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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.

Shein’s UK Sales Surge to $2.8 Billion in 2024

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Shein’s British business generated £2.05 billion ($2.77 billion) in sales in 2024, marking a 32.3% increase from 2023, according to a recent filing. The UK represents Shein’s third-largest market after the United States and Germany as the fast-fashion e-commerce giant prepares for an initial public offering in Hong Kong.

Shein Distribution UK Ltd reported a pretax profit of £38.25 million in 2024, up 56.6% from £24.4 million the previous year. The filing highlighted milestones including a pop-up shop in Liverpool, a Christmas bus tour across 12 UK cities, and the opening of two new offices in Kings Cross and Manchester.

The retailer is known for low prices, constant promotions, and rewards programs that encourage repeat purchases. Shein has captured market share from competitors such as ASOS (ASOS.L) and H&M (HMb.ST), especially as rising inflation has pushed consumers toward bargain hunting. Its UK site offers items ranging from £7.99 ($10.84) dresses and £15 ($20.36) jeans to toys, craft supplies, and storage products.

Shein has benefited from customs duty exemptions on low-value e-commerce shipments, allowing goods to be shipped directly from Chinese factories largely tariff-free. However, these exemptions are being phased out, raising costs and prices, particularly in the U.S. The Trump administration eliminated the “de minimis” exemption for parcels under $800, and the EU plans to remove its duty waiver for parcels under €150. The UK is also reviewing its policy on low-value imports amid complaints that it favors online retailers like Shein and Temu.

Klarna Q2 Revenue Rises 20% Amid IPO Pause

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Swedish fintech Klarna reported on Thursday that its second-quarter revenue grew 20% year-on-year on a like-for-like basis, while adjusted operating profit increased slightly. Revenue for April–June reached $823 million, with adjusted operating profit at $29 million, up $1 million from the same period last year.

The number of active Klarna customers rose 31% year-on-year to 111 million. The company, known for its short-term financing model that reshaped online shopping, paused its planned U.S. initial public offering (IPO) in April due to recession concerns and uncertainty over tariffs.

Klarna had publicly filed its IPO paperwork in March, marking its second attempt to go public in three years since starting the process in November 2024. The company has not indicated when it will resume its IPO plans, though Bloomberg reported last month that it could occur as soon as September.