Meeting with Mr. Xu ChuangYue: Fiyta Deputy Manager

Deputy General Manager Mr. Xu ChuangYue (徐创越) is a very cordial, very focused individual, and I was pleased to be provided a chance to meet and talk with him while attending the China Watch and Clock Fair, June 25th/2015. The meeting followed a noon lunch and watch inspired fashion and information show, hosted by Fiyta and Fiyta's General Manager Mr. Du Xi:

Fiyta used the occasion of the show to introduce Mr. Xu as the executive in charge of liaison with Beijing Watch Factory  (北京手表厂) collaboration of Fiyta (and Tencent Securities) with BWAF, announced to the western world on the WatchuSeek Watch Forum, courtesy information received through my CHA mentor, Mr. Li Wei, on June 7th of 2015.

Mr. Xu explained again that this was a formal collaboration/joint venture, with both companies joining/investing in a common project: North-Watch Industry ( Beijing) Limited, and gaining strategic benefit from the expertise of the other company: specifically Beijing's long-term history and expertise in movement production, coupled with Fiyta's own technical expertise and expertise in foreign as well as domestic  logistics, distribution and marketing.

Fiyta's Mr. Xu ChuangYue in discussion with Ron Good, Curator: AMCHPR (photo courtesy Mr. Li Wei/CHA)

The specifics of the agreement, as Google translated from the initial message from Li Wei are:

"@Ron Good: News eleven FIYTA a joint venture with the Beijing Watch Factory Watch Company Tencent securities 2015-06-05 20:04:00: FIYTA A (000026) June 5 evening announcement, in key areas to enhance the company's core competencies parts, the Board of Directors authorized the management and the Beijing Watch Factory Co., Ltd. signed a framework agreement to jointly invest in the establishment of North-table industry ( Beijing) Limited. Under the agreement, Beijing Watch Factory agreed to watch movement components and manufacturing operations, "Beijing" and "Shining" brand and related business team and other resources, the establishment of a separate north-table industry company, which holds the North exemplar companies 100% of the shares. After the separation is completed, the company intends to cash 80 million yuan (including 51 million yuan as registered capital of the target company) north exemplar investment companies, investment shares after the company accounted for 51% of the shares of North exemplar companies, Beijing Watch Factory accounted North exemplar 49% stake in the industry."

Mr. XuDi stated the day the collaboration was announced (translated): 
"Our bilateral cooperation has many meanings. First, FIYTA, to cooperate with the North watch factory after FIYTA full manufacturing capacity will be time to add in the future we will have a production movement, which can directly enhance the core competitiveness of FIYTA enhance industry strength . For North watch factory, with FIYTA in marketing, channel, and many other advantages, the North watch factory own movement manufacturing level and brand development must also be improved. ”

Fiyta is strongly placing itself in the active wear watch market, and supports many athletic and fitness activities. Later in the evening, Fiyta invited (and transported) many guests to a group fitness run along Shenzhen's shoreline, a great end to an informative and fun day.

I'm eagerly waiting to see the concrete results of this exciting development.