Bright Smart's controlling stake will change hands, with a proposed acquisition at a premium of approximately 17.6% from ANT GROUP, and the full acquisition offer will resume trading on April 28
BRIGHT SMART and the offeror WEALTHINESS AND PROSPERITY HOLDING LIMITED announced plans to acquire approximately 858 million shares of New Chang Ming Holdings Limited, accounting for 50.55% of the issued shares, with a total cash consideration of approximately HKD 2.814 billion, at HKD 3.28 per share, representing a premium of about 17.6% over the closing price on the last trading day. The company has applied to resume trading on April 28, 2025. The offeror is wholly owned by ANT GROUP
According to the Zhitong Finance APP, BRIGHT SMART (01428) and the offeror WEALTHINESS AND PROSPERITY HOLDING LIMITED jointly announced that on April 25, 2025, the offeror intends to acquire approximately 858 million shares of New Changming Holdings Limited, accounting for about 50.55% of the total issued shares as of the date of the share purchase agreement, with a total cash consideration of approximately HKD 2.814 billion, or HKD 3.28 per share.
As of the date of this announcement, the offeror and the concert parties of the offeror do not hold any interests in any shares. Upon completion, the offeror will hold interests in approximately 858 million shares (about 50.55% of the total issued shares). According to Rule 26.1 of the Takeover Code, upon completion, the offeror will be required to make an unconditional mandatory cash offer for all issued shares (excluding those already owned or agreed to be acquired by the offeror and the concert parties). The cash offer for each offer share is HKD 3.28, representing 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.
In addition, the company has submitted an application to the Stock Exchange for the resumption of trading of its shares at 9:00 AM (Hong Kong time) on April 28, 2025.
It is reported that the offeror is wholly owned by Innovatech Empowerment Company Limited, which is indirectly wholly owned by Shanghai Yunjin. The sole director of the offeror is Mr. Huang Hai, and the sole director of Shanghai Yunjin is Mr. Huang Hao. Shanghai Yunjin is a limited liability company established under Chinese law and is wholly owned by ANT GROUP. Shanghai Yunjin holds various investments, including its wholly-owned subsidiary Ant Wealth. Ant Wealth is a fintech service company established in China, positioned as a one-stop wealth management service platform under the offeror group, with business scope including financial information services, research and development, design, and consulting services for financial products. More than 150 asset management institutions provide diversified inclusive financial services to hundreds of millions of users on the Ant Wealth platform
