Ant Group's acquisition of YoCai Securities approved

Source: Securities Times Net
Author: Wang Rui, Li Yingchao

Ant Group’s acquisition of Yao Cai Securities brings new developments!

Yao Cai Securities said in an evening announcement on the 16th that the tender offer initiated by Ant Group has been approved by the relevant authorities, and the transaction is expected to be settled on March 30.

Yao Cai Securities stated that, as part of Ant Group’s acquisition, all relevant transaction conditions have been met. The announcement mentioned that after the company’s shares were briefly halted on the 16th, trading will resume starting from the opening of the market on the 17th.

It is worth noting that last Friday (March 13), Yao Cai Securities Finance (01428.HK) saw a surge in volume, with Hong Kong shares rising by more than 40% at one point during the trading session, reaching a high of HK$9.95, setting a more-than-four-month high.

On April 25, 2025, Ant Group’s wholly owned subsidiary, Shanghai Yunjin Information Technology Co., Ltd., announced that it would acquire 50.55% of the shares held by Ye Maolin, the founder of Yao Cai Securities, at a price of HK$3.28 per share, for a total consideration of approximately HK$2.81B. This move aims to obtain a Hong Kong brokerage license and accelerate its internationalization strategy.

On October 10, 2025, the acquisition was approved by the Hong Kong Securities and Futures Commission, allowing Ant to become a shareholder of multiple regulated subsidiaries under Yao Cai.

Late on November 25, 2025, Yao Cai Securities Finance said in an announcement that, considering the reporting procedures with the relevant authorities and the holidays in the first quarter of 2026, it expects to need more time to complete the filing with the National Development and Reform Commission. Therefore, on the same day, the offeror and the seller revised several terms of the share purchase agreement, including extending the final deadline to March 25, 2026, and increasing the additional deposit from HK$140 million to HK$164 million.

Yao Cai Securities is a leading homegrown securities firm in Hong Kong, founded in 1995. Its business scope currently includes dealing in Hong Kong securities, stock margin financing services, securities custody and agent services, trading in futures and options, leveraged foreign exchange trading, and trading in spot gold and silver. Yao Cai holds Hong Kong Securities and Futures Commission licenses numbered 1, 2, 3, 4, 5, 7, and 9, covering businesses such as securities, futures, foreign exchange, and asset management. As of September 30, 2024, Yao Cai Securities’ board chair Ye Maolin and the Xin Changming Holding Co., Ltd. controlled by him collectively held 51.14% of Yao Cai Securities’ shares.

Industry insiders generally believe that Ant is expecting to use the acquisition of Yao Cai to make up for its financial licenses and business capabilities in Hong Kong, further building a comprehensive financial ecosystem of “securities firm + digital payments + virtual assets.”

Donghai Securities Research Institute noted that the 150-plus asset management institutions connected to Ant Wealth’s platform, along with a rich lineup of wealth management products, can complement Yao Cai Securities’ stock trading, asset management, and derivatives businesses. Combined with Ant Group’s user base of over one billion in scale, it is expected to further enhance market share and gradually build a wealth management ecosystem with deep customer resource development and a rich, well-improved product matrix.

(Editor: Wen Jing)

Keywords:

                                                            Ant Group  
                                                            Yao Cai Securities