- Ming Shing Group Holdings plans to purchase 4,250 Bitcoin for nearly $483 million.
- The company will issue 10-year convertible notes and 12-year warrants instead of paying cash.
- This move could make Ming Shing the largest corporate Bitcoin holder in Hong Kong.
- The purchase may heavily dilute current shareholders if new shares are issued.
- Hong Kong continues to advance its digital asset sector with regulatory updates and new trading options.
Ming Shing Group Holdings, a construction company listed on Nasdaq, announced it has signed an agreement to buy 4,250 Bitcoin valued at about $483 million. The company reported the planned acquisition on Wednesday, aiming to increase its digital asset holdings.
The agreement states that Ming Shing will not pay cash for the Bitcoin. Instead, it will offer 10-year convertible notes with 3% interest, convertible at $1.20 per share, and 12-year warrants for up to 402,467,916 shares at $1.25 per share. According to Wenjin Li, CEO of Ming Shing, “We believe the Bitcoin market is highly liquid and the investment can capture the potential appreciation of Bitcoin and increase the Company’s assets.”
If completed, the deal would make Ming Shing the largest Bitcoin holder among Hong Kong-listed firms, surpassing Buyaa Interactive International, which currently holds 3,350 Bitcoin, as shown on BitcoinTreasuries.NET. Two companies based in the British Virgin Islands are participating: Winning Mission Group will sell the Bitcoin and receive convertible notes and warrants, while Rich Plenty Investment will get the same package from Ming Shing and issue a promissory note for half of the Bitcoin involved.
The financial impact on shareholders could be significant. Ming Shing currently has fewer than 13 million shares outstanding. If all convertible notes are exercised and warrants are not, the share count could rise above 415 million, reducing existing shareholders’ ownership to about 3.1%. If both notes and warrants are fully converted, total shares could reach nearly 939 million, shrinking collective ownership to about 1.4%. The deal remains subject to shareholder approval to authorize new shares, as only 100 million are currently allowed.
Stock data from Google Finance shows Ming Shing shares surged briefly on the news, reaching $2.15 before dropping back to $1.65, yet still up 11.5%. Over the past year, the stock has fallen over 70%, including a 44% decline in the last month.
This development comes as Hong Kong expands its digital asset framework. Regulators allowed spot Bitcoin and Ethereum exchange-traded funds in April 2024 and issued licenses to crypto asset service providers. The Securities and Futures Commission introduced the “ASPIRe” regulatory roadmap and passed rules covering stablecoins and crypto custody. Recently, CMB International Securities also began offering virtual asset trading in the city.
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