HK Stock Market Move | BRIGHT SMART (01428) surged over 30% as the Securities and Futures Commission of Hong Kong approved Ant Group's acquisition of Hong Kong Everbright.

BRIGHT SMART (01428) surged more than 30%, as of the end of the report, it increased by 29.24% to 11.28 Hong Kong dollars, with a turnover of 767 million Hong Kong dollars. On the news front, on the evening of October 10th, BRIGHT SMART announced that the company and the offeror hereby provide the latest information to the company's shareholders and potential investors. On September 23rd this year, the offeror had obtained approval from the Securities and Futures Ordinance Section 132(1) of the Hong Kong Securities and Futures Commission for the offeror and other relevant parties to become the major shareholders of the regulated group company (namely, Bright Smart Futures and Commodities Limited, Bright Smart Securities International (Hong Kong) Limited, Bright Smart Asset Management Limited, and Bright Smart Global Forex Limited). The approval will remain valid, but completion must be implemented within six months from the approval date or within a longer period with written consent from the SFC. Therefore, completion condition (b) has been met. Regarding completion condition (c), the offeror has submitted application materials to the National Development and Reform Commission of China and has been actively communicating with them. The relevant process with the NDRC regarding the acquisition is progressing as planned. The offeror and the company will continue to work towards meeting the completion conditions. On April 25th, Bright Smart Securities announced that Ant Group's wholly-owned subsidiary, Shanghai Yunjin, plans to acquire 50.55% of the company's shares held by Bright Smart Securities' controlling shareholder, New Changming Holdings, at a price of 3.28 Hong Kong dollars per share, with a total consideration of approximately 2.814 billion Hong Kong dollars.