Hong Kong-based Ming Shing Group has invested $47 million in Bitcoin and acquired 500 BTC as a short-term strategy to improve liquidity and asset value.
Public construction company Ming Shing Group has joined the list of non-tech companies diversifying into cryptocurrency, investing $47 million in Bitcoin (BTC) to increase liquidity and increase asset values.
In a January 13 press releasethe Hong Kong-based company, which mainly deals in wet trade work such as plastering and tile laying, announced that its wholly owned subsidiary, Lead Benefit, has purchased 500 Bitcoins at an average price of $94,375 per BTC. Ming Shing said the money came from unused reserves and viewed the purchase of Bitcoin as a “short-term investment to leverage Bitcoin’s potential appreciation and grow its assets.”
“The company believes that the Bitcoin market is highly liquid and the Bitcoins can be easily sold, if necessary, to fund the company’s wet trading activities.”
Ming Shing
Lead Benefit was founded in December 2024, with Ming Shing as the ultimate shareholder. Wenjin Li, director of Ming Shing, said the company is confident that this investment “will not only fuel our growth, but also create substantial value for our shareholders.” The announcement saw Nasdaq-listed shares of Ming Shing (MSW) rise 10% to $7.91, according to Google Finance.
Meanwhile, Hong Kong is also exploring ways to embrace cryptocurrency. Lawmaker Wu Jiexhuang recently suggested that the region consider adding Bitcoin to its national reserves to strengthen financial security. As crypto.news previously reported, Wu suggested that regulators first study the effects of US-issued Bitcoin exchange-traded funds on the market before making decisions on including BTC in reserves.
