Hong Kong's Securities and Futures Commission approves Ant Group's acquisition of stablecoin-focused Bright Smart Securities

 according to Caixin, the Hong Kong Securities and Futures Commission has approved Ant Group's acquisition of Hong Kong local brokerage firm and stablecoin concept stock, Bright Smart Securities. However, it still awaits approval from the National Development and Reform Commission. Bright Smart Securities surged 30% during trading today. In April of this year, Ant Group announced a tender offer to acquire 50.55% of Bright Smart Securities' shares. At that time, there were rumors in the market that Ant's acquisition of Bright Smart Securities was for the purpose of applying for a virtual asset trading platform license. It is understood that Bright Smart Securities is a well-established local brokerage firm in Hong Kong, holding licenses 1, 2, 3, 4, 5, 7, and 9 in Hong Kong, covering Hong Kong stocks, US stocks, Shanghai-Shenzhen-Hong Kong Stock Connect, financing, and futures business. During the stablecoin craze in Hong Kong in July-August, Bright Smart Securities was also a popular stablecoin concept stock.