Ant Group Takes Out Yip's Controlling Stake In Bright Smart (1428 HK)
When broker Bright Smart Securities (1428 HK) was suspended recently, one possibility was Chairman, Peter Yip Mow-lum, a 50.54% shareholder, cashing out. And that has now unfolded.
Yip has entered into a SPA with fintech giant Ant Group, the operator of Alipay. The agreement has been struck at HK$3.28/share, a 17.6% premium to undisturbed.
Should the SPA complete - the key condition is NDRC approval - an unconditional MGO is triggered, also at HK$3.28. The price is final.
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