HK Stock Market Move | BRIGHT SMART's stock (01428) rises by over 14%, suggesting the company may potentially apply for a VATP license as part of Ant Group.

BRIGHT SMART (01428) surged over 14%, as of press time, up 14.16% to HK$10.56, with a turnover of HK$772 million. On the news front, on April 25, Ant Wealth initiated a tender offer to acquire local brokerage firm Bright Smart Securities in Hong Kong through its affiliated company Shanghai Yunjin. On June 12, Ant Group's international business department Ant International has explicitly planned to apply for stablecoin licenses in Hong Kong and Singapore, and seek relevant licenses in Luxembourg to promote the global layout of its blockchain and cross-border payment businesses. Zheshang pointed out that current Hong Kong regulatory requirements stipulate that VASPs and stablecoin licenses need to be applied for by different entities. For Ant Group, different subsidiaries will need to apply. Since Ant International has already made clear its intention to apply for a stablecoin license, it will likely need another subsidiary within the group to apply for a VASP license. Because the stablecoin license only governs issuance, operation of stablecoins still requires exchanges. Speculating that Bright Smart Securities may potentially apply for a VASP license, Ant International's acquisition of Bright Smart Securities may provide convenience in the future if they need to expand into the virtual asset trading field, as the existing licenses held by Bright Smart Securities could potentially be upgraded directly to VASP and VASP licenses.