Time Watch Investment Limited (the "Company" or "Time Watch") and its subsidiaries (collectively, the "Group") are a leading manufacturer, brand owner and retailer of domestically produced watches in the People's Republic of China (the "PRC"). business. The Group's core independent brand, Tian Wang, was founded in 1988 and has now developed into one of the well-known and top domestic watch brands targeting the mass market in China. Another independent brand of the Group, Balco, was originally registered in Switzerland by an independent third party in 1986 and acquired by the Group in 2002. It targets young middle-income consumers in China and provides Swiss-made watches.