Changes in Hong Kong stocks | Yaocai Securities Finance (01428) raised by more than 30% Hong Kong Securities Regulatory Commission approves Ant's acquisition of Hong Kong Yaocai

The Zhitong Finance App learned that Yaocai Securities Finance (01428) increased by more than 30%. As of press release, it had risen 29.24% to HK$11.28, with a turnover of HK$767 million.

According to the news, on the evening of October 10, Yaocai Securities Finance issued an announcement stating that the company and the offender hereby provide the latest information to the company's shareholders and potential investors. On September 23 this year, the offeror was approved by the Hong Kong Securities Regulatory Commission under section 132 (1) of the Securities and Futures Ordinance to become major shareholders of the regulated group companies (namely Yaocai Futures & Commodities Limited, Yaocai Securities International (Hong Kong) Limited, Yaocai Asset Management Co., Ltd., and Yaocai Global Foreign Exchange Limited). The approval will continue to be valid, but it must be completed within six months after the date of approval or within a longer period of time with the written consent of the Securities Regulatory Commission. As a result, completion condition (b) has been met.

Yao Cai said that as far as condition (c) of completion is concerned, the offender has submitted application materials to the National Development and Reform Commission of China and has been actively communicating with it. Processes relating to the acquisition with the National Development and Reform Commission are progressing as planned. The offeror and company will continue to push for the fulfillment of the completion conditions. Earlier, on April 25, Yaocai Securities announced that Shanghai Yunjin, a wholly-owned subsidiary of Ant Group, plans to acquire 50.55% of the company's shares held by Xinchangming Holdings, the controlling shareholder of Yaocai Securities, at a price of HK$3.28 billion per share, with a total consideration of about HK$2,814 billion.