Rita Dfouni
- The largest Bitcoin treasury in Hong Kong was established when Ming Shing Group announced a $483 million transaction to purchase 4,250 BTC.
- The financing arrangement may reduce the ownership stake of current stockholders to as little as 1.4%.
- The action is part of Hong Kong’s accelerated crypto regulatory framework, which includes custody guidelines, stablecoin regulations, and ETFs.
Ming Shing Group Holdings, a construction company listed on Nasdaq in Hong Kong, stated on Wednesday that it has reached an agreement to purchase 4,250 Bitcoin for approximately $483 million, representing a significant step into digital assets. If finalized, the acquisition would position Ming Shing as the biggest Bitcoin treasury holder in Hong Kong, exceeding Buyaa Interactive International’s 3,350 BTC, as reported by BitcoinTreasuries NET. The firm characterized the investment as a strategy to harness Bitcoin’s possible value increase while enhancing corporate assets.
“We think the Bitcoin market is very liquid, and this investment can take advantage of Bitcoin’s potential rise in value while boosting the Company’s assets,” stated CEO Wenjin Li. Although the bold decision is made, Ming Shing’s finances indicate hidden strain, showing a negative profit margin of -3.9% in 2025 and a loss of $5.35 million before interest and taxes, as per Stock Analysis data.
The payment will not be completed using cash. Ming Shing intends to release 10-year, 3% convertible notes and 12-year warrants that encompass a total of 402,467,916 shares. Winning Mission Group, the vendor of 4,250 BTC, will acquire half of this total, with Rich Plenty Investment obtaining the remaining half and providing a promissory note to Winning Mission for 2,125 BTC.
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Massive dilution risk for shareholders
Despite thesThe structure presents considerable dilution risk for current shareholders. Currently, there are fewer than 13 million shares outstanding, and converting the notes would increase the total share count to over 415 million, reducing current shareholder ownership to only 3.1%. In a worst-case scenario, if all notes, warrants, and accrued interest were utilized, the total share count might reach almost 939 million, reducing current holders to just 1.4%.
The agreement requires shareholder approval to allow additional shares, as Ming Shing currently has only 100 million authorized. The announcement caused Ming Shing’s stock to soar, reaching $2.15 on Wednesday before pulling back
Hong Kong pushes deeper into crypto
The agreement highlights Hong Kong’s sustained initiatives to establish itself as a premier digital asset center. Regulators authorized spot Bitcoin and Ether ETFs in April 2024 and have just started issuing licenses to crypto asset service providers. In February, the Securities and Futures Commission (SFC) launched the “ASPIRe” framework to steer digital asset regulation, succeeded by a stablecoin law this month making unlicensed issuers illegal. Reports additionally suggest that CMB International Securities, a branch of one of China’s major banks, has initiated virtual asset trading services in the city
Also read: Crypto investor falls victim to $3 million phishing scam with a single click
Wider market effect
The action taken by Ming Shing demonstrates the increasing trend of non-financial businesses using Bitcoin into their corporate treasury strategy. The statement highlights how Bitcoin has changed from being a speculative asset to a balance sheet reserve, much like well-known purchases made by American companies like MicroStrategy. The readiness of a conventional construction company to invest almost half a billion dollars in Bitcoin indicates growing institutional confidence in digital assets, even though shareholder dilution is still a worry. According to analysts, such actions could strengthen Hong Kong’s goal of becoming a worldwide centre for cryptocurrency financing by further legitimising business adoption in Asia.
