I have put some of the proceeds from sale of Hengxin in Oriental Watch Holdings. Oriental is in the business of luxurious watches. They have a flag ship store in Hong Kong and some other stores across Asia. The business has slowed quite a bit during the last year but the balance sheet is strong. They also seem to have some control of cost, which is important as fixed costs and inventory write-downs have killed many net-net retailers before.
On the plus-side Oriental seems to be a shareholder friendly company with a good history of dividends.
Entered at @ P/NCAV of 0.43.