Ant Group is set to close its HK$2.81 billion ($358.88 million) acquisition of a controlling stake in Bright Smart Securities & Commodities by the end of the month following the satisfaction of all conditions, the companies said on Monday.
Founded by billionaire Jack Ma and 33% owned by China’s e-commerce giant Alibaba Group, Ant Group agreed to buy a 50.55% stake in Bright Smart last year, marking its foray into the brokerage business.
Under the deal, Bright Smart Chairman Yip Mow Lum will sell his 857.98 million shares in the brokerage at HK$3.28 apiece to Ant Group firm Wealthiness and Prosperity Holding.
Ant has completed the required reporting procedures and received approval from the Securities and Futures Commission of Hong Kong, the companies said, clearing the way for the deal.
The parties expect the acquisition to be completed on March 30.
About four months after the deal was first announced in April, Ant Group had shrugged off reports of a likely delay due to higher regulatory scrutiny, insisting that relevant procedures were moving forward as planned.
Meanwhile, Bright Smart added that an application has been made to Hong Kong’s stock exchange to resume trading in its shares on Tuesday, after the company requested a halt on Monday ahead of the disclosure.
Shares of the firm have jumped more than three-fold since the deal was first announced in April 2025.
The stock closed at HK$9.27 on Friday.
Source: Reuters.com