Alibaba's affiliate, Ant Group, is acquiring a 50.55% controlling stake in Bright Smart Securities & Commodities Group for $362.26 million, the companies announced on Friday, according to Reuters. Bright Smart chairman Yip Mow Lum will sell shares to Ant’s Wealthiness and Prosperity Holding, triggering an unconditional mandatory cash offer for the remaining shares. Bright Smart’s stock soared to a record high and posted its largest single-day gain since its listing. Ant plans to maintain Bright Smart’s listing and expand its overseas financial operations after refinancing its $6.5 billion credit line last year.
