Ming Shing stock gains on plans to build Hong Kong’s largest BTC treasury

Ming Shing, a Hong Kong-listed company, announced on Wednesday, 20 August, that it has entered into an agreement to purchase 4,250 BTC valued at approximately $483 million. The acquisition, priced at the current BTC price of $113,638, would place Ming Shing as the largest holder of Bitcoin among Bitcoin treasuries in Hong Kong. 

Boyaa Interactive, currently holding 3,350 BTC, would be surpassed as the leading Bitcoin treasury in Hong Kong. The agreement will be financed through the issuance of convertible notes and warrants instead of cash.

Ming Shing, a construction company, will issue 3% of 10-year convertible notes and 12-year warrants that cover a total of 402,467,916 shares. The transaction is set to close by December 31, 2025.  

Ming Shing to lead Hong Kong BTC treasuries with 4,250 BTC acquisition 

The construction company has joined the Hong Kong-listed firms with Bitcoin reserves in a growing industry wave of publicly listed companies forming Bitcoin treasuries as an alternative financial strategy.

The trend follows early adopters like Strategy and Metaplanet. As of August 2025, 169 publicly traded companies worldwide had adopted the Bitcoin treasury model. Strategy holds the largest portion with approximately 629,000 BTC valued at approximately $71 billion.

Ming Shing Group’s recent acquisitions include a 500 BTC purchase in January 2025 and 333BTC in both February and March, positioning itself as one of the largest Bitcoin treasuries in Hong Kong. The company views crypto assets as a long-term store of value and hedge against inflation.

Winning Mission and Rich Plenty Investment Limited, two British Virgin Islands-based firms, are involved in the transaction. Winning Mission, the seller of the 4,250 BTC, will receive $241.48 million in convertible notes and warrants for 201,233,958 shares. Rich Plenty Investment will act as the broker for the transaction between the two entities.

The convertibles and warrants include a 4.99% cap on beneficial ownership. 

Wenjin Li, CEO of Ming Shing, noted the volatile nature of the Bitcoin market and acknowledged that the investment could potentially appreciate and increase the company’s assets. 

According to the details of the transaction, the company’s share base is expected to increase from the current less than 13 million outstanding shares. If all goes well and the convertibles are exercised, the shares would rise to 415 million, reducing the current shareholder ownership to about 3.1%. If all shares, convertibles, warrants, and accrued interest are exercised, the company’s share base could reach 939 million, leaving the existing shareholders with just 1.4% ownership.

The current approved share base is 100 million; to increase, an authorization will be required from the shareholders. 

Ming Shing’s stock jumps briefly before closing at $1.65 on Thursday

Ming Shing’s stock jumped briefly to $2.15 after the announcement and closed at around $1.65 on Thursday. The stock is down 6.06% on the daily chart and 24.39% over the past week. The stock YTD shows 74.39% down with a year range of $1.18 – $10.58%, showing poor performance throughout the last 12 months. 

Financial reports from the construction firm show that it experienced a negative profit margin of -3.9% in 2025 and a pre-interest and tax loss of $5.35 million. The company is diversifying its assets from the core business to shield itself from such losses and increase shareholder margins. 

Regulators across Hong Kong have approved Ether ETFs, spot Bitcoin, licenses for crypto service providers and the introduction of the ASPIRe regulatory framework. CMB International, a financial institution in Hong Kong, has also begun issuing digital assets in the city. The city is undergoing drastic changes to establish itself as a central hub for digital assets. 

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