FINANCE

Ant Group’s Takeover of Hong Kong Brokerage Clears Local Hurdle, Awaits Beijing’s Nod

Published: Oct. 13, 2025 7:21 p.m. GMT+8

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Ant Group Co. Ltd.’s planned acquisition of a controlling stake in a Hong Kong-listed brokerage has won approval from the city’s securities regulator, but the deal remains in limbo as it awaits a crucial review from Beijing.

Bright Smart Securities and Commodities Group Ltd. announced on Oct. 10 that Hong Kong’s Securities and Futures Commission (SFC) had approved Ant Group’s bid to become the major shareholder of its key subsidiaries. The approval, granted on Sept. 23, is valid for six months.

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Ant Group’s acquisition of a 50.55% stake in Bright Smart (worth HK$2.8 billion) was approved by Hong Kong’s SFC but awaits Beijing’s NDRC review.
The deal’s completion remains uncertain, pending final approval from Chinese authorities.
Bright Smart’s shares initially soared but fell amid regulatory uncertainty; the company holds multiple licenses in Hong Kong.

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Who’s Who

Ant Group Co. Ltd: Ant Group Co. Ltd. aims to acquire a controlling stake in Bright Smart Securities. While approved by Hong Kong's SFC, the deal awaits "a green light" from China's National Development and Reform Commission (NDRC). This acquisition is central to Ant Group's offshore expansion strategy, highlighting the complex regulatory landscape for Chinese tech giants in international markets like Hong Kong.

Bright Smart Securities and Commodities Group Ltd: Bright Smart Securities and Commodities Group Ltd. is a Hong Kong-listed brokerage. On October 10, the company announced that Hong Kong’s Securities and Futures Commission (SFC) approved Ant Group's bid to become the major shareholder of its key subsidiaries. However, the acquisition still awaits approval from China’s National Development and Reform Commission (NDRC).

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What Happened When

April 2025：: Bright Smart announced that its chairman, Yip Mow Lum, agreed to sell his 50.55% controlling stake in the company to an Ant Group subsidiary for about HK$2.8 billion.

September 23, 2025：: Hong Kong’s Securities and Futures Commission (SFC) granted approval for Ant Group’s bid to become the major shareholder in Bright Smart’s key subsidiaries. The approval is valid for six months.

October 10, 2025：: Bright Smart publicly announced that the SFC had approved Ant Group’s acquisition bid.

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