Timepiece Investment Co., Ltd. (the “Company” or “Timekeeper”) and its subsidiaries (collectively, the “Group”) are leading manufacturers, brand owners and retailers of domestic watches in the People's Republic of China (“China”). The Group's core independent brand, Tian Wang (Tian Wang), was founded in 1988 and has now developed into one of the top domestic watch brands well-known in China and positioned in the mass market. The Group's other independent brand, Balco (Balco), was first registered by an independent third party in Switzerland in 1986 and acquired by the Group in 2002 to target young middle-income Chinese consumers and provide Swiss made watches.