Wealthiness and Prosperity Holding, the Ant Group vehicle leading the deal, has fulfilled all necessary requirements set by Chinese regulators for the acquisition of Bright Smart Securities & Commodities Group, the two companies said in a joint off-trading-hours filing on Monday.
The completion of the reporting procedures marks a significant regulatory milestone for Ant, which has been navigating a multiyear relationship with Chinese authorities following the forced suspension of its 2020 IPO. Bright Smart is described as Hong Kong's largest retail stock brokerage.
Shares in Bright Smart surged between 58% and 70% on the news, depending on the session's peak, reflecting the market's assessment that the deal is now substantially closer to completion.
