Ming Shing Group Holdings Limited has announced a strategic investment in Bitcoin.
According to a recent press release, Lead Benefit (HK) Limited, a wholly-owned subsidiary, has acquired 500 Bitcoins for approximately $47 million, with an average purchase price of $94,375 per Bitcoin. The company plans to utilize its idle funds for this short-term investment, viewing it as a means to capture Bitcoin’s potential appreciation while enhancing its assets. Ming Shing highlighted the liquidity of Bitcoin, noting that the cryptocurrency can be quickly sold to fund the company’s core business if needed.
Director Wenjin Li expressed enthusiasm about the investment, highlighting its potential to drive growth and create shareholder value.
“We are confident that this investment will not only drive our growth but also create substantial value for our shareholders. We are also actively exploring options for the Company to grow further,’’
Li noted.
Meanwhile, Hong Kong lawmaker Wu Jie has urged the region’s government to consider adding Bitcoin to its fiscal reserves. He proposed that the Hong Kong Special Administrative Region (SAR) explore acquiring and maintaining digital assets using foreign exchange funds. Wu highlighted Bitcoin’s limited supply as a potential hedge against inflation and pointed out its increasing adoption by significant economies worldwide. While he acknowledged Bitcoin’s volatility, he recommended that only a small portion of the reserves be allocated to this asset. Wu emphasized the importance of a cautious approach to minimize risks while enhancing the financial system.
Similarly, lawmaker Johnny Ng has expressed concerns about the role of Bitcoin in Hong Kong’s investment strategy. In a statement made on December 11, he questioned whether the Hong Kong Monetary Authority’s Exchange Fund could incorporate Bitcoin into its long-term fiscal reserves. Ng highlighted the growing global trend of countries adopting Bitcoin as a reserve asset and urged the government to evaluate its potential impact on Hong Kong’s economic stability and financial security.
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