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

PANews January 13 news, according to Globenewswire, Mingcheng Group Holdings Co., Ltd. (NASDAQ: MSW), a Hong Kong company mainly engaged in cement and water projects, announced that its wholly-owned Hong Kong subsidiary Lead Benefit (HK) Limited ( "Lead Benefit") purchased 500 Bitcoins at an average price of US$94,375 per Bitcoin on January 9, 2025, for a total investment of approximately US$47 million. Mingcheng intends to use its idle funds to purchase Bitcoin as a short-term investment to capture the potential appreciation of Bitcoin and increase its assets. The Company believes that the Bitcoin market is highly liquid and that Bitcoin can be easily disposed of to fund the Company's wet-work engineering operations when needed.