On 16 July 2009, the Group acquired Shenzhen Permanence Commerce Co., Ltd. (“Permanence”), a company focusing on distribution of leading Japanese watches such as Citizen and Casio and other foreign brands. Currently, Permanence owns distribution outlets in excess of 30 and develops the third party outlets in excess of 40. Permanence has exclusive distribution right for Citizen covering Sichuan Province, Fujian Province, Shanxi Province and Chongqing City. Permanence can source for all its own distribution outlets all over the Mainland China from Casio.