DDC, a Hong Kong food company, just bought 21 BTC ($2.28M), announced big plans (wants 5,000 BTC in three years), and the market nuked their stock (down 14.5% in a day). Compare that to MicroStrategy, which has gone full Bitcoin company with 580250 BTC and seen their shares run circles around the S&P500, and DigiAsia, a fintech out of Asia, which got an 80-130% stock pop on similar news.
Why? It seems that the market now sees through BTC as PR. If you’re a fintech or tech company, and you announce a credible, strategic BTC plan, market says “OK, this fits". If you’re a food company burning cash and using shareholders to get Bitcoin, market says nope. Markets just aren’t rewarding FOMO-driven, non-core moves. There’s now a credibility discount for companies outside tech/finance. Old-economy companies (food, cars, retail) are expected to have a real business, not just add Bitcoin and hope for magic. They get punished for that, for bad timing (like DDC buying near ATH), and for not integrating BTC with what they actually do.
Why? It seems that the market now sees through BTC as PR. If you’re a fintech or tech company, and you announce a credible, strategic BTC plan, market says “OK, this fits". If you’re a food company burning cash and using shareholders to get Bitcoin, market says nope. Markets just aren’t rewarding FOMO-driven, non-core moves. There’s now a credibility discount for companies outside tech/finance. Old-economy companies (food, cars, retail) are expected to have a real business, not just add Bitcoin and hope for magic. They get punished for that, for bad timing (like DDC buying near ATH), and for not integrating BTC with what they actually do.
I'd think a Hong Kong food company trading in the hong kong market who decides to buy bitcoin is going to react differently to a US food company trading in US market who decides to buy bitcoin. Different market, different sentiment, different view on Bitcoin.
Also, in this case, Strategy has gone full Bitcoin though they aren't a food business...they're a software company. Shareholders in a food company in Hong Kong vs. Shareholders in a software company in the United States are two different sets of people.
Also, what’s up with the region bias? HK and China are trying to be crypto hubs, but if you’re listed in the US and have China ops, market still sees regulatory risk. Japanese companies like Metaplanet? Loved. US fintechs? Rewarded. Everyone else: “try again". 
Yes China & HK have talented developers, yes they have been in the background of blockchain for a long time, though does that really mean that they support bitcoin? Not really. They support Blockchain and national development, but they're unlikely to support Bitcoin outside of their hedge/insurance of holding the approximate 160k BTC that their government owns.