Bright Smart Securities Soars to Record High After Ant Group Acquisition

HONG KONG (Cryptonesia) - Shares of Bright Smart Securities & Commodities Group surged up to 60.7%, reaching an all-time high when trading resumed on Monday following Ant Group’s agreement to acquire a 50.55% stake in the Hong Kong-based brokerage for HK$2.81 billion ($362.26 million).

The share price, which had been suspended from trading on April 23, reached HK$4.90, marking its highest level since its initial public offering in August 2010. The stock saw an increase of 33.4% at that point. In contrast, the benchmark Hang Seng Index decreased by 0.5%.

The chairman of Bright Smart, Yip Mow Lum, has consented to offload 857.98 million shares priced at HK$3.28 each to Ant Group’s Wealthiness and Prosperity Holding. As stated in their combined announcement, this transaction obligates Wealthiness and Prosperity Holding to extend an unconditional compulsory cash bid covering all outstanding shares.

Ant Group, supported by the founder of China's leading e-commerce giant Alibaba Group, Jack Ma, aims to keep Bright Smart listed on the stock exchange and does not intend to implement significant alterations to the brokerage firm’s operational activities. The company currently holds a market valuation of approximately $903.61 million.

($1 equals 7.7578 Hong Kong dollars)

(Reported by the Hong Kong newsroom; Edited by Christian Schmollinger and Muralikumar Anantharaman)