Building on the past 30 years of achievements and continuing with pragmatic approach to business
CHINA – 10 August 2018 – Time Watch Investments Limited (“Time Watch”, which together with its subsidiaries is referred to as “the Group”, SEHK stock code: 02033), a leading manufacturer, brand owner and retailer of watches in China, celebrated the 30th anniversary of its core and renowned domestic brand Tian Wang on 8 August 2018, marking a milestone in its business.
Capitalizing on China’s Economic Reform, the Group established Tian Wang brand in 1988 and entered China’s retail market for domestically made watches. Over the past 30 years, Tian Wang has become a trendsetter in the industry and has launched a variety of product designs according to the preferences and needs of diverse customers. By providing trendy and high-quality watches at reasonable prices, Tian Wang has achieved consistent success and has developed strong brand recognition.
Since 2013, the Group has been running an e-commerce division for Tian Wang brand through strategic cooperation with several major online platforms in China. The move has allowed Tian Wang to tap into the younger generation’s rising spending power.
The Group keeps making steady progress in online sales and has achieved remarkable results over the years. In 2017, Tian Wang continued to be ranked No.1 among domestic watch brands in terms of sales volume at T-mall of Alibaba Group during “Nov 11 Shopping Festival” for the fifth consecutive year.
In the course of 30 years of brand building, Tian Wang has developed a nationwide footprint, managing about 2,600 stores directly in all economically vibrant cities. Its business grew consistently year by year with annual sales of about RMB2 billion, so much so that Tian Wang has topped the chart of sales of domestically made watches in China for many years. After 30 years of relentless efforts, Tian Wang has won over 70 awards and honors.
Mr. Tung Koon Ming, Chairman and Chief Executive Officer of the Group and Founder of Tian Wang said, “The entire staff has been working as a cohesive group through thick and thin for 30 years to build Tian Wang into a renowned watch brand in China. This has already marked a very significant milestone in the history of the Group.
“I truly appreciate all customers, business partners, staff members and those who have been supportive throughout the years from the bottom of my heart. Tian Wang could not have been a successful and renowned domestic brand without their involvement and contribution. Looking ahead, we remain confident about Tian Wang’s future development”.
“We will tap the market for growth and strengthen Tian Wang’s leading position in the industry. To achieve the goals, we will keep enriching our product mix to cater for diverse consumers in the fast-changing market, and continue to develop our online retail business. Meanwhile, we will strive to provide more stylish and high-quality watches for customers, help our staffs to grow, and generate better returns to the Group, thus manifesting the spirit of Tian Wang”.
About Time Watch Investments Limited
Time Watch is the leading manufacturer, brand-owner and retailer of watches in the PRC domestic watches brand market with two proprietary brands, Tian Wang and Balco.
The Group primarily engages in the product design and development, sourcing of watch components, assembling and, marketing and sales of the Group’s core brand, Tian Wang. The Group was listed on the main board of the Hong Kong Stock Exchange on 5 February 2013.