FINANCE

Ant Group’s Takeover of Hong Kong Broker Faces Delay

Published: Nov. 12, 2025 6:18 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

A branch of Bright Smart Securities in Mong Kok, Hong Kong. Photo: IC Photo

Ant Group Co. Ltd.’s acquisition of a controlling stake in Bright Smart Securities & Commodities Group Ltd. faces a potential delay, as the deal remains pending approval from China’s top economic planner. Shares of the Hong Kong-listed brokerage fell about 5% on the news Wednesday.

In a Tuesday statement, Bright Smart said the acquirer, an Ant Group subsidiary, is considering an extension to the deal’s Nov. 25 deadline.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

Ant Group’s acquisition of a 50.55% stake in Bright Smart Securities may be delayed pending approval from China’s National Development and Reform Commission.
The HK$2.8 billion ($360 million) deal has already received clearance from Hong Kong’s Securities and Futures Commission but not yet from Chinese authorities.
Bright Smart’s share price initially surged after the deal’s announcement but fell 5% after news of a potential delay.

AI generated, for reference only

Who’s Who

Ant Group Co. Ltd.: Ant Group Co. Ltd. is facing potential delays in acquiring a controlling stake in Bright Smart Securities & Commodities Group Ltd. The deal, valued at HK$2.8 billion ($360 million), is awaiting approval from China's National Development and Reform Commission despite Hong Kong's SFC already approving it. This acquisition would grant Ant Group control over a brokerage with various licenses in Hong Kong.

Bright Smart Securities & Commodities Group Ltd.: Bright Smart Securities & Commodities Group Ltd. is a Hong Kong-listed brokerage. Ant Group Co. Ltd. aims to acquire a 50.55% controlling stake from its chairman, Yip Mow Lum, for HK$2.8 billion ($360 million). The deal, approved by Hong Kong's SFC, awaits clearance from China's National Development and Reform Commission, causing potential delays and impacting Bright Smart's stock. The acquisition would grant Ant Group diverse licenses in Hong Kong.

AI generated, for reference only

What Happened When

April 2025：: Ant Group subsidiary announces plan to acquire a 50.55% stake in Bright Smart from chairman Yip Mow Lum, as documented in an exchange filing.

September 2025：: Hong Kong’s Securities and Futures Commission approves Ant Group’s acquisition of a controlling stake in Bright Smart.

By November 12, 2025：: The deal remains pending approval from China’s National Development and Reform Commission (NDRC); shares of Bright Smart fall about 5% on the news.

AI generated, for reference only