<p>香港耀才证券表示，其被蚂蚁集团收购的计划正在按计划推进，但媒体报道暗示该交易可能面临更大的监管审查。</p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>耀才证券表示，其计划将大部分股份出售给蚂蚁集团的进展顺利，回应了有关该交易面临更高监管审查的新闻报道</li>
<li>中国监管机构加强了对蚂蚁的监管，包括在 2020 年叫停其巨额 IPO 后，迫使该公司进行重大改革。</li>
</ul>
<p>被顶级公司收购可以为中国的小型企业带来巨大的好处，它们可以立即获得母公司的广泛资源和人脉。但这也可能是一项风险业务，因为这些大型收购方的权力有时会导致与必须批准此类收购的政府监管机构之间的紧张关系。</p>
<p>这正是 <strong>耀才证券及商品集团有限公司</strong>（1428.HK）正在学习的教训，这是一家总部位于香港的股票经纪公司，随着其被 <strong>蚂蚁集团</strong> 收购的计划似乎面临挑战。蚂蚁集团的核心资产是支付宝电子支付服务。</p>
<p>该交易首次在四月宣布，当时蚂蚁同意以 28.1 亿港元（3.59 亿美元）收购该经纪公司 50.55% 的股份。此交易在当时并未引起争议，似乎在顺利推进。然而，上周四，《华尔街日报》<strong>报道</strong> 称，由于更多的大陆监管机构考虑审查该交易，出售可能会被推迟。耀才的股票在随后的交易日暴跌，曾一度损失超过四分之一的价值。</p>
<p>该经纪公司在当天紧急发布 <strong>声明</strong>，表示交易正在按计划进行。公司的股票反弹，尽管在当天收盘时仍下跌约 8%。周一继续下滑，表明投资者对该交易的前景仍持怀疑态度。</p>
<p>《华尔街日报》并未具体说明为何该交易的监管审查可能增加。但蚂蚁显然并不陌生于与监管机构的冲突。在 2020 年底，这些监管机构突然叫停了该公司在香港和上海筹集超过 300 亿美元的计划，终止了可能成为全球最大新上市的交易。</p>
<p>突发的事件让投资者试图弄清楚发生了什么，因为有报道称在上市前，蚂蚁与中国监管机构之间的关系已经紧张。在蚂蚁的股票即将开始交易的几天前，监管机构对几位公司的高管和阿里巴巴创始人马云进行了采访，阿里巴巴持有蚂蚁的主要股份。上海证券交易所在决定暂停 IPO 时引用了这次会议，进一步解释称蚂蚁已标记出关于金融科技公司监管环境变化的 “重大问题”。在那段时间，中国央行也发布了针对在线小额贷款的新草案规则，这是蚂蚁的一个主要业务领域。</p>
<p>所有这一切发生在马云在蚂蚁股票定价后于上海的一次峰会上发表了一些似乎对中国金融监管机构持批评态度的言论。他表示，中国的金融和监管体系阻碍了创新，强调需要利用技术将金融服务扩展到小型企业和个人。</p>
<p>“今天的金融体系是工业时代的遗产，” 他说。“我们必须为下一代和年轻人建立一个新的体系。我们必须改革当前的体系。” 以如此高调的方式表达这样的想法在一个大多数商业领袖都尽量不公开批评监管机构的国家引起了许多人的关注。</p>
<h4><strong>强制改革</strong></h4>
<p>在 IPO 的失败后不久，蚂蚁被迫进行重大改革，接受马云所呼吁的中国金融体系的改革。它正在采取措施重组为一家金融控股公司，接受更严格的监管监督和要求，其金融控股公司许可证的申请仍在等待中。</p>
<p>许多人认为，监管机构对蚂蚁采取强硬立场，以控制其扩张并遏制可能对中国金融体系构成的风险，这类似于对点对点贷款机构的早期监管打击。</p>
<p>蚂蚁希望利用耀才的收购进军股票经纪行业。由于其重组仍在进行中，尚未获得金融控股公司许可证，任何扩展其业务范围的尝试可能不会受到中国监管机构的欢迎。</p>
<p>蚂蚁已经拥有庞大的业务，包括通过支付宝提供的数字支付服务，以及贷款促进、财富管理和保险。作为其重组的一部分，该公司剥离了一些业务。现在独立运营的单位包括蚂蚁国际，这是一个注册在新加坡的海外分支， reportedly 正在考虑在香港进行单独上市。</p>
<p>简而言之，蚂蚁目前正在进行许多事情，如果由于监管审查的加剧，其耀才交易拖延，可能不会让任何人感到惊讶。</p>
<p>即使在上周的抛售之后，耀才的股票今年仍上涨了超过 400%。其中一些涨幅得益于推动香港基准恒生指数今年上涨 28% 的反弹。</p>
<p>耀才的收入在截至 3 月的最近财年同比增长 7%，达到 9.72 亿港元（1.25 亿美元），其经纪佣金收入增长 14.5%，达到 5.11 亿港元。其利润增长 11%，达到 6.18 亿港元，净利润率高达 64%。</p>
<p>耀才证券金融的股票交易市盈率为 33，高于 <strong>富途控股</strong>（FUTU.US）的 29，以及 <strong>优品金融</strong>（TIGR.US）的 24，后者正在寻求在香港扩展，以巩固其在新加坡的市场地位。耀才证券金融目前的估值让人觉得蚂蚁在收购价格上得到了便宜。而凭借蚂蚁自身丰富的资源，这家券商有潜力从富途及其他香港券商那里抢占市场份额，甚至进入其他全球市场。</p>
<p>但这一切都无关紧要，除非蚂蚁能够获得中国当局的批准。蚂蚁是否能做到这一点，以及何时能做到，都是目前的大问号，这不仅给蚂蚁的海外雄心蒙上阴影，也影响其未来进行重大并购的能力。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

耀才证券金融

<p>香港耀才证券正在推进与蚂蚁集团的收购，但面临日益增加的监管审查。这笔交易的估值为 28.1 亿港元，最初被视为没有争议。然而，报道称由于中国监管机构的加强监督，可能会导致交易延迟，此前蚂蚁集团在 2020 年取消了首次公开募股（IPO）。尽管公司做出了保证，耀才的股价在投资者的怀疑中大幅下跌。蚂蚁集团正在进行重大改革，以遵守更严格的监管规定，这使其扩张计划，包括此次收购，变得更加复杂</p>

<p><em>Hong Kong's Bright Smart Securities says its plan to be acquired by Ant is progressing on schedule, but a media report suggests the deal may face greater regulatory scrutiny</em></p>
<div class="lb-trans"><p>香港耀才证券表示，其被蚂蚁集团收购的计划正在按计划推进，但媒体报道暗示该交易可能面临更大的监管审查。</p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Bright Smart Securities said its plan to sell a majority of itself to Ant Group is on track, responding to a news report saying the deal faces higher regulatory scrutiny</li>
<li>Chinese regulators have increased their oversight of Ant, including forcing the company to conduct a major overhaul after scuttling its mega IPO in 2020</li>
</ul>
<div class="lb-trans"><ul>
<li>耀才证券表示，其计划将大部分股份出售给蚂蚁集团的进展顺利，回应了有关该交易面临更高监管审查的新闻报道</li>
<li>中国监管机构加强了对蚂蚁的监管，包括在 2020 年叫停其巨额 IPO 后，迫使该公司进行重大改革。</li>
</ul>
</div><p>Getting acquired by a top company can bring big benefits to China's smaller firms, who can instantly access their parents' extensive resources and connections. But it can also be a risky business due to the power such big acquirers wield, which sometimes results in testy relations with government regulators who must approve such purchases.</p>
<div class="lb-trans"><p>被顶级公司收购可以为中国的小型企业带来巨大的好处，它们可以立即获得母公司的广泛资源和人脉。但这也可能是一项风险业务，因为这些大型收购方的权力有时会导致与必须批准此类收购的政府监管机构之间的紧张关系。</p>
</div><p>That's the lesson now being learned by <strong>Bright Smart Securities &amp; Commodities Group Ltd.</strong> (1428.HK), a Hong Kong-based stock brokerage, as clouds appear be gathering over its plan to be acquired by <strong>Ant Group</strong>, whose crown jewel is the Alipay electronic payments service.</p>
<div class="lb-trans"><p>这正是 <strong>耀才证券及商品集团有限公司</strong>（1428.HK）正在学习的教训，这是一家总部位于香港的股票经纪公司，随着其被 <strong>蚂蚁集团</strong> 收购的计划似乎面临挑战。蚂蚁集团的核心资产是支付宝电子支付服务。</p>
</div><p>The deal was first announced in April, when Ant agreed to buy 50.55% of the brokerage from its chairman for HK$2.81 billion ($359 million million). The deal didn't strike anyone as controversial at that time, and appeared to be moving ahead. Then, last Thursday, the Wall Street Journal <strong>reported</strong> the sale could be delayed as more Mainland regulators considered reviewing it. Bright Smart shares tanked the following day, losing more than a quarter of their value at one point.</p>
<div class="lb-trans"><p>该交易首次在四月宣布，当时蚂蚁同意以 28.1 亿港元（3.59 亿美元）收购该经纪公司 50.55% 的股份。此交易在当时并未引起争议，似乎在顺利推进。然而，上周四，《华尔街日报》<strong>报道</strong> 称，由于更多的大陆监管机构考虑审查该交易，出售可能会被推迟。耀才的股票在随后的交易日暴跌，曾一度损失超过四分之一的价值。</p>
</div><p>The brokerage scrambled to issue <strong>a statement</strong> during the day, saying the deal is progressing as planned. The company's stock bounced back, although it was still down about 8% at the close of trading that day. It continued to slide on Monday, indicating investors remained somewhat skeptical about the deal's prospects.</p>
<div class="lb-trans"><p>该经纪公司在当天紧急发布 <strong>声明</strong>，表示交易正在按计划进行。公司的股票反弹，尽管在当天收盘时仍下跌约 8%。周一继续下滑，表明投资者对该交易的前景仍持怀疑态度。</p>
</div><p>The Journal didn't specify exactly why regulatory scrutiny over the deal may increase. But Ant certainly isn't new to run-ins with its regulatory overlords. In late 2020, those gatekeepers abruptly shot down the company's plan to raise more than $30 billion in a Hong Kong and Shanghai IPO, killing what could have been the world's largest new listing at the 11th hour.</p>
<div class="lb-trans"><p>《华尔街日报》并未具体说明为何该交易的监管审查可能增加。但蚂蚁显然并不陌生于与监管机构的冲突。在 2020 年底，这些监管机构突然叫停了该公司在香港和上海筹集超过 300 亿美元的计划，终止了可能成为全球最大新上市的交易。</p>
</div><p>The sudden turn of events left investors trying to figure out what happened, as reports suggested that trouble had been brewing between Ant and Chinese regulators in the run-up to the listing. Days before Ant's shares were set to start trading, regulators interviewed a couple of the company's executives and Jack Ma, founder of e-commerce giant Alibaba, which holds a major stake in Ant. The Shanghai Stock Exchange cited the meeting in its decision to suspend the IPO, further explaining that Ant had flagged &#34;significant issues&#34; regarding changes in the regulatory environment for fintech companies. Around that time, China's central bank had also issued new draft rules for online micro-lending, a major business area for Ant.</p>
<div class="lb-trans"><p>突发的事件让投资者试图弄清楚发生了什么，因为有报道称在上市前，蚂蚁与中国监管机构之间的关系已经紧张。在蚂蚁的股票即将开始交易的几天前，监管机构对几位公司的高管和阿里巴巴创始人马云进行了采访，阿里巴巴持有蚂蚁的主要股份。上海证券交易所在决定暂停 IPO 时引用了这次会议，进一步解释称蚂蚁已标记出关于金融科技公司监管环境变化的 “重大问题”。在那段时间，中国央行也发布了针对在线小额贷款的新草案规则，这是蚂蚁的一个主要业务领域。</p>
</div><p>All this unfolded after Ma made some comments seemingly critical of Chinese financial regulators at a summit in Shanghai after Ant's shares were priced. He said China's financial and regulatory systems hurt innovation, emphasizing the need to use technology to extend financial services to small businesses and individuals.</p>
<div class="lb-trans"><p>所有这一切发生在马云在蚂蚁股票定价后于上海的一次峰会上发表了一些似乎对中国金融监管机构持批评态度的言论。他表示，中国的金融和监管体系阻碍了创新，强调需要利用技术将金融服务扩展到小型企业和个人。</p>
</div><p>&#34;Today's financial system is the legacy of the Industrial Age,&#34; he said. &#34;We must set up a new one for the next generation and young people. We must reform the current system.&#34; Expressing such thoughts in such a high-profile manner raised many eyebrows, in a country where most business leaders go out of their way not to openly criticize their regulators</p>
<div class="lb-trans"><p>“今天的金融体系是工业时代的遗产，” 他说。“我们必须为下一代和年轻人建立一个新的体系。我们必须改革当前的体系。” 以如此高调的方式表达这样的想法在一个大多数商业领袖都尽量不公开批评监管机构的国家引起了许多人的关注。</p>
</div><h4><strong>Forced overhaul</strong></h4>
<div class="lb-trans"><h4><strong>强制改革</strong></h4>
</div><p>Not long after the IPO debacle, Ant was forced to undergo a major overhaul, subjecting it to the kind of reform that Ma had called for in China's financial system. It is taking steps to restructure as a financial holding company subject to stricter regulatory oversight and requirements, and its application for a financial holding company license is still pending.</p>
<div class="lb-trans"><p>在 IPO 的失败后不久，蚂蚁被迫进行重大改革，接受马云所呼吁的中国金融体系的改革。它正在采取措施重组为一家金融控股公司，接受更严格的监管监督和要求，其金融控股公司许可证的申请仍在等待中。</p>
</div><p>Many believe that regulators have adopted a hardline stance towards Ant to keep its expansion in check and curb any risks it could pose to China's financial system, similar to an earlier regulatory crackdown on peer-to-peer lenders.</p>
<div class="lb-trans"><p>许多人认为，监管机构对蚂蚁采取强硬立场，以控制其扩张并遏制可能对中国金融体系构成的风险，这类似于对点对点贷款机构的早期监管打击。</p>
</div><p>Ant is looking to use the Bright Smart acquisition for a foray into the stock brokerage industry. As its restructuring is still in progress, pending receipt of the financial holding company license, any attempt to expand its business scope probably won't go down well with Chinese regulators.</p>
<div class="lb-trans"><p>蚂蚁希望利用耀才的收购进军股票经纪行业。由于其重组仍在进行中，尚未获得金融控股公司许可证，任何扩展其业务范围的尝试可能不会受到中国监管机构的欢迎。</p>
</div><p>Ant already has sprawling operations that include digital payment services through Alipay, as well as loan facilitation, wealth management and insurance. As part of its restructuring, the company spun off some of its businesses. Units now operating independently include Ant International, an overseas arm registered in Singapore, which is reportedly considering a separate listing in Hong Kong.</p>
<div class="lb-trans"><p>蚂蚁已经拥有庞大的业务，包括通过支付宝提供的数字支付服务，以及贷款促进、财富管理和保险。作为其重组的一部分，该公司剥离了一些业务。现在独立运营的单位包括蚂蚁国际，这是一个注册在新加坡的海外分支， reportedly 正在考虑在香港进行单独上市。</p>
</div><p>In short, there's a lot going on with Ant at the moment, and it probably shouldn't surprise anyone if its Bright Smart deal drags on due to heightened regulatory scrutiny.</p>
<div class="lb-trans"><p>简而言之，蚂蚁目前正在进行许多事情，如果由于监管审查的加剧，其耀才交易拖延，可能不会让任何人感到惊讶。</p>
</div><p>Even after the selloff last week, Bright Smart shares have surged more than 400% this year. Some of those gains come on the back of a rally that has driven Hong Kong's benchmark Hang Seng Index up 28% this year.</p>
<div class="lb-trans"><p>即使在上周的抛售之后，耀才的股票今年仍上涨了超过 400%。其中一些涨幅得益于推动香港基准恒生指数今年上涨 28% 的反弹。</p>
</div><p>Bright Smart's revenue grew 7% year-on-year to HK$972 million ($125 million) in its most recent fiscal year to March, with its brokerage commission income up 14.5% to HK$511 million. Its profit rose 11% to HK$618 million, which translates into a fat net margin of 64%.</p>
<div class="lb-trans"><p>耀才的收入在截至 3 月的最近财年同比增长 7%，达到 9.72 亿港元（1.25 亿美元），其经纪佣金收入增长 14.5%，达到 5.11 亿港元。其利润增长 11%，达到 6.18 亿港元，净利润率高达 64%。</p>
</div><p>Bright Smart shares trade at a price-to-earnings (P/E) ratio of 33, higher than 29 for <strong>Futu Holdings</strong> (FUTU.US), a larger Hong Kong-focused brokerage, and 24 for <strong>UP Fintech</strong> (TIGR.US), which is looking to expand in the city to build on its presence in Singapore. Bright Smart's current valuation makes it look like Ant got a bargain with its purchase price. And with Ant's own rich resources, the brokerage has potential to take market share from rivals like Futu and other Hong Kong brokerages, and even move into other global markets.</p>
<div class="lb-trans"><p>耀才证券金融的股票交易市盈率为 33，高于 <strong>富途控股</strong>（FUTU.US）的 29，以及 <strong>优品金融</strong>（TIGR.US）的 24，后者正在寻求在香港扩展，以巩固其在新加坡的市场地位。耀才证券金融目前的估值让人觉得蚂蚁在收购价格上得到了便宜。而凭借蚂蚁自身丰富的资源，这家券商有潜力从富途及其他香港券商那里抢占市场份额，甚至进入其他全球市场。</p>
</div><p>But none of this will matter unless Ant can get Chinese authorities to sign off on the deal. Whether or when it can do that are big question marks for now, casting shadows not only on Ant's overseas aspirations, but also on its ability to pull off major M&amp;A in the future.</p>
<div class="lb-trans"><p>但这一切都无关紧要，除非蚂蚁能够获得中国当局的批准。蚂蚁是否能做到这一点，以及何时能做到，都是目前的大问号，这不仅给蚂蚁的海外雄心蒙上阴影，也影响其未来进行重大并购的能力。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
</div>

Alibaba's Ant Group Still In Beijing's Crosshairs As Regulatory Risk Lingers

- 香港的 Bright Smart Securities 表示与 Ant Group 的收购计划按计划进行。  
- 然而，媒体报道指出该交易可能面临更严格的监管审查。  
- 监管机构对 Ant 的监督加剧，可能影响其扩展和收购计划。

阿里巴巴的蚂蚁集团仍然处于北京的关注之中，因为监管风险依然存在