by HOU Ruining

Ant Group's takeover offer for Hong Kong-listed Bright Smart Securities & Commodities Group has received regulatory approval and is expected to be completed on March 30, according to a company filing released late on March 16.

Bright Smart said all conditions for the offer had been fulfilled as part of the acquisition launched by Ant Group. Trading in the company's shares resumed on March 17 after a brief suspension the previous day. Before the halt, the stock closed at HK$9.27, giving the firm a market value of about HK$15.7 billion.

Once the transaction is completed, Ant Group will become the controlling shareholder, giving it control of a Hong Kong-licensed brokerage and supporting its international expansion, with Hong Kong serving as a key global hub for the fintech company and its affiliates in recent years.

In April last year, Ant Group's wholly owned subsidiary Shanghai Yunjin Information Technology agreed to acquire a 50.55% stake in Bright Smart from founder Yip Mau-lin at HK$3.28 per share, for a total consideration of about HK$2.814 billion.

The deal was approved by the Hong Kong Securities and Futures Commission in October, allowing Ant to become a shareholder of several regulated subsidiaries under Bright Smart.

In a filing dated November 25, 2025, Bright Smart said the parties had revised certain terms of the share purchase agreement, including extending the long-stop date to March 25, 2026, due to additional time needed for filing procedures with mainland authorities including the National Development and Reform Commission. The buyer also increased the additional deposit to HK$164 million from HK$140 million.

Founded in 1995 and listed in Hong Kong in 2010, Bright Smart is one of the city's long-established local brokerages. The firm holds multiple licenses issued by the Securities and Futures Commission, covering dealing in securities, futures and options, asset management, margin financing and bullion trading, and provides trading services for Hong Kong, U.S., U.K., Japanese and Taiwan stocks.

The company built its reputation on low commissions and high financing ratios. After Hong Kong scrapped its minimum commission rule in 2003, Bright Smart cut its brokerage fee from 0.25% to 0.05%, and its online trading commission has since fallen as low as 0.01%, earning it the nickname "king of discount brokerage."

As of the end of September last year, the firm had more than 600,000 clients, with total client assets — including cash, securities and margin balances — rising 34.4% year on year to about HK$86.3 billion.

Financial results have remained steady. For the six months ended September 30, 2025, Bright Smart reported revenue of HK$496.9 million, up 10.7% from a year earlier, while net profit attributable to shareholders rose 4.8% to HK$326.9 million. Earnings per share were HK19.26 cents, up 4.79% year on year.