The business, the people and the ownership behind Willas-Array.
Business overview
Willas-Array Electronics distributes electronic components. Based in Hong Kong, it supplies components used in industrial equipment, audio and video products, telecommunications, home appliances, lighting and electronics manufacturing.
Listed security
Board & management
Six current Board members, ten additional senior managers, one CompanySecretary and former ExecutiveDirectorFanQinshengwith explicitOctober22,2025cessation. Four of the six Board members are independent nonexecutive; Xie is executiveChairman andHuangnonexecutive.
Governance report physical104and108 explicitly identifies XieLishu as both parentChairmanandCompanyChiefExecutiveOfficer sinceOctober22,2025; he is one Board person, not duplicated. His profile21also statesExecutiveDirector/AuthorisedRepresentative and separately describes his additional upstreamShanghaiYCTCEOrole. LiWai,EddyisPresident, a distinct senior manager.
WenYupingGroupCFOappointment has explicit April1,2026effective date, notFY2025year-end. Other senior managementfunctional and regional scopes are retained.
Chairman of the Board; chief executive officer of the Company
Parent Board Chairman and CompanyCEO since October22,2025, explicitly disclosed in governance report104and108. ExecutiveDirector and AuthorisedRepresentative separately stated in his profile21. His additional ShanghaiYCTCEOrole in biography is a separate upstream appointment.Non-executive Director
Parent Board; spouse ofXieLishu, not a parent executiveCEO.Independent Non-executive Director; Lead Independent Director
Parent Board; chairsNominationCommittee. Outside company secretary/director appointments are not additional parent roles.Independent Non-executive Director
Parent Board; chairsAuditCommittee.Independent Non-executive Director
Parent Board; chairsRemunerationCommittee.Independent Non-executive Director
Parent Board; chairsComplianceCommittee.President
Senior management; joinedGroupFebruary2025asPresident. Source does not give him the explicit Chief Executive Officer title.General Manager – South China Sales Department
Senior management; SouthChina sales operations.General Manager – North China Sales Department
Senior management; NorthChina sales operations.General Manager – Central China Sales Department
Senior management; CentralChina sales operations.General Manager – Taiwan Sales Department
Senior management; Taiwan sales operations.General Manager of Marketing (Group BU1)
Senior management; originalbusinessunit scope retained.General Manager of Marketing (Group BU3)
Senior management; originalbusinessunit scope retained.General Manager of Marketing (Group BU2&BUQ)
Senior management; originalbusinessunit scope retained.General Manager (Customer Service Center)
Senior management; customer servicecenter, appointedJanuary2025.Chief Financial Officer of the Group
Senior management appointment explicitly effective April1,2026, after theFY2025reportingdate and one day after officialannual announcement. JoinedShanghai subsidiaryDecember2025asfinancialmanager; do not describe her asGroupCFOatDecember31,2025.Company Secretary and Authorised Representative
Named CompanySecretary; jointSecretaryOctober3,2023thenSecretaryNovember2,2023. Not a separate duplicate person for authorised-representative role.resigned with effect from October 22, 2025
Former ExecutiveDirector explicitly listed underExecutiveDirectors in the Board composition duringFY2025. Cessation is October22,2025; not counted among six currentBoardmembers. No unprinted formerCEOrole inferred. As reported at 2025-10-22Roles listed in Annual Report 2025; current appointments are not independently verified.
Holdings
Twenty registered/depository accounts, five majorholders and seven dated contexts.492shareholderaccounts hold102,989,049ordinaryshares. NominalauthorisedcapitalHKD120m and issuedcapitalHKD102,989,049are not sharecounts.
All five majorrows refer to one overlapping76,955,745share block:Texin whollyowned byKunshanArcher, itself whollyowned byShanghaiYCT; Xie controlsShanghaiYCTandHuang’s spousal deemed interest overlaps. No repeated addition of the block.
RegisteredTexin35,530,978is smaller than the76,955,745beneficialblock. No unprinted allocation of the remaining41,424,767to DBSVickers orHKSCC nominee accounts is inferred. Publicfloat25.28%is distinct from3.49%outsidetop20.
Prior nine-monthFY2024annual publicfloat paragraph datedMay14,2025was corrected by officialJune18,2025clarification to12.24%. That dated correction is separately archived; it does not replace currentMarch6,2026publicfloat25.28%.
Direct – shares; deemed 76,955,745 shares
March6,2026shareholderinformation section; all five rows refer to the same76,955,745share controlling chain/spousal deemed block. Do not sum overlapping interests or equate Texin’s registered35,530,978shares with its full beneficial block.Direct – shares; deemed 76,955,745 shares
March6,2026shareholderinformation section; all five rows refer to the same76,955,745share controlling chain/spousal deemed block. Do not sum overlapping interests or equate Texin’s registered35,530,978shares with its full beneficial block.Direct 76,955,745 shares; deemed – shares
March6,2026shareholderinformation section; all five rows refer to the same76,955,745share controlling chain/spousal deemed block. Do not sum overlapping interests or equate Texin’s registered35,530,978shares with its full beneficial block.Direct – shares; deemed 76,955,745 shares
March6,2026shareholderinformation section; all five rows refer to the same76,955,745share controlling chain/spousal deemed block. Do not sum overlapping interests or equate Texin’s registered35,530,978shares with its full beneficial block.Direct – shares; deemed 76,955,745 shares
March6,2026shareholderinformation section; all five rows refer to the same76,955,745share controlling chain/spousal deemed block. Do not sum overlapping interests or equate Texin’s registered35,530,978shares with its full beneficial block.102,989,049
Original issued ordinary-share denominator atMarch6,2026.HK$120,000,000
Authorised nominal capital, not the issued share count.HK$102,989,049
Original nominal issued capital atMarch6,2026.ordinary shares of HK$1.00; one vote per share
Original share class/parvalue and voting rights.492 shareholders;102,989,049 shares
Original distribution totals; all account-size bins retained in evidence.99,393,084 shares;96.51%
Original20largest registered/depository aggregate, distinct from publicfloat.25.28%
Original publicfloat atMarch6,2026; not the3.49%outside20largest accounts. Source does not identify treasury shares in this shareholding table; no unprinted zero is inserted.Total interests include direct and deemed holdings and may overlap across holders. These percentages should not be added together.
Registered holdings, including nominees and depositories; these do not establish ultimate beneficial ownership. As reported at 2026-03-06 · PDF p. 274
| Registered holder | Interest | Shares / units | Source |
|---|---|---|---|
| TEXIN (HONGKONG) ELECTRONICS CO. LIMITED | 35,530,978 shares; 34.50% | PDF p. 2742026-03-06 | |
| DBS VICKERS SECURITIES (SINGAPORE) PTE LTD | 26,424,767 shares; 25.66% | PDF p. 2742026-03-06 | |
| HKSCC NOMINEES LIMITED | 21,495,637 shares; 20.87% | PDF p. 2742026-03-06 | |
| MENG GUOQING | 5,000,000 shares; 4.85% | PDF p. 2742026-03-06 | |
| CHEN WEIHAO | 3,750,000 shares; 3.64% | PDF p. 2742026-03-06 | |
| LAM YEN YONG | 1,998,920 shares; 1.94% | PDF p. 2742026-03-06 | |
| WANG JUNFENG | 1,650,000 shares; 1.60% | PDF p. 2742026-03-06 | |
| GUO PENGYUE | 1,100,000 shares; 1.07% | PDF p. 2742026-03-06 | |
| WU LIJUAN | 500,000 shares; 0.49% | PDF p. 2742026-03-06 | |
| HO SHEEN LING SERENE | 268,400 shares; 0.26% | PDF p. 2742026-03-06 | |
| FSK INVESTMENT HOLDING PTE. LTD. | 268,000 shares; 0.26% | PDF p. 2742026-03-06 | |
| CHIN KHIN SIONG | 257,796 shares; 0.25% | PDF p. 2742026-03-06 | |
| DBS NOMINEES (PRIVATE) LIMITED | 222,001 shares; 0.22% | PDF p. 2742026-03-06 | |
| ONG LAI SOON | 211,920 shares; 0.21% | PDF p. 2742026-03-06 | |
| YAM KOK CHIN | 178,000 shares; 0.17% | PDF p. 2742026-03-06 | |
| CHUA TECK BOON | 125,400 shares; 0.12% | PDF p. 2742026-03-06 | |
| ERH HUAT POH | 110,000 shares; 0.11% | PDF p. 2742026-03-06 | |
| TRACY H. WANG | 107,085 shares; 0.10% | PDF p. 2742026-03-06 | |
| YEO SOO KAY@ YEO SONG NIAN | 99,880 shares; 0.10% | PDF p. 2742026-03-06 | |
| CHEE SIEW MING | 94,300 shares; 0.09% | PDF p. 2742026-03-06 | |
Group structure
Nineteen subsidiary schedule rows, one directlyheldCleverwayand18indirect; all report100%current/prior interests andvoting through direct/indirect columns. Original dashes remain dashes. Note47composition reconciles19whollyownedsubsidiariesinbothperiods and no non-whollyownedsubsidiaries.
Immediateparent routes are disclosed in footnotes(c)Cleverway,(d)FullLink,(e)KindFaith, not inferred from similar names. Placeofincorporation/establishmentandoperation is a combined originalcolumn:for exampleBVI/HongKongandHongKong/PRCremaincombined; no unsupported split into legalincorporation and operatingcountry.
GW Electronics Company Limited is a separate49%associate andInactive, fullyimpairedin2016with no reversal. WillasCompanyLimited is anInactive100%subsidiary. No named jointventure is disclosed in these original schedules.
| Company | Market | Ownership interest |
|---|---|---|
| Cleverway Profits LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Company peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 267 | British Virgin Islands (“BVI”)/Hong Kong; direct2025 100%;2024 100%; indirect2025 –;2024 – | |
| Array Electronics (China) LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 267 | Hong Kong/PRC; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Array Electronics LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 267 | Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Bestime Corporation LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 267 | Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Brightway Transportation LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 267 | Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Elite Vantage LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 267 | Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Full Link Investment LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 267 | Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Joy Port LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Kind Faith Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 267 | Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Kind Faith LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 267 | Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Leader First LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 267 | BVI/Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Pinerise LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 267 | BVI/PRC; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Starling Pacific limitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 267 | BVI/Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Willas Company LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268. Principalactivity explicitly Inactive; not presented as active trading.PDF p. 267 | Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Willas-Array Electronics (Hong Kong) LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 268 | Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Willas-Array Electronics (Shanghai) LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Kind Faith Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 268 | PRC; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Willas-Array Electronics (Shenzhen) LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Full Link Investment Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 268 | PRC; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Willas-Array Electronics (Taiwan) Inc.AtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 268 | Taiwan/PRC; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Willas-Array Electronics Management LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 268 | Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| Willas-Array Investments LimitedAtDecember31,2025/comparativeDecember31,2024; original parent-direct and indirect ownership/voting columns retained. Immediateparent Cleverway Profits Limited peroriginalrow/footnotes(c),(d),(e)physical268.PDF p. 268 | Hong Kong; direct2025 –;2024 –; indirect2025 100%;2024 100% | |
| GW Electronics Company LimitedAssociate GWEceasedoperations2016andinvestmentfullyimpairedHK$70,080,000in2016. Winding-up proceedings permanently stayed inFY2021. No reversal and no further losses recognised; fullyimpaired atbothDecember2025/2024. No unprinted jointventure or activeoperating business classification.PDF p. 221 | Hong Kong; Group ownership2025 49%;2024 49%; voting2025 49%;2024 49%; Inactive | |
Ownership interests and geographic information follow the annual report. Comparative years and footnote markers retain the report’s notation.
Senior executives
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Lin Zhi Qing, Allen | General Manager – Taiwan Sales Department | Senior management | PDF p. 26 |
| Kwan Wing Kin, Samuel | General Manager of Marketing (Group BU1) | Senior management | PDF p. 26 |
| Chan Wai, Willis | General Manager of Marketing (Group BU3) | Senior management | PDF p. 26 |
| Cheung Mui Fung, Wind | General Manager of Marketing (Group BU2&BUQ) | Senior management | PDF p. 26 |
| Pang Man Yee, Doris | General Manager (Customer Service Center) | Senior management | PDF p. 26 |
| Wen Yuping | Chief Financial Officer of the Group | Senior management | PDF p. 27 |
| Chan Lai Yee | Company Secretary and Authorised Representative | Company secretary | PDF p. 27 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Related parties, people & properties
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Shenzhen E-Mantech Ltd | 1,250,000.00 HK$ | Interested person transactions above S$100,000, FY2025; nature: warehouse and logistic services provided by Willas Shanghai (note 2); excluding shareholders' mandate transactions | PDF p. 152 |
| Shenzhen E-Mantech Ltd | 1,500,000.00 HK$ | Interested person transactions above S$100,000, FY2025; second row for SZ E-Mantech; warehouse and logistic services (note 3) | PDF p. 152 |
| Texin | 910,823.00 HK$ | Interested person transactions above S$100,000, FY2025; leasing of part of warehouse space in Hong Kong (note 4) | PDF p. 152 |
| Shanghai YCT | 5,274,726.00 HK$ | Interested person transactions above S$100,000, FY2025; interest payable on maximum loan amount (note 5) | PDF p. 152 |
| Shanghai YCT Group | 4,050,000.00 HK$ | Interested person transactions above S$100,000, FY2025; purchase of semiconductor electronic component products by the Group (note 6) | PDF p. 152 |
| Shanghai YCT Group | 7,900,000.00 HK$ | Interested person transactions above S$100,000, FY2025; supply of semiconductor electronic component products by the Group (note 7) | PDF p. 152 |
| Total | 20,885,549.00 HK$ | Total aggregate value of IPTs above S$100,000, FY2025, excluding shareholders' mandate transactions | PDF p. 152 |
| Loan Agreement with Shanghai YCT | up to RMB100,000,000 | Loan agreement dated September 29, 2025; revolving, unsecured, 4.8% per annum if drawn; available until 29 September 2026 | PDF p. 151 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| CONTINGENT LIABILITIES | The Group did not have any contingent liabilities as at December 31, 2025 (December 31, 2024: nil). | Group · As at 2025-12-31 | PDF p. 20 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Total | 3,394 HK$'000 | Total emoluments of directors, Group, year ended December 31, 2025 (comparative nine months ended December 31, 2024: 2,660) | PDF p. 208 |
| Xie Lishu(1) | 900 HK$'000 | Chairman and Executive Director, total emoluments, year ended December 31, 2025 | PDF p. 208 |
| Fan Qinsheng(2) | 445 HK$'000 | Executive Director, total emoluments, year ended December 31, 2025 | PDF p. 208 |
| Huang Shaoli | 780 HK$'000 | Non-executive Director, total emoluments, year ended December 31, 2025 | PDF p. 208 |
| Chong Eng Wee | 348 HK$'000 | Independent Non-executive Director, total emoluments, year ended December 31, 2025 | PDF p. 208 |
| Lau Chin Huat | 302 HK$'000 | Independent Non-executive Director, total emoluments, year ended December 31, 2025 | PDF p. 208 |
| Tso Sze Wai | 316 HK$'000 | Independent Non-executive Director, total emoluments, year ended December 31, 2025 | PDF p. 208 |
| Jiang Maolin | 303 HK$'000 | Independent Non-executive Director, total emoluments, year ended December 31, 2025 | PDF p. 208 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| workforce | 293 employees | Group full-time employees as at December 31, 2025 (December 31, 2024: 312) · As at 2025-12-31 | PDF p. 20 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| The Group’s investment properties consist of | three commercial properties in the PRC and one industrial property in Hong Kong | Investment properties at December 31, 2025; fair value HK$43,583,000 · As at 2025-12-31 | PDF p. 217 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| IMPORTANT EVENTS AFFECTING THE GROUP AFTER THE END OF THE REPORTING PERIOD | the Company’s subsidiaries have entered into the warehousing and logistics services agreements with Shanghai YCT’s subsidiaries, pursuant to which the Company’s subsidiaries agreed to provide warehousing and logistics services to Shanghai YCT’s subsidiaries up to December 31, 2026. | Announcements dated January 30, 2026 and March 11, 2026 | PDF p. 19 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Chairman's Statement – Outlook | We are confident that the year 2026 holds the promise of an even more brilliant tomorrow. | Chairman Xie Lishu, statement dated February 27, 2026 | PDF p. 11 |
| Chairman's Statement – Outlook | These combined factors position us favorably to capture a larger share of this expanding market. | Chairman Xie Lishu, outlook for 2026 | PDF p. 11 |
| STRATEGY AND PROSPECTS | Our outlook is positive, as this dual approach is designed to build a more resilient and profitable business foundation for sustainable growth in the coming years. | Management Discussion and Analysis | PDF p. 19 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Corporate information