Courage Investment explores blockchain in MOU with Chinese firm

COURAGE Investment Group Limited (formerly Courage Marine Group), a Hong Kong-based dry bulk shipping services operator, said that it has entered into a non-legally binding pact with a Chinese company and the latter's controlling shareholder to explore a potential cooperation in the area of blockchain technology.

On Friday, it signed a memorandum of understanding (MOU) with Dragon Net and Zhou Qi Jun to explore the possibility of cooperation by way of setting up of a joint venture between the parties or a stake acquisition by the group in Dragon Net.

Mr Zhou, a Chinese resident, owns 90 per cent of Dragon Net, which is principally engaged in the research and development of blockchain technology, as well as asset digitisation and exchange platform.

"As blockchain technology could be applied to certain principal activities of the group (ie marine transportation services and merchandise trading) and could therefore improve management efficiency, enhance security and lower information management costs, it is expected that the development of the group's business into blockchain technology through the possible cooperation can broaden the group's income base and provide a stable recurrent income for the group and thus enhancing the financial performance of the group," Courage Investment said.

The parties have agreed on an exclusivity period of 30 days from the date of the MOU or a longer period as may be agreed by the parties, during which Dragon Net and Mr Zhou shall not discuss or negotiate or enter into any agreement with any third party in respect of the possible cooperation.

Shares of Courage Investment are primarily listed on the main board of the Hong Kong Stock Exchange and secondarily listed on the main board of the Singapore Exchange.