Ming Shing Group invests $47 million in Bitcoin
A Hong Kong-based construction firm has leveraged idle company reserves to enhance liquidity and boost asset value.
Ming Shing Group, a construction firm based in Hong Kong, has made a $47 million investment in Bitcoin, purchasing 500 BTC at an average price of $94,375 per coin. The investment, made through its subsidiary Lead Benefit, is intended as a short-term strategy to enhance liquidity and asset value using idle company reserves.
Wenjin Li, director of Ming Shing, stated that the firm sees the Bitcoin market as highly liquid, allowing for quick asset disposal if needed for operational purposes. The announcement boosted Ming Shing’s Nasdaq-listed shares by 10%, closing at $7.91.
The move aligns with Hong Kong‘s growing interest in cryptocurrency adoption. Legislator Wu Jiexhuang recently suggested incorporating Bitcoin into the region’s national reserves to enhance financial security, further underscoring the city’s commitment to exploring digital asset opportunities.
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