AsianFin -- China’s Ant Group said on Friday that the procedures for its acquisition of Bright Smart Securities & Commodities Group are proceeding as planned, responding to reports suggesting the deal could face heightened regulatory review and potential delays.

Shares of Bright Smart plunged as much as 26.2% to HK$10.26 following a Wall Street Journal report on Thursday, which indicated that additional mainland Chinese regulators may be weighing a review of the transaction.

Ant Group’s statement aimed to reassure investors that the acquisition process remains on track despite the regulatory concerns highlighted in media reports.