Ant Group, the financial giant backed by Alibaba , announced its first major move into the brokerage sector by securing a controlling interest in Hong Kong-based Bright Smart Securities & Commodities Group for roughly $362 million.

In a joint statement, the companies revealed that Ant Group would acquire a 50.55% stake in Bright Smart through a deal worth HK$2.81 billion ($362.26 million). Bright Smart's chairman, Yip Mow Lum, is offloading 857.98 million shares to Ant’s Wealthiness and Prosperity Holding unit at HK$3.28 per share. As a result, Ant will trigger an unconditional mandatory cash offer for all remaining shares. Following the announcement, Bright Smart’s shares soared nearly 64% to a record high on Monday.

Ant Group, creator of the widely used Alipay app and 33%-owned by Alibaba, appears to be accelerating its overseas ambitions. This move follows its refinancing of a $6.5 billion credit line in September, part of which was reportedly earmarked for international expansion, according to Bloomberg.

Ant’s growth plans have faced obstacles in recent years: its blockbuster $37 billion IPO was scrapped in 2020 after founder Jack Ma openly criticized China’s financial regulators. The fallout led to Ant’s forced restructuring and a hefty regulatory fine nearing $1 billion. The company is still working toward obtaining a financial holding company license, seen as crucial for reviving its shelved IPO ambitions.

Bright Smart’s stock, suspended since April 23, surged to HK$5 — its highest level since its 2010 market debut — while the broader Hang Seng Index (.HSI) slid 0.5% on Monday. Ant Group indicated it plans to keep Bright Smart’s public listing intact.
(Conversion rate: $1 = 7.7578 Hong Kong dollars)