Ming Shing Financial Leadership Overhauled Amidst Stock Plunge

HONG KONG – March 02, 2026 – Ming Shing Group Holdings Limited (NASDAQ: MSW), a specialist in Hong Kong's construction sector, has announced a significant overhaul of its financial leadership, appointing a new Chief Financial Officer following the simultaneous resignations of its former CFO and Chief Accounting Officer. The shake-up comes as the company grapples with severe financial headwinds, including a stock price that has plummeted 78% over the past year.

In a press release and subsequent regulatory filing, the company announced that Pik Chun Lin has resigned as Chief Financial Officer and Chi Hei Tsoi has departed from his role as Chief Accounting Officer, with both changes effective March 1, 2026. The company stated that the resignations were for “personal reasons” and not the result of any disagreement with Ming Shing's operations or policies.

In a swift transition, the company immediately named To Wa Yiu as its new Chief Financial Officer. The move appears to be part of a broader period of transformation for the firm, which has seen multiple changes in its executive and board structure over the past year.

“We are thankful to Pik Chun Lin and Chi Hei Tsoi’s service in the Company,” stated Wenjin Li, who himself was appointed CEO in June 2025. “We are excited to welcome To Wa Yiu. Mr. Yiu’s experience in accounting, auditing and business management will assist us in financial management of the Company.”

A New Financial Architect Steps In

To Wa Yiu, 43, takes the financial helm with an extensive and diverse resume spanning over two decades. His appointment is seen as a move to install a seasoned veteran to navigate the company's challenging financial situation. Mr. Yiu's background includes a foundational stint at Deloitte Touche Tohmatsu, one of the "Big Four" accounting firms, where he rose to the position of manager.

His corporate experience includes senior financial roles at several publicly traded companies, including serving as financial controller for Cornerstone Financial Holdings Limited and PacRay International Holdings Limited, and as managing director for DeTai New Energy Group Limited. According to a public filing, Mr. Yiu's compensation includes a monthly salary of US$1,380, a figure that suggests other compensation, such as equity, may be part of his package.

Beyond his executive roles, Mr. Yiu brings significant corporate governance experience. He currently serves as an independent non-executive director for two other companies listed on the Hong Kong Stock Exchange: Rongzun International Holdings Limited and China Environmental Energy Investments Limited. This expertise in oversight and compliance will be critical, especially following a recent change in Ming Shing's independent auditor. The company appointed FundCertify CPA Professional Corporation as its new accounting firm on February 26, 2026, just days before the financial leadership change.

Navigating Turbulent Financial Waters

The leadership transition does not occur in a vacuum. Ming Shing, a company specializing in wet trades works like plastering and tiling, has faced a difficult year. Its market capitalization has shrunk to just over $15 million, with recent financial analyses pointing to significant challenges, including negative profitability, high leverage, and negative operating cash flow.

Adding a layer of complexity to its financial strategy, Ming Shing announced in August 2025 that it had entered into an agreement to purchase 4,250 Bitcoins. This bold, and potentially volatile, move into cryptocurrency is an unconventional strategy for a traditional construction services company. The management of this significant digital asset portfolio will now fall under Mr. Yiu’s purview, adding a unique challenge to his role as he works to stabilize the company's core financial health.

This series of executive changes, including a new CEO, new board directors, a new auditor, and now a new CFO, paints a picture of a company undergoing a fundamental reset. The board appears to be actively restructuring its leadership and oversight functions in response to poor performance and a demanding market.

The Hong Kong Construction Context

Ming Shing's mission is to become the leading provider of wet trades works services in Hong Kong, a highly competitive and demanding market. The industry is sensitive to the region's broader economic health, property development cycles, and government infrastructure spending. For a company like Ming Shing to succeed, it requires not only operational excellence on construction sites but also astute financial management to handle project bidding, cost control, and capital allocation.

The appointment of a CFO with deep roots in Hong Kong's financial and corporate landscape may be a strategic effort to strengthen the company's ability to compete. As Mr. Yiu settles into his new role, he will be tasked with rebuilding investor confidence and developing a financial strategy that can support the company's operational ambitions. Observers will be watching closely to see if this new leadership team can successfully steer the company through its current challenges and capitalize on opportunities in Hong Kong's dynamic construction sector.