Ant Group Acquires Bright Smart Securities to Expand Retail Brokerage Footprint in Hong Kong
Ant Group has acquired a controlling stake in Bright Smart Securities & Commodities Group, Hong Kong’s largest retail stock brokerage, as China’s leading online payment operator secures a strategic position in Asia’s third-largest capital market. The move comes amid a revival of initial public offerings (IPOs) and financial transactions.
According to a late Friday filing with the Hong Kong stock exchange, Ant Group has agreed to pay HK$2.81 billion (US$362.2 million) for a 50.55% stake in Bright Smart.
Under the agreement, Bright Smart chairman Peter Yip Mow-lum has conditionally agreed to sell approximately 858 million shares at HK$3.28 per share to Wealthiness and Prosperity Holding Limited, an entity ultimately controlled by Ant Group. Ant operates the Alipay digital payment platform under Alibaba Group Holding, the parent company of the South China Morning Post.
Ant Group emphasized its confidence in the long-term growth of both China’s and Hong Kong’s economies. The company aims to create new market opportunities by integrating technology with wealth management. “With the offerer group’s product and technology innovation capabilities, the group is expected to expand its service offering to a wider age group of customers, and enhance experience for existing customers, driving further business growth,” the filing said.
The offer price represents a 7.5% premium over Bright Smart’s last trading price of HK$3.05 before trading was halted on April 23.
Upon completion of the acquisition, Ant will make a mandatory general offer at the same price to acquire all remaining shares in accordance with the Hong Kong Takeovers Code. Ant has confirmed it does not intend to raise the offer price.
Ant Group stated it has no plans for significant changes to Bright Smart’s business operations and will maintain its listing on the Hong Kong Stock Exchange. However, it intends to adjust the amount of the final dividend payout compared to previous years in order to strengthen infrastructure, upgrade technology capabilities, and improve operational efficiency.
The unit of Ant Group that controls Wealthiness and Prosperity Holding also has other investments in the digital brokerage space, including Ant Wealth Shanghai Yunjin Information Technology, a comprehensive wealth management platform with over 150 asset managers.
Morgan Stanley Asia is serving as financial adviser to Ant Group. Bright Smart is scheduled to resume trading on April 28.
This acquisition follows an announcement earlier this month from Ant Digital Technologies—Ant Group’s technology arm—that it has selected Hong Kong as its international headquarters to support its ambitions in artificial intelligence (AI) and Web3 technologies. The company also revealed plans to launch joint laboratories with local universities and research institutions, positioning Hong Kong as a strategic “bridgehead” in its global expansion strategy.