Quick Takeaways
- Ming Shing is buying 4,250 BTC worth $483M using notes and warrants, not cash.
- Significant dilution risk: Existing shareholders may only own 1.4% of the company.
- Hong Kong’s crypto pivot gives this move more strategic context.
Ming Shing Takes Bitcoin to the Next Level Without Spending Any Money
Ming Shing Group Holdings, a Hong Kong-based construction company listed on Nasdaq, is diving headfirst into the world of crypto. In a surprising move, the firm has announced a $483 million deal to buy 4,250 Bitcoin, but here’s the twist: they’re not paying a single cent in cash.
Instead, Ming Shing is using a creative mix of convertible notes and stock warrants to seal the deal. If approved, this would make them the largest Bitcoin holder among Hong Kong public companies, overtaking Buyaa Interactive, which currently holds 3,350 BTC.
CEO Wenjin Li says the goal is clear: to add high-potential, liquid digital assets to the company’s balance sheet. “We believe that bitcoin market is extremely liquid and the investment could be a potential appreciation of bitcoin and increase the company’s property,” he shared in a statement.
Ming Shing’s Crypto Deal Could Seriously Dilute Shareholders
Now, here’s where things get a bit tricky.
Rather of utilizing its cash reserves, Ming Shing is selling 10-year convertible notes and 12-year warrants tied to more than 402 million shares to two firms domiciled in the British Virgin Islands.
These two firms, Winning Mission Group and Rich Plenty Investment, will each receive half of the Bitcoin in return. But there’s a big catch. Less than 1.3 Crore shares are now owned by Ming Shing.
So, if just the convertible notes are turned into shares, the count jumps to over 415 million, meaning current shareholders would own just 3.1% of the company.
If the warrants are also exercised, plus any interest over time, the share count could balloon to almost 939 million, shrinking existing investors’ stake to about 1.4%.
On top of that, the company will need to get shareholder approval to increase its authorized share limit, since it currently only allows 100 million.
So while the Bitcoin play might be bold, it could come at a steep cost for existing investors.
Ming Shing Stock Pops, Then Drops. What’s Going On?
When the news first hit, Ming Shing’s stock price shot up to $2.15. But the excitement didn’t last long; shares pulled back the same day. Even so, by Thursday, the stock still managed to close 11.5% higher at $1.65.
That small win comes after a rough ride for the company’s stock, which is down more than 70% this year, including a 44% loss just in the last month. Clearly, the market’s been tough on them.
Financially, things haven’t looked great either. In 2025, Ming Shing posted a $5.35 million pre-tax loss and a negative 3.9% profit margin, according to Stock Analysis.
This Bitcoin bet might be a shot at turning the narrative around or at least buying time to restructure.
Ming Shing knows that the cryptocurrency scene in Hong Kong is flourishing.
This is not Ming Shing’s first move. Hong Kong has been going all-in on crypto over the past year. Regulators have already approved spot Bitcoin and Ether ETFs, and introduced the ASPIRe roadmap to shape crypto policy for the long term.
Just this month, the Securities and Futures Commission finalized new rules around stablecoins and crypto custody, even making it illegal to issue stablecoins without a license.
Meanwhile, big players like CMB International Securities, backed by one of China’s largest banks, have quietly started offering crypto trading services in Hong Kong.
In other words, Ming Shing’s Bitcoin strategy fits right into Hong Kong’s push to be a major player in digital finance. Whether it pays off for the company or its shareholders is still up in the air. But they’re betting that crypto is more than a passing trend.
