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Hong Kong Firm Stock Jumps On $483M Bitcoin Acquisition Plan
Crypto Trends

Hong Kong Firm Stock Jumps On $483M Bitcoin Acquisition Plan

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Nasdaq-listed Hong Kong construction firm Ming Shing Group Holdings said Wednesday it has entered into an agreement to acquire 4,250 Bitcoin for nearly $483 million, joining the wave of companies adding the cryptocurrency to their treasuries.

If successful, the deal would make Ming Shing Hong Kong’s top Bitcoin (BTC) treasury according to BitcoinTreasuries.NET data, surpassing even Buyaa Ineractive International with its 3,350 BTC as Bitcoin and crypto adoption take the corporate world by storm.

“We believe the Bitcoin market is highly liquid and the investment can capture the potential appreciation of Bitcoin and increase the Company’s assets,” Wenjin Li, CEO of Ming Shing, said.

Ming Shing’s financials show it has been under pressure, with a negative profit margin of -3.9% in 2025 and a $5.35 million loss before interest and taxes, according to Stock Analysis data.

Related: The Bitcoin treasury model is breaking, but Strategy’s isn’t. Here’s why

Ming Shing will not pay cash for the BTC. Instead, it plans to issue 10-year, 3% convertible notes (convertible at $1.20/share) and 12-year warrants covering a total of 402,467,916 shares (exercisable at $1.25/share).

Two British Virgin Islands-based firms are involved. Winning Mission Group is selling the 4,250 BTC and will receive a $241,480,750 convertible note plus a warrant for 201,233,958 shares. Rich Plenty Investment will receive the same package from Ming Shing and issue a promissory note to Winning Mission for 2,125 BTC.

Massive potential dilution for shareholders

The structure could sharply dilute Ming Shing’s existing shareholders. The company currently has fewer than 13 million shares outstanding. If the convertible notes are exercised but warrants remain unexercised, the share count would jump to more than 415 million, leaving current shareholders with about 3.1% ownership.

In a worst-case scenario — if all notes, warrants and accrued interest were converted — Ming Shing’s share count could rise to nearly 939 million, reducing current holders to about 1.4% ownership. The transaction also depends on shareholder approval to authorize more shares, since the company currently has only 100 million authorized.

Related: 10 public companies that quietly turned their balance sheets into Bitcoin treasuries

According to Google Finance data, Ming Shing stock spiked sharply on the news, despite trading bearishly over the longer term. The company’s stock has faced steep declines over the past year, losing 70.5% in value, including a 44% drop in the past month and 24% over the past five days.

The initial upward price movement reached $2.15 on Wednesday, but most of the gains were lost on the same day. Still, at Ming Ching’s current price of $1.65, the stock is nearly 11.5% up on Thursday.

Ming Shing Group Holdings Ltd 24-hour price chart. Source: Google Finance

Hong Kong pushes deeper into crypto

The announcement comes as Hong Kong continues its push to become a digital asset hub. Regulators approved spot Bitcoin and Ether exchange-traded funds in April 2024 and issued the first crypto asset service provider licenses earlier this year.

In February, the Securities and Futures Commission (SFC) introduced the “ASPIRe” roadmap to guide local regulation. Earlier this month, the SFC finalized a stablecoin ordinance criminalizing unlicensed issuers and issued new custody guidance for crypto companies.

Reports this week also indicated that CMB International Securities, a subsidiary of one of China’s top banks, had begun offering virtual asset trading services in Hong Kong.

Magazine: Bitcoin OG Willy Woo has sold most of his Bitcoin: Here’s why



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Crypto, Hong Kong, Stablecoin
Crypto Trends

Hong Kong To Issue Stablecoin Licenses In Coming Months

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As crypto-related legislation and adoption continue around the globe, Hong Kong’s Financial Secretary revealed that the regulators will begin issuing stablecoin licenses to qualified issuers in the next few months.

Hong Kong Preparing To Issue Licenses

Speaking to local news outlet China Daily, Hong Kong’s Financial Secretary, Paul Chan Mo-po, affirmed that the Monetary Authority (HKMA) will begin issuing licenses for stablecoin issuers in the coming months following the passage of the related bill a month ago.

On May 21, Hong Kong’s Legislative Council passed the long-awaited Stablecoins Ordinance, requiring any individual or entity seeking to issue a fiat-referenced stablecoin (FRS) in the jurisdiction, or any Hong Kong Dollar (HKD)-pegged token, to obtain a license from the HKMA.

Under the legislation, which will take effect on August 1, licensed entities will be allowed to offer FRS in Hong Kong, while retail investors will be able to access the tokens issued only by these qualified institutions.

The ordinance aims to reinforce regulatory oversight on the digital assets industry, fostering innovation and “responsible, sustainable” development, the Financial Secretary reportedly stated.

According to Daily China, he also revealed that the Hong Kong government is taking a “step-by-step” approach to develop the sector, attempting to ensure balanced growth with regulation as the first step of its phased plan.

Chan said that the second step might involve stablecoins linked to other assets that are “integrated with the real economy,” adding that they must have practical use cases, instead of “being speculative instruments.”

Notably, he considers that “The stablecoin, particularly when it is referenced to fiat currencies, (has) many use case scenarios,” including cross-border payments to enhance efficiency and reduce costs.

Big Companies Eye Stablecoin Adoption

Hong Kong’s Financial Secretary stated that regulators have received several applications from entities seeking to become qualified issuers, adding that the licenses will start being issued in a few months.

According to recent reports, multiple companies have applied for the HKMA license this month, including logistics technology firm Reitar Logtech and the overseas arm of Chinese mainland financial technology giant Ant Group.

Additionally, e-commerce giant JD.com, through its fintech arm JD Coinlink, has been testing HKD-pegged tokens under the regulator’s sandbox program. Per the report, several financial and technology firms have been testing the stablecoin issuer sandbox since July 2024.

JD Coinlink’s CEO, Liu Peng, affirmed that the company expects to obtain the HKMA’s license in early Q4 2025 and launch a JD Stablecoin simultaneously, detailing that the firm ended its second phase of testing last month.

Meanwhile, several tech giants are also exploring similar approaches in the US to optimize cross-border payments and transaction costs. As reported by Bitcoinist, multiple Big Tech companies, including Apple, X, Airbnb, and Google, are in early discussions with various crypto firms to integrate stablecoins.

This move follows the bipartisan push from US lawmakers and the Trump administration to pass two crucial crypto-related bills, the GENIUS Act and Clarity Act, before the early August legislative recess.

Bitcoin (BTC) trades at $102,555 in the one-week chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Taiwanese mobile game banned in Hong Kong for reportedly "advocating an armed revolution"
Esports

Taiwanese mobile game banned in Hong Kong for reportedly “advocating an armed revolution”

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Taiwanese mobile game Reversed Front: Bonfire has been banned in Hong Kong for reportedly “promoting secessionist agencies” by encouraging players to defeat communist regimes.

As reported by The New York Times, Hong Kong police said the game was “advocating an armed revolution” and that any residents who have downloaded or recommended the game will face legal charges which could lead to jail time.

“Reversed Front: Bonfire was released under the guise of a game with the aim of promoting secessionist agencies such as ‘Taiwan independence’ or ‘Hong Kong independence,” it said (via BBC News).

“Those who have downloaded the application should uninstall it immediately and must not attempt to defy the law.”

As noted by The Guardian, in-app purchases may be seen as funding the game’s developer ESC Taiwan “for the commission of succession of subversion”.

ESC Taiwan is described by the NYT as “a group of anonymous volunteers who are outspoken against China’s Communist Party”.

The developer states on its website that Reversed Front: Bonfire is a “work of non-fiction” and that “any similarity to actual agencies, policies, or ethnic groups of the People’s Republic of China in this game is intentional.”

The title launched in April 2025. As of Wednesday (June 11), the game is no longer available on Google Play or Apple’s App Store in Hong Kong.



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NFT Gaming

Hong Kong Opens Door to Crypto Derivatives in Bid to Rival Global Hubs

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In brief

  • Hong Kong’s SFC plans to introduce virtual asset derivatives trading for professional investors to boost competitiveness in the global digital asset market.
  • Virtual assets will qualify for tax concessions to attract large-scale international fintech companies to establish operations in Hong Kong.
  • The move follows recent approvals for staking services and virtual asset ETFs, with the SFC estimating $70 trillion in annual global virtual asset trading volumes.

Hong Kong could soon offer virtual asset derivatives trading for professional investors.

This news, reported by China Daily, comes as the Hong Kong securities regulator announces plans to introduce the option as part of its plan to expand product offerings while ensuring risk is kept under control.

Security is an important part of this focus as the Securities and Futures Commission, or SFC, points out it will ensure trades are carried out “in an orderly, transparent and secure manner.”

According to Hong Kong treasury chief, Christopher Hui Ching-yu, this plan aims to bolster competitiveness in the global digital asset market.

This follows plans shared earlier in the year in which the regulator outlined a move to broaden the range of virtual asset products and services on offer for different investors.

The SFC has permitted staking services for virtual assets in a bid to entice investors with the potential to earn additional returns.

Hui also pointed out that virtual assets will be recognized as qualifying transactions for tax concessions, as part of an attempt to attract more large-scale international fintech companies to set up in Hong Kong.



The newly proposed options will allow for efficient risk transfers and boost liquidity in the underlying spot markets, while supporting professional investors with hedging and leveraging strategies.

Hui said that the treasury plans to lay out the new policy directions in a statement that explores ways to leverage both the advantages of traditional financial services, as well as innovative technologies, that could help the virtual asset market while enhancing security and the flexibility of real economy activities. This is aimed to encourage both local and international business.

In April the SFC approved two licensed virtual asset trading platforms to offer staking services. This was followed by two virtual asset spot exchange traded funds, or ETFs, with revisions to documentation to engage in staking activities.

“These products have broadened the product diversity of the Hong Kong market, further enhancing Hong Kong’s position as Asia’s leading ETF market,” Hui said.

The SFC estimates the global virtual asset market has shown trading volumes of more than $70 trillion annually.

Edited by Stacy Elliott.

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Breaking Hong Kong Firm Announces $1.5 Billion Bitcoin Buy Plan
GameFi Guides

Hong Kong Firm Announces $1.5 Billion Bitcoin Buy Plan

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Reitar Logtech Holdings Ltd, focusing on real estate and logistics technology, unveiled a major financial decision to help them grow outside Hong Kong. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the company wants to put up to $1.5 billion toward purchasing Bitcoin (BTC).

Hong Kong Firm Announces $1.5 Billion Bitcoin Buy

The move shows that Reitar Logtech is updating its approach to treasury, aiming to strengthen its ability to handle shifting financial situations. The SEC filing under the number 001-42210 shows the company is using this new acquisition to expand its reserve and support its progress in logistics technology.

This step by Reitar Logtech shows that businesses are starting to view digital currencies as good options for storing assets. The firm wants managers to use Bitcoin both as a store of wealth and as a way to respond to changes in global markets.

Kin Chung Chan, as Director, Chairman and CEO at Reitar Logtech, who has signed the document submitted to the SEC. According to the company, the investment in Bitcoin is meant to strengthen its logistics technology.

“This strategic treasury diversification initiative underscores our commitment to maintaining a strong financial foundation while scaling our global logistics technology platform,” said Reitar Logtech Chairman and CEO John Chan, according to the filing.

He added, “By exploring Bitcoin treasury allocation, we aim to fortify our financial position while aligning with digital transformation trends in the supply chain industry. This potential initiative provides enhanced flexibility to pursue strategic acquisitions and expand into new markets.”

Meanwhile, Strategy (formerly MicroStrategy), the forerunner in corporate Bitcoin acquisitions, announced a purchase of 705 BTC worth $75.1 million today. Now, the company holds 580,955 BTC, valued at over $60 billion.

Also Read: BlackRock is Selling $429 Million in Bitcoin: Fact Check



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GameFi Guides

Hong Kong Passes Law to Regulate Fiat-Pegged Stablecoins

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In brief

  • The ordinance mandates licenses for fiat-referenced stablecoin (FRS) issuers under the HKMA
  • Issuers must meet reserve, redemption, AML, and risk management standards
  • It comes as the U.S. Senate advances its own stablecoin framework

Hong Kong passed legislation on Wednesday creating a licensing regime for fiat-referenced stablecoins, advancing its goal of becoming a digital asset hub while responding to concerns over investor protection and financial stability.

The new law, passed by the city’s Legislative Council, requires FRS issuers to obtain a license from the Hong Kong Monetary Authority (HKMA). 

Licensees must comply with a range of requirements covering reserve asset management, redemption at par value, segregation of client funds, anti-money laundering controls, disclosure, and fitness and propriety standards.

“The Ordinance adheres to the ‘same activity, same risks, same regulation’ principle, with a focus on a risk-based approach to promote a robust regulatory environment,” Christopher Hui, Secretary for Financial Services and the Treasury, said in a statement.

“This is not only in line with international regulatory requirements, but also lays a solid foundation for Hong Kong’s virtual asset market,” he added.

Embracing crypto

The law is part of Hong Kong’s efforts to rehabilitate its crypto reputation and encourage the growth of the industry after the collapse of fraudulent exchange JPEX in 2023. 

Occurring just as Hong Kong pivoted to embracing crypto after years of hesitation, authorities are now attempting to strike a difficult balance between encouraging innovation in digital assets while ensuring retail investors are shielded from abuse.

Under the new regime, only licensed institutions can issue an FRS in Hong Kong, and only licensed offerings may be marketed to retail investors. 

Unauthorized advertisements will be banned, even during the six-month grace period before enforcement begins. The HKMA will consult further on detailed requirements.

The market for stablecoins in Hong Kong remains modest compared to global volumes.

 “The new bill gives issuers something tangible: clarity on licensing, redemption obligations, reserve requirements, and a framework that’s friendly to traditional finance,” Justin d’Anethan, head of sales at token advisory firm Liquifi, told Decrypt. “But let’s be candid, Hong Kong remains a smaller node in global stablecoin activity.”

Tether continues to be the preferred cryptocurrency in the numerous OTC trading shops in Hong Kong. At the same time, U.S. dollar-backed assets in American markets remain the leading force in the stablecoin sector worldwide.

Hong Kong’s legislation comes as the U.S. Senate advances its own stablecoin bill. The GENIUS Act, which recently cleared a key procedural vote, would create a nationwide legal framework for issuing stablecoins in the U.S. The act must still pass the House before reaching President Trump, who is expected to sign it into law.

“For a while, Hong Kong, Singapore, and to some extent Dubai, held the crown when it came to forward-leaning crypto policy. But the last six months flipped the script,” d’Anethan said. “The U.S., long seen as adversarial, became the unexpected epicenter of pro-crypto regulatory momentum.”

Hong Kong’s stablecoin ordinance is expected to come into effect later this year, with transitional provisions to help issuers adjust to the new regime.

Edited by Sebastian Sinclair

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