TIMELESS (08028) announced that in view of potential strategic synergies between (i) HashKey Token Limited (HashKey); (ii) Eddid Securities Futures Limited (Eddid Securities); and (iii) the company's wholly-owned subsidiary Silver Era Limited (Silver Era), HashKey, Eddid Securities and Silver Era have entered into a non-binding strategic cooperation memorandum of understanding regarding strategic cooperation matters.

Under the strategic cooperation memorandum, Silver Era, HashKey (and/or their respective affiliates) and Eddid Securities (and/or their respective affiliates) will explore potential cooperation opportunities regarding the development, deployment and issuance of digital tokens backed by physical silver assets (Silver Tokens) on the HashKey chain.

HashKey will provide necessary technical support, documentation and compliance assistance services to facilitate the successful issuance of Silver Tokens on the HashKey chain. Eddid Securities and/or its affiliates will assist product issuers in obtaining all necessary approvals from competent regulatory authorities (if any) before launching Silver Tokens. Eddid Securities will also leverage its client business to primarily guide its clients to use channels and products operated by HashKey and its group for transactions or cooperation involving Silver Tokens.

The group is primarily engaged in (i) exploration, development and mining of mines, precious metals processing and trading; and (ii) provision of comprehensive information technology solutions and other related services. The company believes that blockchain technology will transform the global precious metals operating model.

Once the proposed transactions under the strategic cooperation memorandum are implemented, it will enable the group to combine its expertise, experience and resources from precious metals processing and trading business with software business, providing potential investors with greater flexibility and easier access to physical silver assets when participating in the precious metals market.

The group believes that the potential cooperation between the group, HashKey and Eddid Securities under the strategic cooperation memorandum represents an opportunity for the group to promote the digitization and tokenization of traditional precious metals trading and unlock the potential of the precious metals market. The potential cooperation will also enable the group to support its precious metals business with emerging blockchain technology to enhance its market influence and competitiveness.

The board of directors believes that entering into the strategic cooperation memorandum is in the overall interests of the company and its shareholders.