Pay or Alipay to qualify for the discounts.