Ant pays US$362 million to buy Hong Kong retail broker Bright Smart

Ant Group agreed to pay HK$2.81 billion (US$362.2 million) for 50.55 per cent of Bright Smart Securities & Commodities Group, according to a filing late Friday night to the Hong Kong stock exchange.

Ant Group “firmly believes in the long-term development of China’s economy and Hong Kong’s economy, and firmly believes in generating great market opportunities via the combination of technology and wealth management,” according to the filing. “With the offerer group’s product and technology innovation capabilities, the group is expected to expand its service offering to a wider age group of customers, and enhance experience for existing customers, driving further business growth.”

The offer price is a 7.5 per cent premium to the broker’s stock price of HK$3.05 before it was suspended from trading on April 23.