Hong Kong-based Ming Shing Group Holdings has shocked markets with a plan to buy 4,250 Bitcoin worth nearly $483 million, making it the city’s largest Bitcoin treasury holder if completed. The Nasdaq-listed construction firm said the move is designed to capture Bitcoin’s long-term value growth and boost its asset base.

The purchase would push Ming Shing ahead of Buyaa Interactive International, which holds 3,350 BTC, according to BitcoinTreasuries.NET. CEO Wenjin Li said Bitcoin’s liquidity and appreciation potential make it an attractive investment, despite the company’s weak financials. Ming Shing reported a negative profit margin of 3.9% in 2025 and a $5.35 million operating loss.

Instead of paying cash, the company will issue 10-year convertible notes and 12-year warrants tied to more than 402 million new shares. The deal involves two British Virgin Islands entities, Winning Mission Group and Rich Plenty Investment, both receiving notes and warrants in exchange for Bitcoin.

Analysts warn the structure could severely dilute existing shareholders. Ming Shing currently has fewer than 13 million shares outstanding, but the share count could balloon to more than 415 million if notes convert, reducing current holders to just 3.1% ownership. In a worst-case scenario, dilution could reach nearly 99%, leaving investors with about 1.4% of the company.

Despite the risks, Ming Shing’s stock spiked on the announcement, hitting $2.15 before retreating. Shares remain volatile but closed at $1.65, up 11.5% on Thursday. Over the past year, however, the stock has lost more than 70% of its value.

The announcement aligns with Hong Kong’s broader crypto push. Regulators have greenlit spot Bitcoin and Ether ETFs, tightened stablecoin rules, and issued new custody guidance as the city aims to cement itself as a digital asset hub.