Ant Group buys first brokerage licence with USD359m Bright Smart deal

Ant Group is acquiring a controlling stake in Bright Smart Securities & Commodities Group for HKD2.81bn (USD359m), marking its first purchase of a securities brokerage licence. The 50.55% stake will be bought via Ant’s unit, Wealthiness and Prosperity Holding, from chairman Yip Mow Lum, who is selling 857.98 million shares at HKD3.28 each. The deal triggers a mandatory cash offer for the remaining shares. Bright Smart’s stock surged to a record high before closing 82% higher at HKD5.55. Ant, the operator of Alipay, plans to maintain the firm’s listing. The acquisition supports Ant’s overseas expansion as it restructures and seeks a financial holding company licence in China.