Mingcheng Group's Hong Kong subsidiary Lead Benefit spent $47 million to buy 500 bitcoins

On January 13th, it was announced that Ming Cheng Holdings Limited (NASDAQ stock code: MSW), a Hong Kong-based company mainly engaged in construction projects, purchased 500 bitcoins at an average price of $94,375 per bitcoin through its wholly-owned Hong Kong subsidiary, Lead Benefit (HK) Limited ("Lead Benefit"), on January 9th, 2025, with a total investment of approximately $47 million. Ming Cheng plans to use its idle funds to purchase bitcoins as a short-term investment in order to capture the potential appreciation of bitcoins and increase its assets. The company believes that the bitcoin market has high liquidity and bitcoins can be easily disposed of to provide funding for the company's wet operation construction business when needed.