HK Stock Market Move | BRIGHT SMART (01428) falls over 5% again, down nearly 40% from the peak in July. The company says the acquisition process is proceeding as planned.

BRIGHT SMART (01428) fell by more than 5%, down nearly 40% from its peak of HK$17.68 in July. As of press time, it has fallen by 4.53% to HK$11.16, with a turnover of HK$244 million. On the news front, Bright Smart Securities recently issued a clarification notice stating that it has noticed recent media reports suggesting possible delays in the regulatory review of the acquisition due to tightening regulations by relevant agencies. "The company hereby clarifies that, after inquiring with the offeror, the company understands that the processes related to the acquisition are proceeding as planned." Bright Smart Securities stated that it and the offeror will announce further details on the completion conditions and the latest situation of the offer in due course. It is reported that in April of this year, Ant Group planned to acquire a 50.55% stake in Bright Smart Securities. Sinolink pointed out that leveraging Ant Group's layout in web 3.0 technology, licenses, and other aspects, may open up new possibilities for Bright Smart's virtual asset business. By upgrading its existing licenses, Bright Smart can access virtual asset trading, including stablecoins; by upgrading its existing licenses, Bright Smart can provide advice on virtual assets; by upgrading its existing licenses, Bright Smart can manage investment portfolios with over 10% invested in virtual assets. It is not ruled out that Bright Smart may apply for a Virtual Asset Trading Platform (VATP) license with the Securities and Futures Commission (SFC).