Shares of Bright Smart Securities & Commodities Group (01428) skyrocketed 60.66% in pre-market trading on Monday, following the announcement that Ant Group has acquired a controlling stake in the company. The surge comes as investors react positively to the news of this strategic acquisition by one of China's leading fintech giants.

According to a filing to the Hong Kong stock exchange, Ant Group has agreed to purchase a 50.55% stake in Bright Smart for HK$2.81 billion (US$362.2 million). The deal involves Bright Smart's chairman Yip Mow-lum selling approximately 858 million shares at HK$3.28 per share to Wealthiness and Prosperity Holding Limited, a company ultimately controlled by Ant Group. This offer price represents a 7.5% premium to Bright Smart's last closing price before the trading suspension on April 23.

This acquisition marks a significant move for Ant Group as it seeks to expand its presence in Hong Kong's financial market. The fintech giant, which operates the widely-used Alipay payment system, expressed its belief in the long-term development of both China's and Hong Kong's economies. With Ant Group's technological capabilities, Bright Smart is expected to enhance its service offerings, attract a wider customer base, and drive further business growth. This strategic partnership could potentially reshape the landscape of Hong Kong's brokerage industry and boost Bright Smart's competitive edge in the market.