The stock price of Bright Smart jumped 82 percent after trading resumed on Monday in Hong Kong, closing at HK$5.55 (72 cents) per share, as transaction volume reached HK$3.5 billion.

This follow’s Friday’s announcement that Ant Group, a Chinese financial technology company, had acquired a 50.55 percent stake at HK$3.28 per share in Bright Smart for HK$2.81 billion.

By leveraging Ant Group’s capabilities in product and technology innovation, Bright Smart said it expects to expand its services to customers in a wider range of ages and enhance the experience for existing customers, driving further business growth.

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With the aim of creating a safer, better and faster platform for customers, more funds will be reinvested for strengthening its technology infrastructure and improving risk control efficiency, the company said.

Research by JP Morgan suggests that an increase in research and development spending will transform Smart Bright’s business into a more digital retail brokerage. This process may take one to two years.

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JP Morgan estimates that Smart Bright may intensify competition with Futu Securities, one of the largest retail brokers in Hong Kong, in the medium and long term and compete for market share with traditional brokerages.

Contact the writer at thor_wu@chinadailyhk.com