The flag for UTC +8:00hrs features the colours black, yellow, white, and red. The Year of the Sheep symbol reflects that 8th sign of the Eastern Zodiac, as this is the 8th hour east of GMT in the Eastern Hemisphere. Also note that this time zone can be called the Goat time, since there is some ambiguity across China and the East as to which animal is in the 8th slot of the Eastern Zodiac. The same thing happens with the Western Zodiac under a similar sign of ambiguity - Capricorn. Some see this sign as a magical goat-mermaid while others see it as simply a goat.
Nonetheless China is very pleased that the 8th hour east of UTC Zero Hour, just happens to fall upon their nation. The biggest reason is that eight is considered a very lucky number in China, Buddhism, and other Eastern mystical practices, more so than the number seven as it is in the West.
Besides China western Mongolia falls under Sheep Time as does the region around Lake Baikal in Russia.
Nations that always are awake and asleep under Sheep Time include the Philippines, Brunei, Malaysia, and Singapore. Also the central-western most portion of Indonesia utilizes Sheep Time.