Yeung Ming Biu
Over the past five years, the watch industry has faced numerous challenges, both in Hong Kong and globally. From the rise of smartwatches to economic downturns, competition from sales platforms, and the impact of the pandemic, the entire watch industry has been in distress, with a pervasive negative atmosphere. In light of this, I would like to introduce a figure filled with positive energy to readers—Mr. Yeung Ming Biu, founder of Oriental Watch Company, affectionately known as “Uncle Biu.”
You may have noticed that second-hand watches are receiving increasing attention. Recently, some international brands and watch groups that previously had no connection to the second-hand market have begun to develop related businesses. Many may not realize that the protagonist, Uncle Biu, has significant ties to the second-hand watch industry. Born in mainland China, he moved to Hong Kong with his family from a rural area in 1949. His father passed away when he was young, and he and his sister were raised by their mother. Unlike today, Uncle Biu had to enter the workforce at the age of 13 to help support his family. His first job was as a sewing machine operator, which had nothing to do with watches, but he later joined Shing On Kee Watch Company in the early 1950s through a referral, marking the beginning of his journey with watches.
In his youth, Uncle Biu was very diligent and eager to learn. He proactively helped with tasks such as making coffee, buying newspapers, and driving his boss’s children to school. His hard work was quickly recognized, and within a few years, he was promoted from a junior position to a buyer. One of his responsibilities was to acquire problematic second-hand watches, repair them, and then resell them. In 1950s Hong Kong, a significant port with a thriving shipping industry, many sailors would engage in the smuggling business, purchasing large quantities of second-hand watches in Hong Kong and reselling them in mainland China for profit. Many of these sailors became Uncle Biu’s customers.
Shing On Kee also dealt in new watch sales, but sailors primarily focused on buying and selling second-hand watches, making the second-hand market very vibrant. Uncle Biu once mentioned that his monthly salary was only 10 dollars, but the profit from a single second-hand watch sale could reach 5 or 6 dollars. Although not only Uncle Biu was responsible for second-hand sales, many colleagues left the company to start their own businesses after making money. Uncle Biu chose to stay at Shing On Kee, and as his colleagues departed, the responsibility for transactions with foreign firms fell to him. Over time, he built up his own network, paving the way for his future success.
Around 1960, Uncle Biu teamed up with two investors to start a business focused on repairing old watches and reselling them to sailors, who would take them to the mainland for resale. This venture allowed him to earn his first pot of gold. At that time, competition among peers was fierce, making it challenging to establish a business. However, with the right timing and circumstances, he founded Oriental Watch Company in 1961, marking the company’s 60th anniversary this year.
In the early days, the clientele primarily consisted of sailors and smugglers, and they successfully built a reputation in the second-hand watch trade. In 1973, Oriental acquired a large watch company, gaining the rights to represent several well-known brands, which propelled the company to new heights. Due to the Korean War, the Vietnam War, and the rise of the Japanese market, the business flourished further. Uncle Biu noted that after China began to open up in 1979, the number of watches purchased by smugglers from them reached into the thousands, with a peak of selling 70,000 watches in a single day.
By the 1980s, Hong Kong had become a popular tourist destination for Japanese and Western visitors, leading to another peak for Oriental Watch Company. During this time, the company had established good partnerships with brands such as Rolex and Seiko. In the late 1980s, as China gradually opened up, Oriental seized the opportunity to enter the mainland market. Many Swiss brands were also very interested in this development, which brought considerable revenue to Oriental.
According to Uncle Biu, at that time, Oriental Watch Company had over 20 branches in mainland China, with a turnover reaching tens of millions. The strong business volume and growth allowed Oriental to go public in 1993, becoming the first watch group listed on the Hong Kong Stock Exchange and securing its position as a leader in the watch retail industry.
In October 2019, Mr. Yeung Ming Biu (third from the right) attended the Oriental Watch Company Sha Tin Trophy event.
Uncle Biu has faced many challenges over his years in the watch industry, and his journey has certainly not been smooth sailing. He recalled that during the 1967 riots, he frequently had to suspend operations, and the challenges Hong Kong faces in recent years are among the most difficult he has encountered in his decades-long career. High rents and a sluggish market make it hard to maintain balance, and with the shift in sales models towards online shopping, these are challenges currently facing the retail industry. Additionally, watch brands have begun to develop their own retail businesses, further complicating matters for Oriental.
Despite these difficulties, Uncle Biu has three key work attitudes he wants to share: “seriousness,” “integrity,” and “hard work.” These principles have earned him a strong reputation in the industry. His serious attitude has gained him recognition from brands and peers; his commitment to integrity—following through on his promises—is a major reason brands are willing to collaborate with him; and his hard work has transformed him from a rural boy into the chairman of a publicly listed company with 12 branches in Hong Kong and Macau. Counting from his entry into the industry in the 1950s, nearly 70 years have passed, and Uncle Biu has always adhered to these three principles. Although he is no longer the chairman, he still returns to work at the company.
Uncle Biu reminds everyone to approach their work seriously and to maintain a positive mindset in the face of adversity. He believes that this attitude is essential not just in the watch industry, but for success in any business.
I take this opportunity to encourage all readers facing difficulties, including myself, to persevere through these challenging times together.
