Ming Shing Group Buys $483M Bitcoin, Tops HK Holders

Ming Shing Group Enters the Bitcoin Treasury Race

Ming Shing Group Holdings (NASDAQ: MSGH), a Hong Kong construction company, has announced a landmark deal to purchase 4,250 BTC—valued at nearly $483 million—through a share issuance agreement. If completed, the acquisition would make Ming Shing the largest corporate Bitcoin holder in Hong Kong, surpassing Buyaa Interactive International’s 3,350 BTC, according to BitcoinTreasuries.net.

CEO Wenjin Li described the decision as a strategic bet on Bitcoin’s liquidity and long-term appreciation potential:

“We believe the Bitcoin market is highly liquid and the investment can capture the potential appreciation of Bitcoin and increase the Company’s assets.”

Financing Structure: Notes and Warrants, Not Cash

Unlike traditional purchases, Ming Shing will not spend cash on the deal. Instead, it will issue:

• 10-year convertible notes at 3% interest, convertible at $1.20 per share

• 12-year warrants for 402.5 million shares, exercisable at $1.25 per share

Two British Virgin Islands-based firms are central to the transaction:

• Winning Mission Group will sell 4,250 BTC in exchange for notes and warrants.

• Rich Plenty Investment will receive the same package and issue a promissory note to Winning Mission covering 2,125 BTC.

Related: Bitcoin Hodler Sells $60M BTC After 7 Years, Rotates Into $282M Ether Long

Shareholder Impact: Massive Dilution Ahead?

Ming Shing currently has fewer than 13 million shares outstanding, but the new structure could dramatically dilute shareholder value:

• If only the convertible notes are exercised (warrants excluded), the share count would balloon to 415 million shares, reducing existing shareholders’ ownership to just 3.1%.

• In a worst-case scenario—if all notes, warrants, and accrued interest convert—the total share count could surge to nearly 939 million, leaving current investors with about 1.4% ownership.

The deal also hinges on shareholder approval to expand the company’s authorized share base from its current cap of 100 million shares.

Ming Shing Group Holdings Ltd 24-hour price chart. Source: Google Finance

Stock Reaction: Spike and Pullback

Following the announcement, Ming Shing’s stock briefly surged to $2.15, before retreating the same day. As of Thursday, the stock trades at $1.65, still up 11.5% on the news.

Despite the short-term bump, the company’s longer-term performance has been bearish:

• -70.5% decline over the past year

• -44% in the past month

• -24% in just the past five days

Financial filings also highlight challenges, with a -3.9% profit margin in 2025 and a $5.35 million EBIT loss.

Hong Kong’s Crypto Push Gains Momentum

The timing aligns with Hong Kong’s broader ambition to establish itself as a global crypto hub. Regulators have accelerated digital asset initiatives, including:

• Approval of spot Bitcoin and Ether ETFs in April 2024

• Introduction of the ASPIRe roadmap for regulatory clarity

• A stablecoin ordinance criminalizing unlicensed issuers

• Updated crypto custody guidelines

Meanwhile, CMB International Securities, a subsidiary of one of China’s largest banks, has begun offering virtual asset trading services in the city—signaling growing institutional adoption.

Conclusion: A Bold Bet with High Risk

Ming Shing’s $483 million Bitcoin acquisition underscores both the growing corporate embrace of crypto and the risks tied to unconventional financing structures. While the move secures the company a place as Hong Kong’s largest Bitcoin treasury holder, the potential shareholder dilution and fragile financials raise questions about sustainability.

As Hong Kong pushes deeper into crypto regulation and adoption, Ming Shing’s gamble may either prove visionary—or amplify its financial challenges.

Related: Bitcoin Rebounds from “Fear Zone,” but Santiment Warns FUD Could Return