On 12 March 1996, Timeless Software Limited was incorporated in Hong Kong and started the software business.
Birth of "8028" - Successfully Listed on GEM
On 25 November 1999, Timeless was successfully listed as the first GEM listed company with the stock code of 8028.
1999 - 2001
Building Autonomous Innovative Brand of Chinese Specialties
Timeless gained a success in building autonomous innovative brand of Chinese specialties by creating a consolidated platform, known as OSQun.
Diversification of Business - Acquired Equity Interest in A Mining Company
On 11 May 2012, Timeless completed the acquisition of 51% equity interest in Goffers Management Limited (“Goffers”). Xinjiang Tianmu Mineral Resources Development Co., Ltd. (“Xinjiang Tianmu”), a 51% owned subsidiary of Goffers, is principally engaged in exploration and mining of gold, iron and nickel-copper mines, and processing and sale of the outputs from the mines in Xinjiang, the PRC. Through acquisition of 51% equity interest in Goffers, Timeless created value for the shareholder, and made a strategic move to enter the mining industry in the PRC.
Disposal of Software Business in the PRC
On 31 July 2015, Timeless disposed of the entire issued share capital of Timeless China Limited which was the holding company of the Group’s software business in the PRC. The disposal facilitated the Company to realize its investment in the PRC, streamline its businesses and direct its focus more on its core business segments of the Mining Business in the PRC and the Software Business in Hong Kong.
Commencement of Production of Nickel-Copper Mine
The development of Baishiquan Nickel-Copper mine has been completed after a trial production carried out since 2014. The management determined to commence production of the nickel-copper mine in 2015. Some of its ore bodies were found to run a higher grade and quantity of metal contents than the previous estimates. The sale of the nickel-copper ores become a major source of income of the Mining Business in 2015.
Main Sponsor of Tree Planting Challenge 2017 by Friends of the Earth
Timeless participated in the Tree Planting Challenge 2017 held by Friends of the Earth on 30 Apr 2017. The activity is to promote public involvement in countryside conversation work and enhance awareness of nature conservation and tree preservation.
Disposal of 25.04% Equity Interests in an Associate
On 29 September 2017, the Company disposed of 25.04% equity interest of Ningxia Educational Information & Technology Co., Ltd. 寧夏教育信息技術股份有限公司, an associate of the Company, which was engaged in software related business in the PRC. The disposal facilitated the Company to realise its investment in the associate and streamline its businesses. The proceeds from the disposal was applied towards the general working capital of the Group and as funds for future development of the Group when investment opportunities arise.
Subscription for 8.86% Equity Interest in a Tin Trading and Processing Company
On 29 December 2017, the Group subscribed for 600,000 shares of a tin trading and processing company at the consideration of HK$7,800,000, representing approximately 8.86% of its equity interest. The investee is equipped with self-developed testing facility and has production capacity of 1,500 tonnes of tin ingots per month. With a promising tin business, the investee will have a strong financial performance which also enhance its good dividend payment capability and the potential capital gain to the Group.
Acquisition of 35.52% Equity Interest in an E-Sport Company
On 16 May 2018, the Group acquired a 28.57% equity interest in an e-sport company. On 25 January 2019, the e-sports company conducted share repurchase and the equity interest owned by the Group increased to 32.52%. The investee operates an e-sports gaming platform which provides systematic gaming and social services to e-sports enthusiasts and has held over 100 sizable online and offline e-sports competitions and activities since 2013. In January 2019, the investee has expanded its business scope and opened an eSports Stadium in Mong Kok, Hong Kong, the largest integrated eSports stadium in Asia, which covers an area of 25,000 square feet. In view of the fast growth achieved by the investee and considering the high potential of the e-sport industry, the management believes that such investment would generate positive returns to the Group in future.