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China’s Ant Group has agreed to acquire a 50.55% stake in Hong Kong-based Bright Smart Securities & Commodities Group for HK$2.81 billion ($362 million), marking its first acquisition of a securities brokerage license. The deal, announced in a joint statement, sees Bright Smart chairman Yip Mow Lum selling 857.98 million shares at HK$3.28 each to Ant’s Wealthiness and Prosperity Holding, which will trigger a mandatory cash offer for all outstanding shares.
Following the news, Bright Smart’s stock surged as much as 63.9%, reaching a record HK$5, even as the Hang Seng Index slipped 0.5% on Monday. Trading in Bright Smart shares had been halted on April 23 before resuming after the announcement.
Ant Group, founded by Alibaba's Jack Ma and 33% owned by Alibaba Group (NYSE:BABA), operates Alipay, China's leading mobile payment platform. The investment aligns with Ant’s strategy to expand overseas after refinancing a $6.5 billion credit line last year, partly earmarked for international growth.
Ant’s expansion efforts come after Chinese regulators halted its $37 billion IPO in 2020, followed by a major regulatory crackdown and a $1 billion fine. Ant is currently in the process of obtaining a financial holding company license, a critical step toward potentially reviving its IPO ambitions.
Despite the acquisition, Ant intends to keep Bright Smart listed on the Hong Kong Stock Exchange, according to the companies' joint statement.
