Hong Kong-based construction company Ming Shing Group has purchased 500 Bitcoin worth $47 million through its subsidiary Lead Benefit, marking a bold move into cryptocurrency investment for the traditional construction firm.
The company, which specializes in wet trades like plastering and tile laying, acquired the Bitcoin at an average price of $94,375 per BTC using idle cash reserves. Ming Shing views this as a short-term investment strategy aimed at capturing potential Bitcoin price appreciation while maintaining quick access to liquid assets.
"The Bitcoin market offers high liquidity, allowing us to easily convert our holdings back to cash to fund our construction operations if needed," the company stated in its January 13 press release.
Wenjin Li, Ming Shing's director, expressed confidence that the Bitcoin investment would drive growth and create value for shareholders. The market responded positively to the announcement, with Ming Shing's Nasdaq-listed shares (MSW) climbing 10% to $7.91.
The investment comes as Hong Kong shows increasing openness toward cryptocurrency adoption. Local legislator Wu Jiexhuang recently proposed exploring the addition of Bitcoin to Hong Kong's national reserves, suggesting regulators first study the impact of U.S. Bitcoin ETFs before making such decisions.
Ming Shing's Bitcoin purchase represents a growing trend of non-technology companies diversifying into cryptocurrency investments. The construction firm's subsidiary Lead Benefit, incorporated in December 2024, executed the purchase as its first major investment move.
This strategic decision positions Ming Shing among the early traditional businesses in Hong Kong embracing cryptocurrency as part of their financial strategy, potentially setting a precedent for other companies in the region.