BEIJING/HONG KONG (Reuters) -China’s Ant Group said relevant procedures regarding its acquisition of Bright Smart Securities & Commodities Group are moving forward as planned, in response to a report that said the deal may face higher regulatory scrutiny and could be delayed.
Shares of Bright Smart dropped as much as 26.2% to HK$10.26 on Friday after the Wall Street Journal reported on Thursday that the deal could be delayed as more mainland Chinese regulators contemplate reviewing the proposal.
Hong Kong-based Bright Smart also said in a filing on Friday that it had noticed media reports suggesting a possible delay of the acquisition and that the relevant procedures with regard to the deal with the relevant authorities were progressing as planned.
Ant agreed to buy a 50.55% controlling stake in Bright Smart Securities for HK$2.81 billion ($359.37 million), according to a filing by the brokerage in April.
Ant was founded by billionaire Jack Ma and is 33% controlled by Alibaba. It operates China’s ubiquitous mobile payments app Alipay.
Chinese authorities pulled the plug on Ant’s $37 billion IPO in Shanghai and Hong Kong in 2020 and cracked down on Ma’s business empire soon after a speech in Shanghai in October that year accusing financial watchdogs of stifling innovation.
That subsequently led to a forced restructuring of Ant and a nearly $1 billion fine by Chinese regulators. Ant is in the process of securing a financial holding company licence, which, once obtained, could facilitate the revival of its IPO goal.
Stay ahead in M&A with strategic insights across the deal lifecycle
Our M&A solution delivers tailored insights across the entire pre and post deal journey — from screening and shortlisting targets, profiling both public and hard-to-find private companies, and running soft due diligence (sizing, competitive positioning, synergy and exit-scenario modelling), to tracking competitors and sector M&A moves, scouting emerging start-ups and challenger brands before they go mainstream radars, and validating post-deal market share and regulatory exposure, to help our clients out-pace rivals and maximize acquisition values.
Export strategy development for market entry and stakeholder alignment
Support clients in evaluating export potential, crafting a tailored go-to-market strategy and aligning internal and external stakeholders around international growth opportunities—ensuring readiness, strategic clarity and long-term success in new markets.
Nvidia secured what was seen as a major win last month when the U.S. government announced it would allow it to resume sales of its made-for-China H20 chip. But it has since become clear that Beijing wont be rolling out the red carpet. Despite the U.S. softening on chip export controls — which Beijing has long opposed — Nvidia is being welcomed back under increased distrust and scrutiny. On Tuesday, Bloomberg reported that China had urged companies against using Nvidia’s H20 chips, or those from Advanced Micro Devices , especially for government and national security use cases, citing sources familiar with the matter. In response to the report, Nvidia said in a statement that the H20 “is not a military product or for government infrastructure,” and that banning the sale of H20 in China would only harm U.S. economic and technology leadership with zero national security benefit. In a separate report , The Information said regulators in China had gone so far as to order major tech companies, including ByteDance, Alibaba and Tencent, to suspend Nvidia chip purchases altogether until the completion of a national security review. “We’re hearing that this is a hard mandate, and that [authorities are actually] stopping additional orders of H20s for some companies,” Qingyuan Lin, a senior analyst covering China semiconductors at Bernstein, told CNBC. The news comes just weeks after Nvidia was summoned by Chinese officials over security concerns regarding potential tracking technology and “backdoors” in their chips. It also throws a wrench into Nvidia’s plans to maintain market share in China, as CEO Jensen Huang tries to navigate his business through increasing tensions and shifting trade policy between the U.S. and China. Beijing’s probe into Nvidia comes after the House and Senate proposed laws that would require semiconductor companies like Nvidia to include security mechanisms and location verification in their advanced artificial intelligence chips. Nvidia has denied that any such “backdoors” that provide remote access or control exist. According to chip industry analysts, however, the actions against Nvidia also highlight that Beijing remains steadfast in chip self-sufficiency campaigns and is likely to resist the Trump administration’s plan to keep American AI hardware dominant in China. “It is signaling to Chinese tech firms that they must continue to support Huawei’s AI development, even if Nvidia’s chips are better,” Chris Miller, author of “Chip War: The Fight for the World’s Most Critical Technology,” told CNBC. Building its domestic supply chain China has long had the desire to build up a self-reliant chip supply chain, and many experts say those efforts have been accelerating since chip export restrictions first took effect in October 2022. While China’s domestic GPU (graphics processing unit) companies remain behind Nvidia in both scale and advancement, they have been beneficiaries of massive state funding and restrictions on Nvidia’s most advanced chips. Reva Goujon, a director at Rhodium Group, told CNBC that Beijing appears to be trying to tackle constraints to the local adoption of Chinese-made chips — based on regulators’ questions about the H20s that were posed to local AI developers. Although that remains a serious challenge, “it’s even more top of mind now that you have U.S. Cabinet officials openly broadcasting a strategy to get China more addicted to U.S. technologies,” she added. When the resumption of H20 exports was first announced in July, a Trump administration official had presented the policy as a trade concession. However, in following weeks, the administration has indicated that the move is also part of a strategy to keep China’s AI built on U.S. technology. Trump is also working on a deal that’s expected to see Washington take a 15% cut of Nvidia’s business in China. Not an all-out ban Still, despite Beijing’s show of resistance to the H20s, experts doubt that Beijing will block their imports in a meaningful way, at least for now. “It’s not likely the Chinese government will maintain a ban. After the investigation is finished, I don’t think it has a strong rationale to actually block the H20s,” said Bernstein’s Lin. However, he added that it’s unclear how long the investigation will last, and that delays to the H20’s return could create more room for local players as AI companies search for alternatives. Companies such as Huawei are designing their own GPUs for the China market. Ray Wang, research director for semiconductors, supply chain and emerging technology at Futurum Group, said recent moves by Beijing are likely meant to send a message that the H20s present a potential security concern, and the government will be monitoring their use very closely. “This could impact some customers’ long-term purchasing decisions,” he added. In the meantime, assuming the H20 chips are allowed back in the market, they are expected to benefit local AI developers as they wait for the domestic industry to continue to advance. “There is meaningful demand for the H20 in China today,” semiconductor research and consulting firm SemiAnalysis said in a note on Tuesday. Huawei, despite an aggressive boost to production, is still unable to meet all of China’s inference demand, they added. While China has been making big strides in chip design, its supply of advanced GPUs remains constrained by existing export controls on the world’s most advanced chipmaking equipment. “Access to US technology can still be valuable when Chinese AI developers and chipmakers are experiencing these growing pains under compute constraints, but Beijing wants to ensure the roadmap is still driving toward self-reliance in the end,” said Rhodium’s Goujon. Meanwhile, there are signs that Washington may take more steps to keep U.S. chips dominant in the Chinese market. On Tuesday, Trump said he was open to extending the chip approvals to companies aside from Nvidia and AMD. He also signaled he would allow Nvidia to sell a less powerful version of its latest Blackwell chip to China.
(Bloomberg) — US stocks are poised to resume their rally at record highs as traders bet that data on Friday will show signs of strain on US consumers, bolstering the case for interest rate cuts.
S&P 500 futures edged higher 0.1% after a flat session, following back-to-back record closes earlier in the week. Intel Corp. rose more than 2.5% in premarket trading on a report that the Trump administration is in talks to buy a stake in the struggling chipmaker. Applied Materials Inc. slumped after a weaker-than-expected outlook.
Listen to the Stock Movers podcast on Apple, Spotify or anywhere you listen.
US Treasuries edged higher across the curve, with yields on the policy-sensitive two-year note falling one basis point to 3.72%. The dollar weakened 0.3%.
Economists expect government data on Friday to show a solid increase in July retail sales, driven by incentives that boosted vehicle purchases and a surge in online spending during Amazon’s Prime Day event. However, underlying fundamentals are likely soft, with many consumers avoiding goods marked up by tariffs, according to Bloomberg Intelligence.
“In this market bad news are good news,” said Anthi Tsouvali, a multi-asset strategist at UBS Global Wealth Management. “I think investors are positioned to expect that the number will probably be lower than consensus.”
In Europe, the Stoxx 600 advanced 0.2% toward the highest level since March amid guarded hopes that Friday’s US-Russia summit could be an initial step toward brokering a peace deal in Ukraine and thawing relations.
While a deal to end the war in Ukraine is likely still far away, “we do expect some progress in today’s meeting and a path set for further discussions,” said Mohit Kumar, chief European strategist at Jefferies International. “If we move toward a peace deal, it would be positive for the European markets.”
In Asia, shares in Hong Kong weakened 1% after data showed China’s economy slowed in July with factory activity and retail sales disappointing, suggesting the US trade war is starting to weigh on the world’s No. 2 economy. Japanese shares gained 1.7% after the country’s economy expanded faster than expected last quarter.
Corporate News:
The Trump administration is in talks with Intel Corp. to have the US government take a stake in the beleaguered chipmaker, according to people familiar with the plan. Applied Materials Inc., the largest American producer of chipmaking gear, plunged in late trading after giving a disappointing sales and profit forecast. Warren Buffett’s Berkshire Hathaway Inc. bought shares of UnitedHealth Group Inc. in the second quarter, sending the health insurer’s stock soaring in post-market trading. Pandora A/S shares slumped the most since April after the Danish jewelry maker warned of weak demand in Europe and uncertainty over tariffs. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.2% as of 10:14 a.m. London time S&P 500 futures rose 0.1% Nasdaq 100 futures fell 0.2% Futures on the Dow Jones Industrial Average rose 0.7% The MSCI Asia Pacific Index rose 0.7% The MSCI Emerging Markets Index was little changed Currencies
The Bloomberg Dollar Spot Index fell 0.3% The euro rose 0.3% to $1.1687 The Japanese yen rose 0.6% to 146.80 per dollar The offshore yuan was little changed at 7.1837 per dollar The British pound rose 0.1% to $1.3552 Cryptocurrencies
Bitcoin rose 0.9% to $119,033.2 Ether rose 2.6% to $4,654.67 Bonds
The yield on 10-year Treasuries was little changed at 4.28% Germany’s 10-year yield advanced two basis points to 2.74% Britain’s 10-year yield advanced one basis point to 4.65% Commodities
Brent crude fell 0.9% to $66.25 a barrel Spot gold rose 0.1% to $3,340.04 an ounce This story was produced with the assistance of Bloomberg Automation.
Pakistan has claimed the top spot globally for equity market performance in US dollar terms over the past year, a standout economic achievement, The News reported.
India, meanwhile, has slipped behind regional and emerging market peers as tariff hikes triggered sector-wide sell-offs, foreign investor withdrawals and weaker market confidence. The Sensex delivered only a 3.2% return in USD during FY25, far short of Pakistan’s strong gains.
If the Alaska summit falters, US President Donald Trump vows to further intensify tariffs beyond 50%, which could slow India’s real GDP by 0.3-0.6 percentage points.
This would heighten export losses, particularly in textiles and apparel, widening trade imbalances and straining weaker export-oriented sectors. The risks to employment and small and medium enterprises (SMEs) viability would also increase.
“Pakistan’s equity market indeed led globally in USD terms, especially when considering the two-year cumulative returns. During fiscal year 2024-25 (FY25), Pakistan’s benchmark KSE-100 Index delivered a 55.5% return in US dollar terms and 58.6% in Pakistani rupee terms,” the bourse experts said while quoting fact-based data.
Pakistan ranked third globally behind Ghana and Slovenia and was eighth-best in FY25 alone, according to Bloomberg — as a single year’s performance. But over the two-year period (FY24 and FY25), Pakistan emerged as the world’s best-performing equity market in USD terms.
“So yes, especially looking at the two-year cumulative picture, Pakistan did top the global charts in USD terms,” they said.
Pakistan’s performance outpaced many markets, including India’s. For FY25, Pakistan significantly outperformed India’s BSE Sensex, which returned just 3.2%, as per AHL data.
In Asia, the KSE-100 beat regional markets like China (+14.8%) and India (+6%) in terms of returns. Indian markets have been under pressure due to concerns like tariffs, foreign investor outflows and slowing earnings, leading to multi-week losing streaks and cautious sentiment.
India performed modestly and faced headwinds in 2025 — and trailed Pakistan in USD-based equity performance.
India, while underperforming and showing signs of stress, was not necessarily at its lowest ebb. Domestic investment and some forward-looking optimism suggest there’s still potential for recovery.
According to Indian newspapers, when India’s export tariffs began increasing — from 25% initially to a total of 50%—Indian equity markets reacted sharply. On August 7, 2025, Sensex fell 492 points ( 0.61%) and Nifty dropped 156 points ( 0.64%).
Later that day, Sensex slid 671 points ( 0.84%) to 79,867, and Nifty declined 208 points ( 0.85%) to 24,362 — with all sectors in the red. Moody’s warned that the tariff hike could derail India’s manufacturing ambitions, hurt its ability to attract investments, and weigh on growth—citing over $900 million in FII outflows in August alone, after $2 billion in July. Sensex and Nifty dropped ~2.9% in July.
However, amid US support during tariff tensions, on July 31, following Trump’s announcement of increased tariffs on Indian goods, Pakistan’s equity market rallied as the KSE-100 rose by about 1.3% (roughly 1,800 points). This was driven by investor optimism around a US pledge to help develop Pakistan’s massive oil reserves.
The latest credible analysis indicates potential economic losses India may face if the Alaska summit between Trump and Putin fails — leading to further US tariff escalation against India (already at 50%) — along with broader economic implications.
Moody’s Ratings warns that the 50% tariffs could slow India’s real GDP growth by around 0.3 percentage points, reducing forecasts from ~6.3% for FY2025–26. Barclays estimates slightly smaller effects: a 30 basis point (0.3 percentage point) drag on GDP growth, highlighting the economy’s resilience due to its strong domestic demand. Other economic studies suggest national GDP could be reduced between 0.1% to 0.6%, depending on the duration and breadth of the tariff measures.
Tariffs now affect 55% of US-bound Indian shipments, hitting vital export sectors like textiles, jewelry, apparel and footwear. This could lead to up to 70% reductions in these goods’ competitiveness in the US market.
The apparel sector alone could lose around $5 billion over seven months in export revenues.
Analysts warn that labor-intensive manufacturing and MSMEs will be especially vulnerable — potentially leading to job losses, weakened foreign exchange inflows and dampened investor sentiment.
India’s merchandise trade deficit rose to an eight-month high of $27.35 billion in July 2025, ahead of tariff enforcement—signaling rising import bills and sluggish export growth.
Shares in Intel have jumped 7.4% after it was reported that the Trump administration is considering taking a stake in the struggling US chipmaker.
The potential investment, which would be paid for by the US government, would be used to develop Intel’s factory hub in Ohio, according to Bloomberg. It would also help shore up the chipmaker’s finances at a time when Intel has been slashing jobs as part of a wider cost-cutting drive.
Talks over the potential investment stem from a meeting that took place between the US president, Donald Trump, and the Intel chief executive, Lip-Bu Tan, this week, days after Trump called for Tan to resign, accusing him of having ties to the Chinese Communist party. Bloomberg suggested Tan was likely to stay in charge of the chipmaker.
Commenting on the Bloomberg report, the White House spokesperson Kush Desai said: “Discussion about hypothetical deals should be regarded as speculation unless officially announced by the administration.”
However, the news still sparked excitement among investors, with shares rising as much as 8.9% on Thursday before closing 7.4% higher at the end of trading at $23.86 (£17.60). That pushed the company’s market value to $104.4bn.
A stake in Intel would mark the Trump administration’s latest attempt to intervene in key private industry. He has repeatedly threatened to impose tariffs of up to 100% on imported semiconductors and chips, which could favour Intel as a US-based semiconductor firm.
Earlier this week, the US government announced a deal that would result in the chipmakers Nvidia and Advanced Micro Devices paying 15% of their revenues from Chinese AI chip sales to the US government. Last month, the defence department also announced it would take a $400m preferred stake in the US rare earth producer MP Materials.
However, an investment in Intel would mark a U-turn from Trump’s recent aggressive rhetoric against the company’s leadership.
Trump took to the Truth Social media platform on Thursday last week to allege: “The CEO of Intel is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!”
Trump’s social media outburst came shortly after the US Republican senator Tom Cotton wrote a letter to the Intel chair, Frank Yeary, over Tan’s investments and ties to semiconductor companies that are reportedly linked to the CCP and the People’s Liberation Army, the party’s military arm.
skip past newsletter promotion
after newsletter promotion
In April, Reuters reported that Tan had invested in hundreds of Chinese tech firms, including at least eight with links to the People’s Liberation Army.
Cotton asked Intel’s board if Tan had dumped his investments, and questioned Tan’s previous leadership of Cadence Design Systems, a company that last month said it had sold products to China’s National University of Defense Technology in violation of US export controls.
Intel said at the time its board and CEO were “deeply committed to advancing US national and economic security interests and are making significant investments aligned with the president’s America First agenda. Intel has been manufacturing in America for 56 years,” the statement said, adding that the company looked forward to its “continued engagement with the administration”.
