Lead Benefit, a Hong Kong subsidiary of Mingcheng Group, spent about $47 million to purchase 500 Bitcoins

According to TechFlow, on January 13, according to official news, Mingcheng Group (NASDAQ: MSW), a leading Hong Kong mud and water engineering company, announced that its wholly-owned subsidiary Lead Benefit (HK) Limited had completed a strategic investment of 500 bitcoins on January 9, with a total investment of approximately US$47 million and an average purchase price of US$94,375 per bitcoin.

The announcement shows that Mingcheng Group has made investment arrangements through its newly established Hong Kong subsidiary Lead Benefit on December 23, 2024. The company said that the move is aimed at using idle funds to seize the opportunity of Bitcoin appreciation, and emphasized that Bitcoin has high liquidity and can be cashed at any time to support its core mud and water engineering business operations.

Wenjin Li, director of Mingcheng Group, said: "We are confident in Bitcoin investment and believe that this strategic layout will not only drive the company's growth, but also create substantial value for shareholders. The company is actively exploring more development opportunities."