Ant Group Hong Kong Brokerage Acquisition Gains Approval

Ant Group Hong Kong brokerage acquisition has secured mainland regulatory approval, allowing the fintech firm to proceed with its purchase of a 50.55% stake in Bright Smart Securities & Commodities Group for HKD2.81bn(USD360m).

The deal marks Ant’s expansion into Hong Kong’s brokerage sector.

Bright Smart, founded in 1995 and listed in 2010, built its business on low-cost online trading.

The Ant Group Hong Kong brokerage acquisition is expected to complete on March 30 after clearing all regulatory conditions.