Ant Group's planned HK$2.81 billion acquisition of Bright Smart Securities & Commodities (HKG:1428) has yet to obtain approval from Chinese regulators, with the company considering extending the offer timeline, according to a joint Tuesday Hong Kong bourse filing.

Shares of Bright Smart were down over 4% in Wednesday's midday trade.

The deal, announced in April, involves Wealthiness and Prosperity Holding acquiring a nearly 50.1% stake in Bright Smart for HK$3.28 per share from Chairman Yip Mow Lum's New Charming Holdings.

Wealthiness and Prosperity Holding is owned by Innovatech Empowerment, which is indirectly wholly owned by Shanghai Yunjin Information Technology.

Shanghai Yunjin, in turn, is a wholly owned subsidiary of Ant Group, the fintech affiliate of Alibaba (HKG:9988).

The acquisition has received clearance from Hong Kong's Securities and Futures Commission, according to an earlier filing.

The parties said they are actively engaging with authorities, but may not satisfy all requirements before the Nov. 25 deadline.