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 $360 million acquisition of Bright Smart Securities has stalled due to pending approvals from multiple Chinese and Hong Kong regulators.
Beijing’s scrutiny of financial businesses, especially following Ant Group’s 2020 halted IPO and restructuring, contributes to regulatory caution.
Analysts believe regulatory reluctance makes approval unlikely, hindering Ant’s attempts to expand into securities via acquisitions both domestically and overseas.

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Who’s Who

Ant Group Co. Ltd.: Ant Group Co. Ltd. is a Chinese fintech giant affiliated with Alibaba. Its bid to acquire Bright Smart Securities and Commodities Group Ltd. has stalled due to difficulties in securing regulatory approval from various Chinese mainland financial and economic authorities, as well as Hong Kong's Securities and Futures Commission. This acquisition is significant for Ant Group's expansion into securities, a sector it has sought to enter for years.

Bright Smart Securities and Commodities Group Ltd.: Bright Smart Securities and Commodities Group Ltd. is a Hong Kong-listed securities firm. 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). The acquisition has stalled due to difficulties in securing regulatory approvals in mainland China and Hong Kong.

Alibaba Group Holding Ltd.: The article doesn't contain information about Alibaba Group Holding Ltd. beyond its affiliation with Ant Group. It focuses on Ant Group's stalled acquisition of Bright Smart Securities and Commodities Group Ltd.

AI generated, for reference only