TechFlow reported on March 11 that according to GlobeNewswire, Lead Benefit (HK) Limited, a wholly-owned Hong Kong subsidiary of Mingcheng Group, purchased 333 bitcoins at an average price of $81,555 per coin on February 28, 2025, with a total investment of approximately $27 million.
Mingcheng Group stated that the company plans to use idle funds to purchase bitcoin as a short-term investment, aiming to capitalize on bitcoin's potential appreciation and enhance its asset base. The company believes the bitcoin market offers high liquidity, allowing it to easily sell holdings if needed to support its wet-trade engineering operations.
Mingcheng Group primarily engages in wet-trade engineering services, including plastering, tiling, bricklaying, floor leveling, and marble installation, striving to become a leading wet-trade engineering service provider in Hong Kong. The company is listed on Nasdaq under the ticker symbol MSW.
