Do the following:
Take the module out of the watch. Great, you did that already Then put the back plate of the case on a table, down side on top (so that you can read the serial number).
Now place two batteries next to each other e.g. LR44/357 etc. on the back plate you have on the table. The left battery should be positive side up, the right one positive side down. Then place the module on the batteries and you have a fantastic work bench
Take tweezers and jumper "bypass" the reed contacts on the lower part of the module. If you can set the minutes and hours, your module is fine, the reed switch is not. Otherwise check for a cold solder joint on both contacts. If everything looks OK, you have a chip fault.