Ant Group Invests HK$2.8 Billion to Fulfill Its "Brokerage Dream"

Ask AI · Ye Maolin: What is the secret to going from a street vendor to the leader of Chinese-funded securities firms?

On March 17, Hong Kong’s securities industry celebrated a major event. With Ant Group’s acquisition of Bright Smart Securities receiving final approval from regulators in both regions, Bright Smart Securities resumed trading after a one-day suspension. Its stock price skyrocketed, surging over 82% intraday, with market value soaring above HKD 26 billion.

On March 18, Bright Smart’s stock price slightly declined by 2.57%, bringing its market value down to HKD 22.5 billion.

▲ Bright Smart Securities stock chart over the past two years

In Hong Kong’s highly competitive securities industry, Bright Smart Securities is a legendary top-tier brokerage firm.

This nearly year-long merger and acquisition, costing HKD 2.814 billion, is not only a key piece in Ant’s financial expansion but also marks the official arrival of the “Ant Securities” era in Hong Kong’s securities sector. Ye Maolin, the “leader of Chinese-funded securities firms” who built Bright Smart’s legend, chose to retire gracefully at age 74.

01. Ant’s “Brokerage Dream” Finally Comes True

Ant has long aspired to obtain a securities license, and now that wish has been fulfilled.

Looking back at Ant’s journey to acquire licenses, it was fraught with setbacks—whether it was investing in Deppon Securities or applying indirectly for Yunfeng Securities, success was elusive. In Hong Kong, although Ant served over 4 million users through AlipayHK and operated digital banking via Ant Bank (Hong Kong), it lacked direct securities trading licenses for retail investors.

This acquisition of Bright Smart Securities finally fills that critical gap. Bright Smart holds full licenses (types 1, 2, 3, 4, 5, 7, 9) issued by the Hong Kong Securities and Futures Commission, covering securities trading, futures, forex, and asset management. This means that in the future, users may be able to directly trade Hong Kong and US stocks within the Alipay app and receive personalized asset allocation advice through Ant’s AI-driven research models.

Western Securities believes that after the acquisition, Ant’s technological advantages combined with Bright Smart Securities could strengthen business synergy, enabling the sharing of customer resources, technological capabilities, and market assets, thus creating a comprehensive wealth management ecosystem. Ant Wealth Platform has partnered with over 150 asset management firms nationwide, serving hundreds of millions of users. However, offshore businesses like Hong Kong and US stocks remain a shortcoming. Bright Smart’s 27 offline branches, 400,000 active high-net-worth clients, and cross-border clearing channels will enhance Ant’s global asset allocation capabilities.

It’s worth noting that even after the acquisition, Bright Smart Securities still cannot provide securities services to mainland Chinese residents. Like Futu, Tiger Securities, and others, it holds licenses in Hong Kong or other regions but has not obtained a securities business license issued by the China Securities Regulatory Commission.

02. From Street Vendor to “Leader of Chinese-funded Securities Firms”

Ye Maolin, who sold Bright Smart Securities this time, has a legendary story of grassroots success in Hong Kong.

Before becoming the “leader of Chinese-funded securities firms” (a leading figure among Chinese securities firms), Ye Maolin’s rise began from the bottom. Through hard work and sharp insight, he grew from a street vendor into a billionaire entrepreneur, with his entrepreneurial journey dating back to the 1970s. Reports say that after dropping out of school, he sold toothbrushes, towels, and even sparrows in Kowloon’s To Kwa Wan and Mong Kok’s Ho King Street for over a decade. Early on, he experienced the hardships of making a living and honed his market sensitivity.

In the 1980s, Ye shifted to the textile industry, later involved in garment quota trading. With a “fast and ruthless” approach, he once earned tens of millions annually, accumulating his first fortune to enter the financial industry. During this period, he suffered a major setback when misjudging the gold market, losing 80% of his wealth. This failure deeply taught him the importance of respecting the market.

In 1995, sensing changes in Hong Kong’s textile industry, Ye decisively pivoted. He founded Bright Smart Securities with five or six employees, initially experiencing ten years of losses. When Hong Kong abolished minimum commission fees in 2003, he was among the first to cut commissions from 0.25% to 0.05%, adopting a “dining hall pricing, five-star service” strategy that quickly captured market share and established his position as the “leader of Chinese-funded securities firms.”

Additionally, he excelled in property investment. After 2003, he bought numerous commercial properties in Hong Kong, profiting from a “quick in, quick out” strategy, with property holdings once valued at HKD 3 billion.

▲ Bright Smart Securities ownership structure as of Q3 2025

Now, at age 74, Ye Maolin has sold his 50.55% stake in Bright Smart Securities—held through Xin Changming Holdings Limited—to Ant Group, bringing his over 30-year financial career to a successful close.