Tender Offer for Yao Cai Securities Approved, Ant May Realize Dream of Brokerage License

21st Century Business Herald Reporter Li Yu

The nearly one-year acquisition case has made new progress.

On the evening of March 16, Yau Tai Securities & Financial announced that the tender offer initiated by Ant Group has officially been approved by relevant Chinese authorities. The announcement clearly states that all transaction conditions have been met, and the deal is expected to be completed by March 30. The company’s stock will resume trading on March 17.

On April 25 last year, Ant Group’s wholly owned subsidiary, Shanghai Yunjin Information Technology Co., Ltd., announced it would acquire 50.55% of shares held by Yau Tai Securities founder Ye Maolin at HKD 3.28 per share, totaling approximately HKD 2.814 billion. Industry insiders generally believe that Ant’s move aims to obtain a Hong Kong brokerage license and accelerate its international expansion.

Western Securities believes that after the acquisition, Ant Group’s technological advantages and Yau Tai Securities are expected to strengthen business synergy, achieving complementary advantages in customer resources, technological capabilities, and market resources, creating a wealth management ecosystem, and sharing the benefits of Hong Kong market development. Additionally, Ant’s entry may also impact the existing competitive landscape of Hong Kong brokerages, and it is recommended to monitor the progress of the acquisition and potential catalysts in the Hong Kong stock market.

According to regulatory requirements in both regions, Ant Group’s tender offer for Yau Tai requires approval.

As early as September 23, 2025, the Hong Kong Securities and Futures Commission (SFC) approved the tender offer, which was originally valid until March 23, 2026. The announcement also mentions that the SFC has agreed to extend the approval validity period to April 30, 2026.

On the evening of November 25, 2025, Yau Tai Securities & Financial announced that, considering the reporting procedures with relevant authorities and the holidays in the first quarter of 2026, more time would be needed to complete the filing with the National Development and Reform Commission. As a result, the offeror and the seller amended several terms of the share purchase agreement, including extending the final deadline to March 25, 2026, and increasing the deposit from HKD 140 million to HKD 164 million.

Until the evening of March 16, Yau Tai Securities & Financial stated that the Ant Group’s tender offer has officially been approved by relevant Chinese authorities. The announcement clearly states that all transaction conditions have been met, and the deal is expected to be completed by March 30.

“Ant has always wanted to obtain a brokerage license, and it seems to have achieved that,” said a Hong Kong brokerage insider. Previously, it was reported that Ant has been testing securities functions internally for a long time, and the market may soon see “Ant Securities.”

Industry experts generally believe that Ant’s move aims to obtain a Hong Kong brokerage license and accelerate its international expansion.

Yau Tai Securities is a leading local brokerage in Hong Kong, founded in 1995. Its current services include Hong Kong stock trading, margin financing, securities custody and agency services, futures and options trading, leveraged foreign exchange trading, and spot gold and silver trading. Yau Tai holds licenses No. 1, 2, 3, 4, 5, 7, and 9 issued by the Hong Kong Securities and Futures Commission, covering securities, futures, forex, and asset management businesses. As of September 30, 2024, the chairman of Yau Tai Securities, Ye Maolin, and his controlled company, Xin Changming Holdings Limited, jointly hold 51.14% of the shares.

Yau Tai Securities stated that the introduction of strategic investors will accelerate its digital transformation process, and resources in areas such as intelligent investment advisory and AI technology applications are expected to inject new momentum.

It is reported that Ant Fortune is Ant Group’s internet wealth management platform, collaborating with financial institutions nationwide to serve users. Currently, over 150 asset management institutions offer products such as Yu’ebao (money market fund), bond funds, and equity funds to hundreds of millions of users on the platform. However, offshore businesses in Hong Kong and the US remain a shortcoming. Yau Tai Securities’ 27 offline branches, 400,000 active high-net-worth clients, and cross-border clearing channels will complement Ant’s global asset allocation capabilities.

Therefore, this cross-border securities industry layout is seen by industry insiders as a strategic extension of its wealth management ecosystem into the Hong Kong market.

Dongwu Securities believes that this acquisition is a key step for Ant Wealth to deepen its fintech layout by controlling a local Hong Kong brokerage to obtain licenses and penetrate the market. If the deal is completed, the synergy in technology, clients, and products could drive a transformation in Hong Kong’s wealth management industry.

It is worth noting that on March 13, Yau Tai Securities & Financial’s Hong Kong stock price surged over 40% during trading, reaching a high of HKD 9.95, a four-month high.