Ant Group Buys 50.55% Stake in Bright Smart for HK$2.8 Billion; Bright Smart Shares Surge 14%

MT Newswires Live

04-29

Wealthiness and Prosperity Holding will purchase a 50.55% stake in Bright Smart Securities & Commodities Group (HKG:1428) from New Charming Holdings for a total of about HK$2.81 billion, according to a Friday filing with the Hong Kong bourse.

New Charming Holdings, owned by Bright Smart Chairman Yip Mow Lum, will sell 857,980,000 shares in Bright Smart for HK$3.28 apiece, the filing said.

Wealthiness and Prosperity Holding is owned by Innovatech Empowerment, which is indirectly wholly-owned by Shanghai Yunjin.

Shanghai Yunjin is wholly-owned by Ant Group, which is an affiliate of Alibaba (HKG:9988).

Bright Smart's shares surged 14% during morning trading on Tuesday.

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