# Ten Years of Perseverance Finally Pays Off: Ant Secures Everbright Securities, A Game of Ecosystem Closure and Integration

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From the failures of Deppon and Credit Suisse to Hong Kong’s full licensing clearance: collaboration is promising, but risks are high

Investors.com Zhou Zilan

In Central Hong Kong, the screen at the YoCai Securities trading hall still flickers with Hong Kong stock quotes. Retail investors are placing orders as usual. But on the evening of March 16, 2026, an announcement completely changed the fate of this longstanding local brokerage: Ant Group’s full takeover offer for YoCai Securities has officially received all regulatory approvals in both regions, with final settlement expected by March 30. This deal, initiated on April 25, 2025, acquired a 50.55% stake for HKD 2.814 billion, after approval from the Hong Kong Securities and Futures Commission, mainland regulatory filings, and two extensions for additional margin deposits. The dust has finally settled.

Looking back over the past decade, Ant has twice failed in its quest for brokerage licenses: in 2015, its attempt to acquire Deppon Securities in mainland China was unsuccessful; in 2024, its bid for Credit Suisse’s mainland China business also fell short. Now, through a curve, it has entered Hong Kong and obtained a full license. While this seems to complete the last piece of the financial ecosystem puzzle, the combination of traffic and licenses, and the collision of internet and traditional finance, raises the question: is this a collaborative feast or an uncertain integration adventure? The answer is far more complex than it appears.

1. From two failures to finally gaining approval: Ant’s obsession with broker licenses and strategic shift

Ant’s pursuit of brokerage licenses has been a consistent thread throughout its fintech expansion. In 2015, Ant attempted to secure a mainland China brokerage license by holding a large stake in Deppon Securities, but this was ultimately blocked by cautious regulators; in 2024, it again tried to acquire a stake in Credit Suisse Securities’ mainland China operations, but failed to break through policy barriers. These two failures clearly reveal a harsh reality: under China’s strict licensing controls, direct control of brokerages by tech platforms has become nearly impossible.

This prompted a strategic shift. Ant abandoned its mainland ambitions and turned its focus to Hong Kong, choosing YoCai Securities, a licensed firm with clear ownership, stable cash flow, and seven full licenses. This time, Ant adopted a prudent approach: a full cash purchase, no leverage, no complex nesting, and maintaining the listing status—completely aligned with regulatory guidance in both regions. From aggressive expansion to low-key implementation, from breaking through in mainland China to establishing a foothold in Hong Kong, Ant has spent ten years transforming from “striving for licenses” to “respecting rules.”

YoCai Securities’ value is clear: a leading local retail broker in Hong Kong, with full licenses, a solid customer base, and resilient performance, but facing digitalization gaps and growth plateaus. For Ant, it’s the cleanest, safest, and fastest licensed channel; for YoCai, it’s the only opportunity to break through bottlenecks and embrace technology and traffic.

2. A three-layer ecosystem taking shape: the logic of synergy among shareholders, industry chain, and global landscape

Acquiring YoCai allows Ant to build a three-tiered structure: an internal shareholder ecosystem, an external industry chain ecosystem, and a global financial ecosystem. Each layer supports this integration but also imposes constraints.

At the internal shareholder level, Ant has long operated without a controlling shareholder: Alibaba Group holds 32.65%, employee shareholding platforms Hangzhou Junhan and Junao hold over 50%, and institutional investors like social security funds and insurance companies are key investors. Jack Ma’s voting rights have been significantly diluted. This structure makes Ant’s strategy more rational and decision-making more stable, which is crucial for smooth cross-border regulatory approval. The stability of shareholders, capital strength, and compliance orientation provide a solid foundation for integration.

At the external industry chain level, Ant has built a comprehensive ecosystem centered on Alipay, covering payments, wealth management, credit, insurance, and tech services. Payments generate traffic and account bases; wealth management connects numerous institutions and products; credit and insurance enhance risk control and service scenarios. YoCai’s entry enables Ant to have its first licensed cross-border securities channel, realizing a full chain from “fund entry — asset management — global allocation.” Customer cross-border investment, asset appreciation, and risk management can be completed within one ecosystem, offering enormous synergy potential.

At the global financial ecosystem level, Ant is capable of competing with giants like PayPal and Visa. Leveraging Alipay and its global payment network, Ant has a vast cross-border user base. Hong Kong, as a hub, will serve as a bridge connecting mainland China and global markets through YoCai Securities. In terms of profitability and financial quality, Ant ranks among the top global fintech firms, and its complete ecosystem creates barriers that single payment companies cannot match.

3. Bright prospects for synergy and hidden risks in integration: opportunities and challenges

YoCai Securities provides Ant with licenses, scenarios, and international channels; Ant offers YoCai traffic, technology, and digital capabilities. Their complementarity is strong, and the synergy is evident: Alipay’s ecosystem can introduce cross-border investors to YoCai; Ant’s AI-driven investment advisory, smart risk control, and low-latency trading systems can significantly improve YoCai’s operations; wealth management products and securities accounts can be seamlessly integrated; and the Hong Kong licensed platform will greatly enhance Ant’s overall valuation.

However, the risks are equally significant, potentially offsetting short-term benefits. First, cultural conflicts are hard to reconcile: traditional brokerages emphasize compliance, risk control, and process, while internet platforms prioritize speed, iteration, and user experience—fundamentally different logic, with high management costs. Second, market competition is fierce: Futu and Tiger Brokers already dominate the cross-border online brokerage market, with strong user loyalty; Ant and YoCai lack clear differentiation. Third, regulatory pressure remains high: the Hong Kong Securities and Futures Commission enforces strict rules on client assets, trading behaviors, and cross-border data, and any misstep could threaten licenses. Fourth, brokerage performance is highly cyclical: during downturns, traffic and technology cannot fully counteract shrinking trading volumes and profitability.

From Deppon Securities to Credit Suisse Securities and now YoCai Securities, Ant has proven over ten years that licenses can be bought, but ecosystem integration cannot be rushed; traffic can be imported, but operational capability takes time; strategic loops can be closed, but risks cannot be eliminated entirely.

This acquisition marks a milestone for Ant’s financial ecosystem but also the beginning of a true test. The next 12 to 24 months will be critical for validating synergy and integration capabilities. Whether Ant can truly operate a full-licensed foreign brokerage, maintain compliance, and unlock ecosystem value will determine if it becomes a global fintech leader or falls back into a scale-risk balancing dilemma.

This is not the end, but the start of a longer, more arduous journey.