Ming Shing Group Holdings is a Hong Kong-based wet trades works subcontractor. Through its two operating subsidiaries, Ming Shing provides construction finishing services — plastering, tile laying, brick laying, floor screeding, and marble works — on residential and commercial building projects. The company operates exclusively as a subcontractor, winning work from main contractors through a competitive tender process rather than holding primary construction contracts. Ming Shing wins projects on a job-by-job basis, with no long-term customer agreements. Revenue is driven by the volume and scale of projects won, with contracts typically running six months to three years and progress payments collected monthly. The company prices jobs by estimating costs and adding a markup. Ming Shing relies heavily on subcontractors to perform physical site work, with its 35-person team focused on project management and supervision. Private sector projects — primarily residential and commercial developments — account for roughly two-thirds of revenue, with public sector projects making up the remainder. Customer concentration is notable; in FY24, a single customer accounted for 62% of revenue. Beyond its core business, Ming Shing has announced plans to purchase 833 Bitcoins for roughly US$74M through a newly incorporated subsidiary, funded by convertible promissory notes, though neither the Bitcoin purchases nor the loan disbursements had been completed as of the latest report. This represents a significant capital allocation shift for a company with roughly US$34M in annual revenue.