Ant Group buys Bright Smart, expands in Hong Kong
scmp.com —
Ant Group will acquire a majority stake in Hong Kong-based Bright Smart Securities & Commodities Group for $362.2 million, expanding its presence in the financial market. The deal, announced late Friday, involves Ant Group purchasing 50.55% of Bright Smart. The acquisition aims to leverage technology and wealth management to capitalize on market opportunities in Hong Kong. The offer price represents a 7.5% premium over Bright Smart's pre-suspension stock price. Ant Group anticipates expanding services and enhancing customer experience through this acquisition.