Understanding the Market | BRIGHT SMART resumed trading with a high opening of over 60%, planning to acquire Ant Group at a premium of approximately 17.6% to the full acquisition offer
BRIGHT SMART resumed trading with a high opening of over 60%. As of the time of publication, it has risen by 60.66%, trading at HKD 4.9, with a transaction volume of HKD 50.078 million. The company announced that Shanghai Yunjin Information Technology Co., Ltd. initiated a tender offer through Ant Wealth at HKD 3.28 per share, representing a premium of approximately 17.6% over the closing price on the last trading day. The offeror intends to acquire approximately 858 million shares, accounting for 50.55% of the total issued shares, with a total cash consideration of approximately HKD 2.814 billion
According to Zhitong Finance APP, BRIGHT SMART (01428) resumed trading with a high opening of over 60%. As of the time of writing, it has risen by 60.66%, priced at HKD 4.9, with a trading volume of HKD 50.078 million.
In terms of news, BRIGHT SMART announced that Shanghai Yunjin Information Technology Co., Ltd. is making a tender offer to BRIGHT SMART through its subsidiary Ant Wealth at a price of HKD 3.28 per share, which represents a premium of approximately 17.6% over the closing price of HKD 2.79 per share reported on the last trading day on the Stock Exchange. The announcement indicates that the offeror intends to acquire approximately 858 million shares of the company from New Changming Holdings Limited, accounting for about 50.55% of the total shares issued as of the date of the share purchase agreement, with a total cash consideration of approximately HKD 2.814 billion. Upon completion, the offeror will hold rights to approximately 858 million shares (about 50.55% of the total issued shares).
Public information shows that BRIGHT SMART is a leading local brokerage firm in Hong Kong. Its current business scope includes trading of Hong Kong stocks, margin financing services for stocks, securities custody and agency services, trading of futures and options, leveraged foreign exchange trading, and spot trading of gold and silver. As of September 30, 2024, the chairman of BRIGHT SMART, Ye Maolin, and his controlled New Changming Holdings Limited collectively hold 51.14% of BRIGHT SMART's equity
