Ming Shing Group plans to acquire 4,250 BTC through share issuance amid push into digital assets
Ming Shing Group Holdings, a Nasdaq-listed construction company from Hong Kong, announced a $483 million deal to acquire 4,250 Bitcoin, marking one of the region’s boldest corporate crypto bets to date. If completed, the acquisition will make Ming Shing Hong Kong’s largest Bitcoin treasury holder, surpassing Buyaa Interactive International’s 3,350 BTC holdings.
In an official statement, CEO Wenjin Li said the company views Bitcoin as a highly liquid asset with strong appreciation potential, adding that the move aims to strengthen its balance sheet despite recent financial struggles. Ming Shing reported a negative profit margin of -3.9% in 2025 and a $5.35 million loss before interest and taxes, according to Stock Analysis data.
Deal Structure and Share Dilution Risks
Rather than paying cash, Ming Shing will issue 10-year, 3% convertible notes (convertible at $1.20 per share) and 12-year warrants for 402,467,916 shares (exercisable at $1.25 per share). Two British Virgin Islands-based firms—Winning Mission Group and Rich Plenty Investment—are facilitating the deal.
The agreement could result in significant shareholder dilution. Ming Shing currently has fewer than 13 million shares outstanding, but conversion of notes and warrants could increase the share count to more than 415 million. In a worst-case scenario, if all instruments and interest convert, shares could balloon to nearly 939 million, reducing existing ownership to 1.4%. The transaction requires shareholder approval for additional share authorization.
Stock Reaction and Market Context
Despite these dilution risks, Ming Shing’s stock surged to $2.15 on Wednesday before retreating, and currently trades around $1.65—up 11.5% on Thursday. The rally follows a steep 70.5% decline over the past year, including 44% last month and 24% in the past five days.
This announcement comes as Hong Kong strengthens its position as a digital asset hub. Regulators approved spot Bitcoin and Ether ETFs in April 2024, issued the first crypto service provider licenses, and recently finalized a stablecoin ordinance and new custody rules under the “ASPIRe” framework.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.