Ant Group subsidiary completes steps for takeover of HK’s largest retail stock brokerage



An Ant Group subsidiary has fulfilled all the necessary requirements for acquiring Bright Smart Securities & Commodities Group, Hong Kong’s largest retail stock brokerage, after completing reporting procedures with China’s regulatory authorities, the two companies announced in a joint off-trading-hours filing on Monday.

Wealthiness and Prosperity Holding, which is ultimately controlled by Ant Group, had completed the reporting procedures with the Chinese authorities required for high-value non-sensitive investment projects, it said.

Ant Group operates the Alipay payment system used by Alibaba Group Holding, which owns the South China Morning Post.

The filing said the conditions for completion of the deal had now been satisfied and it was expected to close on March 30.

Bright Smart shares were suspended from trading on Monday, and it requested the resumption of trading on Tuesday.

The deal, which was originally agreed to in April, would see mainland China’s dominant online-payment operator pay HK$2.81 billion (US$359 million) for 50.55 per cent of Bright Smart, giving it a foothold in the world’s most active initial public offering market.
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