Ant's acquisition was finally approved, and Yaocai Securities soared 80%

# Bao Yilong

Source: Wall Street CN

Ant Group’s acquisition of Hong Kong’s veteran brokerage Bright Smart Securities Financial has been approved, with completion expected on March 30, when it will hold approximately 50.55% of controlling shares. The news triggered a surge of more than 80% in Bright Smart’s share price after resumption of trading.

Founded in 1995, Bright Smart is known for its low commissions. The acquisition grants Ant its first securities brokerage license from the Hong Kong Securities and Futures Commission (SFC), completing its financial service ecosystem. It is regarded as a landmark deal for Ant to accelerate its international expansion and for internet platforms to re-enter the financial licensing arena.

## Ant Group’s tender offer for Bright Smart Securities Financial approved; shares jump 80%

As reported by Wall Street CN, Bright Smart Securities Financial announced on the evening of March 16 that the tender offer launched by Ant Group had been approved by relevant authorities, with completion scheduled for March 30. Upon completion, Ant Group will formally gain control of Bright Smart Securities Financial.

The company’s stock was suspended briefly on March 16 and resumed trading at the market open on March 17. Before suspension, Bright Smart shares were priced at HK$9.27, with a market capitalization of approximately HK$15.734 billion. Its share price soared more than 80% at one point after resumption.

(Bright Smart Securities Financial shares opened more than 80% higher)

Following the acquisition, Ant Group will hold about 50.55% controlling stake in Bright Smart Securities and obtain a full set of Hong Kong securities brokerage licenses for the first time. This is widely seen as an important step to accelerate its international layout and complete its financial ecosystem.

## Bright Smart Securities: the “King of Low Commissions”

Bright Smart Securities Financial is a long-established local Hong Kong retail brokerage, founded in 1995 and listed on the Hong Kong Stock Exchange in 2010.

The firm built its market position with a low-commission strategy. After Hong Kong abolished the “minimum commission rule” in 2003, Bright Smart drastically reduced commission rates. Its online securities trading commission now stands as low as 0.01%, earning it the title of “King of Low Commissions”.

Backed by its low-cost advantage, Bright Smart has built a large retail client base. As of the end of September 2025, it had more than 600,000 clients, with client assets (including cash, stocks and margin) rising 34.4% year-on-year to approximately HK$86.3 billion.

The company has delivered stable financial performance. For the six months ended September 30, 2025 (the first half of the 2025/2026 fiscal year), the group recorded revenue of HK$496.9 million, up 10.7% year-on-year; net profit attributable to shareholders after tax was HK$326.9 million, up 4.8% year-on-year; earnings per share were 19.26 HK cents, up 4.79% year-on-year.

It holds SFC licenses for Types 1, 2, 3, 4, 5, 7 and 9 regulated activities, providing global trading services covering Hong Kong, US, UK, Japanese and Taiwanese stocks. Core businesses include securities brokerage, commodities and futures brokerage, and spot gold trading.

The acquisition took nearly one year to complete. In April 2024, Shanghai Yunjin Information Technology Co., Ltd., a wholly-owned subsidiary of Ant Group, announced the purchase of a 50.55% stake held by Bright Smart’s founder Ye Maolin at HK$3.28 per share, for a total consideration of approximately HK$2.814 billion.

In October of the same year, the Hong Kong SFC approved Ant as a shareholder of several regulated subsidiaries under Bright Smart.

## Formal entry into securities licensing, completing the financial service ecosystem

Strategically, the acquisition is highly significant for Ant Group.

For a long time, Ant Group has mainly provided wealth management services through payment platforms and “Ant Fortune”, without directly holding a securities license. Through acquiring Bright Smart, Ant will obtain SFC Types 1, 2, 3, 4, 5, 7 and 9 licenses for the first time.

Ant Group stated that it has continuously increased strategic investment in Hong Kong over the past two years, and Hong Kong has become a key hub for its globalization strategy. Officially obtaining a Hong Kong securities license will help accelerate its international layout and form a more complete closed-loop ecosystem in wealth management, securities trading and cross-border financial services.

In digital finance, Ant currently serves more than 2,000 financial institutions nationwide through technology, data and platform capabilities. Its online banking arm MYbank has provided digital credit services to over 50 million micro and small operators.

## A landmark case for internet platforms returning to financial licensing

The acquisition is also interpreted as an important signal that internet platforms are repositioning their financial businesses.

After Ant Group’s IPO was suspended in 2020, the company underwent a series of business rectifications and structural restructurings. Amid a more stable regulatory environment in recent years, Ant has resumed expanding its financial businesses, including overseas financial services.

If the acquisition is completed as planned at the end of March, Ant will formally become a fintech group that directly holds securities licenses.

Market views suggest Ant can integrate Bright Smart Securities with Alipay and Ant Fortune to expand Hong Kong stock and cross-border investment products, and use fintech capabilities to improve the online operating efficiency of the brokerage. Some market participants compare the synergy potential to a “Hong Kong version of East Money” model.

---

### Risk Warning & Disclaimer

The market is subject to risks, and investment requires caution. This article does not constitute personalized investment advice and does not take into account the specific investment objectives, financial situations or needs of individual users. Users should consider whether any views, opinions or conclusions in this article suit their particular circumstances. Anyone investing based on this article is responsible for their own decisions.