From Chinese Watch Wiki
Xiongmao (熊猫) was a watch brand produced by the Fenglei Instruments Factory. The name means "Panda", and the brand's logo is a stylised panda. Early Xiongmao watches used the SS1 movement, but this was later replaced by the Chinese Standard Movement.
Several varieties of the panda logo were used over the years, the least common of which is the "sitting panda", which is highly sought after by collectors.