Piano company keyed up for future success

Guo headed for South China, and then moved to Germany, where he was technology manager at a piano company for 10 years on behalf of his new employer. He has never stopped hammering away at designing the best pianos.

Zhang Xiaowen was the last to leave, having remained as head of the sales department till 2009. She said she left because she did not think her beloved brand was cherished.

"The good products were labeled with their own brand and the poor-quality products labeled as Nordiska. I couldn't accept that," she said.

She went into the business of purchasing and renovating secondhand instruments, then opened her own piano factory. Meanwhile, Baldwin Dongbei Piano failed to save the company. "Salaries halved, people left," Guo recalled.

The company ceased production in 2011, and later filed for bankruptcy. The Dongbei Piano brand was registered by other manufacturers.

Having run her own business, Zhang Xiaowen understood brand value, and she succeeded in buying back the old Dongbei Piano brand name.

Her next move came in November 2018, when Baldwin Dongbei Piano was put up for sale with the approval of the Yingkou government.

Zhang Xiaowen eventually won the public bidding round. She paid nearly 120 million yuan ($18.7 million), with 50 million yuan in bank loans, more than five times the appraised value.

"What she did was amazing," Guo said. "It will take years of losses before the company makes a profit."

However, Zhang Xiaowen was confident that the old customers would come back and Dongbei Piano would win back its international market share.

Being good at sewing and tailoring, Zhang Xiaowen redesigned the Dongbei Piano coveralls, working from memory. "They are my favorite clothes," she said.