Hong Kong SFC approves Ant Group's acquisition of stablecoin concept stock Bright Smart Securities

Jinse Finance reported, citing Caixin, that the Hong Kong Securities and Futures Commission has approved Ant Group's acquisition of a local Hong Kong brokerage and a stablecoin concept stock exchange, but it is still pending approval from the National Development and Reform Commission. The exchange's stock surged 30% during today's trading session. In April this year, Ant Group announced a tender offer to acquire 50.55% of the exchange's shares. At that time, market rumors suggested that Ant's acquisition was aimed at applying for a virtual asset trading platform license. It is understood that the exchange is a long-established local Hong Kong brokerage, holding Hong Kong licenses No. 1, 2, 3, 4, 5, 7, and 9, covering Hong Kong stocks, US stocks, Shanghai-Hong Kong/Shenzhen-Hong Kong Stock Connect, margin financing, and futures business. During the stablecoin boom in Hong Kong in July and August, the exchange was also a popular stablecoin concept stock.