Ant Receives Approval for Hong Kong Brokerage Acquisition
Chinese fintech giant Ant Group has obtained regulatory approval to purchase Hong Kong-listed brokerage Bright Smart Securities.
Ant Group has secured China’s regulatory approval to purchase Bright Smart Securities & Commodities Group, according to an exchange filing, with the deal expected to close on March 30.
In April, Bright Smart chairman Yip Mow Lum conditionally agreed to sell a 50.55 percent stake to Wealthiness and Prosperity Holding, which is ultimately controlled by Chinese tech billionaire Jack Ma’s Ant, in a deal valued at HK$2.8 billion ($360 million).
Founded in 1995, Bright Smart is a brokerage firm that grew based on low commissions on its online platform and listed in Hong Kong in 2010.
