As part of its entry into the world of cryptocurrency, a Hong Kong-based Ming Shing Group, which is in the construction business, has bought 500 BTC at $47 million to boost its short-term liquidity and thus increase its assets’ value.
The company, which specializes in wet trades such as plastering and tiling, said in the press release that its wholly-owned subsidiary, Lead Benefit, purchased at an average price of $94,375 per Bitcoin.
According to Ming Shing’s report, the cash for the investment was in excess of cash, thus presenting the move as a “short-term investment for profiting from the appreciation of Bitcoin and additional assets.”
Leading housing benefit firm Lead Benefit, incorporated in December 2024 with Ming Shing as its beneficial owner, has shot to prominence with this massive acquisition. The confederation was backed up by Wenjin Li, the company’s director, who said, “This will not have an effect of fostering the company’s growth but will also ensure a high value for shareholders.”
Ming Shing’s Bitcoin Move Boosts Stock by 10%
The announcement has already started paying off for the firm: According to Google finance data, Ming Shing Nasdaq-listed stock (MSW) rose 10% to end at $7.91.This decision by Ming Shing to venture into Bitcoin is in sync with an emerging trend in Hong Kong to accept Bitcoins.
Recently, legislator Wu Jiexhuang has called for Bitcoin to be added to the region’s national reserves to improve financial stability. Wu suggested that regulators should review the effect of US-issued Bitcoin exchange-traded funds and then proceed to incorporate BTC in reserves.
In recent years, Hong Kong has been working to enhance its chance of becoming a friendly hub for cryptocurrency and blockchain technology solutions as the government continues to introduce friendly legislative initiatives.
This investment reflects another emerging tendency: companies without a background or primary activity in the field of technology start using cryptocurrencies as an investment to diversify their risks.
The announcement was made at a time when Bitcoin is in the process of becoming recognized as a store of value, especially in challenging macroeconomic conditions.
Purchasing $47 million worth of Bitcoins, Ming Shing Group is among the leaders of a fast-developing financial tactic firm adopted globally. As Hong Kong looks into adopting cryptocurrency more in its economic system, the construction company’s move might be followed equally in the region.
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