Ant Group spent 2.8 billion Hong Kong dollars to acquire a Hong Kong brokerage firm.

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Reporter | Li Yu

Editors | Jiang Shiqiang, Zeng Jingjiao, Zhu Yimin

A nearly year-long acquisition case has new developments.

On the evening of March 16, Yao Cai Securities Financial announced that the tender offer initiated by Ant Group has officially been approved by relevant Chinese authorities. The announcement clearly states that all transaction conditions have been met, and the deal is expected to be completed by March 30. The company’s stock will resume trading on March 17.

On April 25 last year, Ant Group’s wholly owned subsidiary Shanghai Yunjin Information Technology Co., Ltd. announced it would acquire a 50.55% stake held by Yea Mow Lin, founder of Yao Cai Securities, at HKD 3.28 per share, totaling approximately HKD 2.814 billion. Industry insiders generally believe that Ant’s move aims to obtain a Hong Kong brokerage license and accelerate its international expansion.

Western Securities believes that after the acquisition, Ant Group’s technological advantages and Yao Cai Securities are expected to strengthen business synergy, achieving complementary customer resources, technological capabilities, and market resources, creating a wealth management ecosystem and sharing benefits from Hong Kong market development. Additionally, Ant’s entry may also impact the existing competitive landscape among Hong Kong brokers, so future attention should be paid to the progress of the acquisition and potential catalysts in the Hong Kong stock market.

Key approvals in place

According to regulatory requirements in both regions, Ant Group’s tender offer for Yao Cai Securities requires approval.

As early as September 23, 2025, the Hong Kong Securities and Futures Commission (SFC) approved the tender offer, which was valid until March 23, 2026. The announcement also mentions that the SFC has agreed to extend the approval validity until April 30, 2026.

On the evening of November 25, 2025, Yao Cai Securities Financial announced that, considering reporting procedures with relevant departments and the holidays in the first quarter of 2026, more time would be needed to complete filings with the National Development and Reform Commission. The acquirer and the seller amended several terms of the share purchase agreement, including extending the final deadline to March 25, 2026, and increasing the deposit from HKD 140 million to HKD 164 million.

Until the evening of March 16, Yao Cai Securities Financial stated that the Ant Group’s tender offer had officially been approved by relevant Chinese authorities. The announcement confirmed that all transaction conditions had been met, and the deal is expected to be finalized by March 30.

“Ant has always wanted to obtain a brokerage license, and now it’s achieved,” a Hong Kong broker insider revealed. “Ant has probably been testing securities functions internally for a long time, and the market may soon see ‘Ant Securities’.”

Completing the financial landscape

Industry experts generally believe that Ant’s move aims to obtain a Hong Kong brokerage license and accelerate its international expansion.

Yao Cai Securities is a leading local broker in Hong Kong, founded in 1995. Its current services include Hong Kong stock trading, margin financing, securities custody and agency services, futures and options trading, leveraged forex trading, and spot gold and silver trading. Yao Cai holds licenses No. 1, 2, 3, 4, 5, 7, and 9 issued by the Hong Kong Securities and Futures Commission, covering securities, futures, forex, and asset management. As of September 30, 2024, the chairman of Yao Cai Securities, Ye Maolin, and his controlled company Xin Changming Holdings, together hold 51.14% of the shares.

Yao Cai Securities stated that introducing strategic investors will accelerate its digital transformation, and resources in areas like robo-advisors and AI technology are expected to inject new momentum.

It is known that Ant Wealth, a platform under Ant Group, provides internet-based financial services in cooperation with financial institutions nationwide. Currently, over 150 asset management firms offer products like Yu’e Bao (money market funds), bond funds, and equity funds to hundreds of millions of users on the platform. However, offshore businesses in Hong Kong and the US remain a shortcoming. Yao Cai’s 27 offline branches, 400,000 active high-net-worth clients, and cross-border clearing channels will enhance Ant’s global asset allocation capabilities.

Therefore, this cross-border securities layout is seen as a strategic extension of its wealth management ecosystem into the Hong Kong market.

Dongwu Securities believes that this acquisition is a key step for Ant Wealth to deepen its fintech layout by controlling a local Hong Kong broker to obtain licenses and penetrate the market. If completed, the synergy in technology, clients, and products could drive a transformation in Hong Kong’s wealth management industry.

Notably, on March 17, Yao Cai Securities Financial’s Hong Kong stocks surged over 82% during trading, reaching a high of HKD 9.95, the highest in nearly four months. More details>>

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Editor: Song Yafang