FINANCE

Ant Group’s Deal for Hong Kong Broker Hits Mainland Snag

Published: Aug. 15, 2025 8:31 p.m. GMT+8

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In April, Bright Smart Securities said its chairman had agreed to sell his controlling stake to an Ant Group subsidiary. Photo: AI generated

Ant Group Co. Ltd.’s bid to acquire a Hong Kong-listed securities firm has stalled, as difficulties in securing Chinese mainland regulatory approval weigh heavily on the Alibaba-affiliated fintech giant’s expansion into securities, Caixin has learned.

No substantive progress on the acquisition of Bright Smart Securities and Commodities Group Ltd. has been announced since the deal was unveiled in April, sources familiar with the matter told Caixin.

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Ant Group’s acquisition of Bright Smart Securities for HK$2.8 billion ($360 million) has stalled due to pending regulatory approvals from multiple Chinese mainland and Hong Kong authorities.
Previous regulatory scrutiny and restructuring of Ant Group, especially after its halted $34.5 billion IPO in 2020, has contributed to cautious official attitudes toward granting brokerage licenses to internet giants.
Analysts believe approval remains unlikely, impacting Ant Group’s ambitions to quickly expand into securities via acquisitions.

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Who’s Who

Ant Group Co. Ltd.: Ant Group Co. Ltd.'s acquisition of Bright Smart Securities has stalled due to difficulties in securing regulatory approval from various Chinese mainland financial watchdogs. This setback highlights Beijing's continued scrutiny of the internet sector's financial businesses, posing challenges for Ant's expansion into securities, despite previous attempts to obtain such licenses.

Bright Smart Securities and Commodities Group Ltd.: Bright Smart Securities and Commodities Group Ltd. is a Hong Kong-listed securities firm that Ant Group Co. Ltd. attempted to acquire. Hong Kong's Securities and Futures Commission, China Securities Regulatory Commission, and the National Development and Reform Commission need to approve the acquisition. Its chairman, Yip Mow Lum, agreed to sell his 50.55% controlling stake to an Ant Group subsidiary for approximately HK$2.8 billion ($360 million). Bright Smart holds licenses for securities trading, futures contracts, and asset management.

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