Ant has met all completion conditions for the acquisition of Phillip Securities (01428), and the transaction is expected to be completed by the end of this month.

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2026-03-18 07:26:55

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Yao Cai Securities Finance (01428.HK) announced on Monday (March 16) that the offeror, Ant Group, has completed the reporting procedures to relevant Chinese authorities for the proposed transaction under the share purchase agreement, in accordance with the regulations on high-value, non-sensitive investment projects under the “Regulations on Overseas Investment Management.” Therefore, condition © for completion has been satisfied.

Regarding condition (b), on September 23 of last year, the offeror obtained approval from the Securities and Futures Commission (SFC) under Section 132(1) of the Securities and Futures Ordinance for the offerors and other relevant parties to become major shareholders of the regulated group company. The approval for major shareholders remains valid, but completion must occur within six months of that approval date (by March 23) or within the longer period permitted by the SFC’s written consent. The offeror has applied for an extension, and the SFC has approved the extension of the major shareholder approval validity until the 30th of next month.

Therefore, all conditions for completion, except those that can only be satisfied upon completion of the share purchase agreement, have been met. The remaining conditions are expected to be fulfilled or waived upon completion of the agreement.

According to the terms of the share purchase agreement, completion will occur on the 10th business day after the offeror notifies the seller that all conditions have been satisfied or waived, or on the later date as may be agreed between the offeror and the seller. Both parties currently expect completion to occur on March 30. The offeror and the company will issue further joint announcements regarding completion and the offer in accordance with the Listing Rules and Takeovers Code.

In April 2025, Yao Cai Securities Finance Chairman Ye Maolin conditionally agreed to sell his 50.55% stake to Wealthiness and Prosperity Holding Ltd., controlled by Ant Group. The agreed price is HKD 3.28 per share, with a total cash consideration of HKD 2.81 billion.

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