What is Ant Group acquiring?

Ant Group is nearing the acquisition of Hong Kong-listed brokerage Bright Smart Securities & Commodities Group Ltd.

When was the deal for Bright Smart Securities agreed upon?

The deal for Bright Smart Securities was agreed upon almost a year prior to the current date.

How has Bright Smart's stock performed since the acquisition agreement?

Bright Smart's stock has more than tripled in value since the acquisition agreement was announced.

Home / Business and Economy / Ant Group Nears Bright Smart Acquisition

Ant Group Nears Bright Smart Acquisition

16 Mar

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Summary

Ant Group is close to buying Bright Smart Securities.
Deal agreed almost a year ago for HK$2.81 billion.
Bright Smart shares have tripled since the deal announcement.

Ant Group Nears Bright Smart Acquisition

Ant Group Co. is reportedly on the cusp of acquiring Hong Kong-listed brokerage Bright Smart Securities & Commodities Group Ltd. This significant development follows an agreement reached almost a year prior to the current date. While Ant is reportedly close to obtaining the final necessary approvals from mainland Chinese authorities, an official announcement has yet to be made.

The initial agreement, conditionally accepted in April of the previous year, involved the sale of Bright Smart Chairman Yip Mow Lum's 50.55% stake to Wealthiness and Prosperity Holding Ltd., an entity ultimately controlled by Ant. The agreed purchase price was HK$3.28 per share, amounting to HK$2.81 billion, equivalent to $360 million.