Hong Kong construction firm Ming Shing plans $483M Bitcoin purchase, sparking share surge and dilution concerns
Ming Shing Group Holdings, a Hong Kong construction firm listed on Nasdaq, said it has agreed to acquire 4,250 Bitcoin in a transaction valued at roughly $483 million. The deal, if completed, would make Ming Shing one of Hong Kong’s largest corporate Bitcoin holders, surpassing firms that currently hold several thousand BTC.
Rather than paying cash, Ming Shing plans to fund the purchase by issuing long-dated convertible notes and warrants. The company will issue 10‑year convertible notes paying 3% interest and convertible at $1.20 per share, along with 12‑year warrants exercisable at $1.25 per share covering a total of 402,467,916 shares.
Two British Virgin Islands–based entities are involved in the arrangement. Winning Mission Group is selling the 4,250 BTC and will receive a convertible note plus warrants for roughly half of the share package. Rich Plenty Investment will receive the same convertible note and warrant package from Ming Shing and will issue a promissory note to Winning Mission for 2,125 BTC.
Company management framed the move as an opportunity to capture potential appreciation in Bitcoin and to strengthen Ming Shing’s asset base. CEO Wenjin Li said the Bitcoin market’s liquidity made the investment attractive for potential upside.
However, the financing structure raises the prospect of severe dilution for existing shareholders. Ming Shing currently has fewer than 13 million shares outstanding. If the convertible notes are converted (but the warrants are not exercised), the share count would swell to over 415 million, leaving current holders with roughly 3.1% ownership. In a full-conversion scenario — if notes, warrants and accrued interest were all converted — the share count could approach 939 million, cutting current ownership to about 1.4%. The plan also depends on shareholder approval because the company’s current authorized share capital is limited.
The announcement produced a sharp, short-lived rise in Ming Shing’s stock price. The company’s shares have been under pressure over the past year, and the recent volatility highlights the tension between seeking new sources of value and the potential cost to legacy investors.
The deal comes as Hong Kong continues to deepen its engagement with digital assets. Local regulators have taken steps in recent years to expand crypto infrastructure and oversight, reflecting a broader push to position the city as a regional hub for digital-asset services.
