The Ming Shing Group, headquartered in Hong Kong, has allocated $47 million towards purchasing 500 Bitcoins. This move is part of their short-term financial plan aimed at boosting liquidity and the worth of their assets.
Construction company Ming Shing Group is now part of the group of traditional businesses exploring cryptocurrencies, as they have invested a significant amount of $47 million in Bitcoin (BTC). Their aim is to improve their financial fluidity and increase the worth of their assets.
On January 13th, a Hong Kong company primarily involved in wet trades such as plastering and tiling, made an announcement. This company stated that their fully-owned subsidiary, Lead Benefit, had bought 500 Bitcoins at approximately $94,375 each. Ming Shing explained that the money for this purchase was from excess reserves, and he considered the Bitcoin acquisition as a “temporary investment to seize potential Bitcoin value growth and boost its assets.
The company believes that the Bitcoin market offers great liquidity, so they could sell Bitcoins quickly if necessary, to finance their traditional trading operations.
Ming Shing
In December 2024, Lead Benefit was established, with Ming Shing holding the majority stake. Ming Shing’s director, Wenjin Li, expressed confidence that this investment would not only boost our growth but also generate significant returns for our shareholders. This news caused a 10% increase in Ming Shing’s shares traded on Nasdaq (MSW), raising the price to $7.91, as per Google Finance.
In my role as a researcher, I’m currently delving into the potential implications of Hong Kong’s interest in cryptocurrency. Legislator Wu Jiexhuang has proposed an intriguing idea: examining the feasibility of incorporating Bitcoin into our national reserves to bolster financial stability. As reported by crypto.news earlier, Wu suggests a cautious approach, advocating for a thorough analysis of the impact of U.S.-issued Bitcoin exchange-traded funds on market dynamics before any decisions are made regarding the inclusion of BTC in our reserves.
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2025-01-14 10:42