HK Stock Market Move | BRIGHT SMART (01428) opened high and fell more than 7%. Ant Group completed its acquisition with a purchase price of HK$3.28 per share.

BRIGHT SMART (01428) opened high and fell in the afternoon with a decline of more than 7%, having risen by over 5% in early trading this morning. As of the time of writing, it has fallen by 7.11% to HKD 11.75, with a turnover of HKD 7.3 billion. On the news front, on the evening of March 30, BRIGHT SMART announced that Ant Group had completed the acquisition of 50.55% of the company's shares for a total cash consideration of HKD 2.814 billion, equivalent to HKD 3.28 per share. The offeror must make an unconditional mandatory cash offer for all remaining issued shares at a price of HKD 3.28 per share. The announcement also disclosed changes in directors: Ye Maolin and Chen Yongcheng resigned as executive directors, while Yu Renggang, Situ Weixin, Ling Guohui, and Huang Tingting resigned as independent non-executive directors. Zheng Yanlan was appointed as an executive director; Huang Hao, Liu Zheng, and Lin Zhiqiu were appointed as non-executive directors; Lin Yizhong, Jiang Guorong, Hong Changfu, and Zhang Qian were appointed as independent non-executive directors, and the appointments will be effective soon. It is reported that Zheng Yanlan is the head of the Ant Technology's Ant Wealth Overseas Business Preparation Team, participating in and leading the preparation for the establishment of Ant Wealth, and is responsible for the founding of Yu'ebao and other diversified fund product lines. Huang Hao is the Senior Vice President of Ant Group and President of the Wealth Insurance Business Group; Liu Zheng is the current Vice President and Chief Financial Officer of Ant Group; Lin Zhiqiu is the Vice President of Ant Group and head of the Investment Legal Department.