Ming Shing Group

The core business of Ming Cheng Group is wet work engineering services (such as tile laying, bricklaying, and floor leveling), primarily serving public and private construction projects in Hong Kong. Starting from the end of 2024, the company will engage in cryptocurrency investment through its subsidiary Lead Benefit (HK) Limited, forming a dual-track model of "traditional engineering + digital assets": Bitcoin Investment Strategy: Utilize idle funds for short-term asset appreciation, accumulating a total of 833 Bitcoins through two large purchases (500 coins at an average price of $94,375, and 333 coins at an average price of $81,555), with a total investment of approximately $74 million. Liquidity management: Emphasizes the high liquidity of the Bitcoin market. If core business requires funds, it can be quickly liquidated to support engineering operations. Capital operation synergy: Raising funds through a Nasdaq listing (stock code MSW), part of which will be used to expand the scale of cryptocurrency investments, forming a cycle of "fundraising - purchasing coins - asset appreciation."

Bitcoin price appreciation: As of July 2025, the price of Bitcoin increased from approximately $81,000 - $94,000 at the time of purchase to $100,000, with a holding market value reaching $83.3 million, representing a premium of about 12.6% over the cost. Low buy high sell trading: By building positions in batches (such as in January 2025 and subsequent increases), average costs are reduced to capture market volatility gains. For example, 333 Bitcoins purchased at $81,555 have realized an approximate 22% paper profit when the coin price surpassed $100,000. Traditional business cash flow support: The stable income from engineering operations provides a funding source for cryptocurrency investments. In the first half of 2025, engineering revenue increased by 31.8% year-on-year to 17.4 million USD, supporting the expansion of cryptocurrency holdings.

Asset diversification: Reducing reliance on the traditional construction industry, in the first half of 2025, the market value of cryptocurrency holdings is expected to account for approximately 14% of the company's total market value (based on an investment of 74 million USD), becoming an important asset class. Liquidity buffer: Bitcoin reserves can provide emergency funds during periodic downturns in the construction industry, for example, in July 2025 when the company's stock price plummeted 61% in a single day due to market fluctuations, but the Bitcoin holdings were not directly affected. Market confidence has improved: As one of the few publicly listed companies in Hong Kong that holds Bitcoin, its strategy has attracted the attention of cryptocurrency investors, driving a short-term increase of 10% in stock price after the IPO. Financial flexibility: The investment returns from cryptocurrencies can be used to repay debts or expand engineering operations, for example, the net profit growth in the first half of 2025 increased 23.7% to 2.4 million dollars, partly due to unrealized gains from Bitcoin.

Only affects Bitcoin ( BTC ): All cryptocurrency activities revolve around Bitcoin and do not involve ETH, SOL, or other currencies. Specific impact path: Demand pull: By 2025, a total of 833 bitcoins will be purchased, and transactions when the price exceeds $100,000 are seen as short-term price support factors, especially during times of market liquidity tightness, which may trigger follow-up buying. Market sentiment guidance: The identity of publicly listed companies enhances the legitimacy of Bitcoin as an institutional asset, attracting the attention of traditional funds. For example, its IPO attracted funds that only invest in U.S. stocks to participate. Policy Demonstration Effect: Hong Kong regulators have an open attitude towards cryptocurrencies, and company strategies may encourage more local enterprises to explore digital asset allocation, promoting the improvement of regional compliance frameworks.