A Hong Kong construction company splurged $483 million to buy 4,250 Bitcoins! The stock price surged 30% at one point.

Hong Kong-listed construction services company Ming Shing Group Holdings announced that it will purchase 4,250 Bitcoins (BTC) for a total price of $483 million, with an average transaction price of approximately $113,638 per coin. Stimulated by this news, the company's stock price on Nasdaq surged by 29% during intraday trading on August 20, ultimately closing up 11.5% at $1.65.

Transaction details: non-cash payment, to be completed by the end of the year

Ming Cheng Group has reached an agreement with Winning Mission Group, registered in the British Virgin Islands, to make payments through the issuance of convertible promissory notes and warrants, instead of cash settlement.

Total trading volume: 482.9 million USD

BTC amount: 4,250 coins

Average price: 113,638 USD/coin

Completion time: Expected to be completed by the end of 2025

In addition, the transaction introduces a third party, Rich Plenty Investment Limited, which will receive half of the transaction value. The original seller and the new assignee will respectively receive convertible bonds worth over 241 million dollars, as well as warrants to subscribe for more than 200 million shares of Ming Cheng stock.

CEO: Optimistic about Bitcoin liquidity and appreciation potential

The CEO of Ming Cheng Group stated: "We believe that the liquidity of the Bitcoin market is extremely strong, and this investment can capture its potential appreciation space and enhance the company's assets. We will continue to create value for our shareholders and actively explore more development opportunities."

This move means that Ming Cheng has officially joined the ranks of more and more publicly listed companies incorporating Bitcoin into their asset management strategies.

Stock Price Reaction and Market Background

After the news was announced, the stock price of Ming Cheng (MSW) surged by 29% during Wednesday's trading session, closing with a gain of 11.5%.

According to The Block data, the total amount of Bitcoin held by publicly traded companies currently accounts for 3.93% of the global supply, with MicroStrategy, led by Michael Saylor, holding the largest position.

Strategic Significance: Transitioning from the Construction Industry to Cryptocurrency Assets

Ming Cheng was originally focused on construction services in Hong Kong (especially wet works), and this large-scale allocation of Bitcoin shows that its business strategy is aligning towards asset diversification and digital transformation.

This not only helps to enhance the company's visibility in the capital markets but may also provide additional returns to shareholders in the long-term uptrend of Bitcoin.

Conclusion

The decision by Ming Cheng Group to invest $483 million in the purchase of 4,250 Bitcoins has made it one of the few publicly listed companies in Hong Kong to hold large amounts of cryptocurrency. As more and more traditional industry companies incorporate Bitcoin into their asset allocation, this trend may accelerate the penetration of cryptocurrencies into the global capital markets.