Nasdaq-listed Hong Kong construction firm Ming Shing Group Holdings is set to acquire 4,250 Bitcoin for $483 million, becoming Hong Kong’s top Bitcoin treasury. The move aims to capture Bitcoin’s potential appreciation and boost the company’s assets amid financial pressure, with a negative profit margin of -3.9% in 2025.

The acquisition will be made through the issuance of 10-year, 3% convertible notes and 12-year warrants, potentially leading to significant dilution for existing shareholders. If all notes, warrants, and accrued interest are converted, Ming Shing’s share count could rise to nearly 939 million, reducing current holders to about 1.4% ownership.

Ming Shing’s stock price surged following the announcement, despite facing steep declines over the past year, losing 70.5% in value. The stock initially reached $2.15 but most gains were lost on the same day, with the current price at $1.65, nearly 11.5% up on Thursday.

Hong Kong’s approval of spot Bitcoin and Ether ETFs in 2024 and the issuance of crypto service provider licenses indicate its commitment to becoming a digital asset hub. The Securities and Futures Commission finalized a stablecoin ordinance criminalizing unlicensed issuers and issued new custody guidance for crypto companies, showcasing a deepening involvement in the crypto space.

Read more at Cointelegraph: Hong Kong Firm Stock Jumps On $483M Bitcoin Acquisition Plan