Corporate Highlights – TIMELESS 天時資源

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 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.

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.

Commenced the development of phase two mining zone of the Baishiquan Nickel-copper Mine

The information gathering of the phase two mining zone is being carried out to facilitate the qualified professional to prepare the detailed exploration report for phase two mining zone. After the detailed exploration report is approved by the regulatory authority, the group will prepare the feasibility study. The expected length of time from feasibility study to commercial production of the phase two mining zone is about 2.5 to 3 years.