Announcement • Apr 30
Innovatech Empowerment Company Limited completed the acquisition of 0.07% stake in Bright Smart Securities & Commodities Group Limited (SEHK:1428) for HKD 4.2 million. Innovatech Empowerment Company Limited proposed to acquire 49.45% stake in Bright Smart Securities & Commodities Group Limited (SEHK:1428) for HKD 2.8 billion on April 25, 2025. A cash consideration of HKD 2.75 billion valued at HKD 3.28 per share will be paid by Innovatech Empowerment Company Limited. As part of consideration, HKD 2.75 billion is paid towards common equity of Bright Smart Securities & Commodities Group Limited. As of June 13, 2025, none of the Completion Conditions has been satisfied and/or waived. The Offeror and the Company will continue to progress with the satisfaction of the Completion Conditions. The submitted preliminary reporting documents are under review by, and subject to the comments of, the National Development and Reform Commission of the PRC. Bright Smart Securities & Commodities Group Limited form an special committee for the acquisition.
As of September 23, 2025, the Offeror has received the SFC’s approval. As of November 11, 2025, the Long Stop Date (i.e. November 25, 2025) is approaching, the remaining Completion Conditions may not be satisfied on or before the Long Stop Date. The Offeror is considering potential extension of the Long Stop Date. As of March 15, 2026, Innovatech Empowerment Company Limited has completed necessary reporting procedures with the relevant authorities in the PRC for high-value non-sensitive investment projects, satisfying one of the completion conditions. Additionally, the Offeror received approval from the SFC to become a substantial shareholder, with an extension granted for this approval until 30 April 2026. As of April 8, 2026 Offer open for acceptance open from April 8, 2026 to April 29, 2026. The transaction is expected to take place on April 29, 2026.
Morgan Stanley Asia Limited acted as financial advisor for Innovatech Empowerment Company Limited. somerley capital limited act as independent financial adviser to the independent board committee.
Innovatech Empowerment Company Limited completed the acquisition of 0.07% stake in Bright Smart Securities & Commodities Group Limited (SEHK:1428) for HKD 4.2 million on April 29, 2026.
Except for Mr. Hui Yik Bun who would remain as an executive Director, all the other Directors as at the date of the Composite Document had tendered their resignations from the Board, and the following resignations will take effect from the day immediately after the closing date of the Offer. Announcement • Mar 30
Innovatech Empowerment Company Limited completed the acquisition of 50.55% stake in Bright Smart Securities & Commodities Group Limited (SEHK:1428) from Yip Mow Lum. Innovatech Empowerment Company Limited agreed to acquire 50.55% stake in Bright Smart Securities & Commodities Group Limited (SEHK:1428) from Yip Mow Lum for HKD 2.8 billion on April 25, 2025. A cash consideration of HKD 2.81 billion valued at HKD 3.28 per share will be paid by Innovatech Empowerment Company Limited. As part of consideration, HKD 2.81 billion is paid towards common equity of Bright Smart Securities & Commodities Group Limited. As of June 13, 2025, Bright Smart Securities & Commodities announced the satisfaction of the Completion Conditions are the Offeror has submitted the application to the SFC for approval for each of the Offeror and the other relevant persons and the Offeror has submitted the preliminary reporting documents to the National Development and Reform Commission of the PRC with respect to the transactions contemplated under the Share Purchase Agreement in accordance with the Measures for the Administration of Overseas Investment of Enterprises. As of July 11, 2025, the Offeror has been making progress with the relevant authorities, namely the SFC and the National Development and Reform Commission of the PRC, with a view to satisfying these Completion Conditions as soon as possible. The Offeror and the Company will continue to progress with the satisfaction of the Completion Conditions.
On September 23, 2025, the Offeror received approval from the Securities and Futures Commission (SFC). This approval is valid for six months, contingent on the completion of the acquisition within this timeframe or an extended period agreed upon by the SFC. The Offeror has also submitted necessary documents to the National Development and Reform Commission of the PRC (NDRC) and is actively working with them, with procedures progressing as planned.
As of November 25, 2025, few completion conditions for the Offer have been satisfied, while others remain pending. The Offeror has amended the Share Purchase Agreement to extend the Long Stop Date from November 25, 2025, to March 25, 2026, due to anticipated delays in receiving approval from National Development and Reform Commission and the upcoming holiday period. This extension was formalized through an Amendment Agreement, which also increased the Further Deposit from HKD 140.71 million to HKD 164.16 million representing approximately 5.83% of the total consideration for the Sale Shares. The Offeror has already notified the Seller and paid the revised Further Deposit to secure this extension. No other significant changes were made to the Share Purchase Agreement.
The long stop date for the transaction is March 25, 2026. On March 15, 2026, the transaction has received all the closing condition pursuant to the agreement. The transaction is now expected to close on March 30, 2026.
Morgan Stanley Asia Limited acted as exclusive financial advisor for Innovatech Empowerment Company Limited. Somerley Capital Limited as the Independent Financial Adviser to Bright Smart Securities & Commodities' Independent Board Committee and the Independent Shareholders.
Innovatech Empowerment Company Limited completed the acquisition of 50.55% stake in Bright Smart Securities & Commodities Group Limited (SEHK:1428) from Yip Mow Lum March 30, 2026. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to HK$11.81, the stock trades at a trailing P/E ratio of 31.7x. Average trailing P/E is 17x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 1,344% over the past three years. 
