BroadChain has learned that Ant Group has completed its acquisition of Yau Choi Securities, a Hong Kong-listed company involved in stablecoin-related businesses, according to a March 31 report by Caixin. The transaction, valued at HK$2.814 billion, gives Ant Group a 50.55% equity stake.
Following the acquisition, Yau Choi Securities' board of directors has been fully reconstituted. New executive directors appointed include Zheng Yanlan, Head of the Overseas Wealth Business Preparation Team at Ant Group's wealth division; Huang Hao, Senior Vice President of Ant Group; and Liu Zheng, Chief Financial Officer of Ant Group.