Hong Kong construction firm seeks to purchase 4,250 Bitcoins, shares jump 30%

JOON HYOUNG LEE

Summary

Ming Shing Group Holdings, a Hong Kong construction firm listed on Nasdaq, announced that it had signed a contract to purchase 4,250 Bitcoins for approximately $482.96 million.
This investment is scheduled to be made within the year, and the company stated that its goal is to capture Bitcoin's potential value increase and expand its assets.
Following the contract announcement, Ming Shing Group Holdings’ stock price soared by as much as 30% intraday, before closing up 11.5% at $1.65.

Hong Kong construction company Ming Shing Group Holdings, listed on the US Nasdaq, is pushing for a large-scale Bitcoin (BTC) purchase.

Ming Shing Group Holdings announced on the 20th (local time) that it has signed a contract with Winning Mission Group to purchase 4,250 Bitcoins. The total purchase amount is about $482.96 million (about ₩680 billion), with an average price per Bitcoin of $113,638.

This Bitcoin purchase agreement is set to be executed within the year. Ming Shing Group Holdings stated, "The (Bitcoin) purchase agreement will be completed by December this year."

This is the first time Ming Shing Group Holdings is acquiring Bitcoin. Wenjin Li, CEO of Ming Shing, said, "The Bitcoin market is highly liquid," adding, "We believe this investment could capture Bitcoin's potential value increase and expand the company's assets."

Meanwhile, after the news of the contract came out, Ming Shing Group Holdings’ share price temporarily surged about 30% during intraday trading. The Block reported, "(The stock) later gave up some of its gains and closed 11.5% higher at $1.65."

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