Hong Kong-based Ming Shing Group Holdings will be buying Bitcoins worth almost $483 million, acquiring 4,250 BTC. The purchase represents a significant strategic shift for Ming Shing, a company primarily engaged in wet trades (construction services like plastering and tiling). This strategic move aims to diversify its balance sheet and leverage Bitcoin’s potential appreciation while maintaining its core construction operations.
This purchase will add to its existing 833 BTC, positioning Ming Shing as Hong Kong’s largest corporate Bitcoin treasury holder with a total of 5,083 BTC, surpassing Boyaa Interactive’s 3,350 BTC. The company, which reported a $5.35 million loss and a negative 3.9% profit margin in 2025, will pay for the cryptocurrency using convertible notes (a type of loan that can later be turned into company shares) and warrants (special rights to buy company shares later) instead of using cash.
CEO Wenjin Li defended the strategy, stating the Bitcoin market offers high liquidity and potential asset appreciation. The company structured the deal to avoid immediate cash outflow while betting on cryptocurrency’s long-term value.
Two British Virgin Islands entities facilitated the complex transaction. Winning Mission Group sells the Bitcoin while Rich Plenty Investment receives half the consideration through an assignment agreement. Each entity receives $241.5 million in 10-year convertible notes at 3% interest, plus warrants for 201.2 million shares exercisable at $1.25.
The way the company is raising money could greatly reduce the value of current shareholders’ ownership. Right now, Ming Shing has fewer than 13 million shares. If the convertible notes turn into shares but the warrants aren’t used, current shareholders would only own about 3.1% of the company. If all the notes and warrants are converted, their ownership could drop to just 1.4%.
To make the Bitcoin purchase happen as it is designed to, Ming Shing shareholders need to approve increasing the total number of shares from 100 million to as many as 939 million. The notes and warrants also have rules to stop any one person from owning too much of the company (no more than 4.99%).
Hong Kong Doubles Down on Crypto with Bold Embrace
Hong Kong authorities continue positioning the territory as a digital asset hub. Regulators approved spot Bitcoin ETFs in April 2024 and issued crypto service provider licenses this year. The Securities and Futures Commission recently finalized stablecoin regulations and published new custody guidance.
CMB International Securities, a subsidiary of a major Chinese bank, began offering virtual asset trading services in Hong Kong this week, signalling broader institutional crypto adoption.
Ming Shing’s Bitcoin gamble reflects growing corporate treasury diversification into cryptocurrency, following companies like MicroStrategy that pioneered the strategy. The company’s deal will close by December 31, 2025, at an average price of $113,638 per Bitcoin.
The construction firm’s dramatic strategic shift comes as traditional building trades face economic pressure, prompting management to explore alternative asset classes for potential returns that core operations cannot generate.
