Combine Will N0Z

SGD 1.05 +0.00% +0.00 Updated 13 Nov 2026, 17:16 SGT

Company profile

The business, the people and the ownership behind Combine Will.

Business overview

About the company

Combine Will provides manufacturing solutions supported by research, engineering, digital technology and quality management. Its international customer base spans Asia, Europe and North America.

Annual Report 2025 ↗ Reviewed 2026-10-23 · Source dated 2026-04-08. PDF p. 6

Listed security

Company & listing

Full Company Name: COMBINE WILL INTL HLDGS LTD
Trading Currency: SGD
Website: www.combinewill.com
Listing: Listed on 23 June 2008 on SGX Mainboard
ISIN Code: KYG229811156

Board & management

Leadership

TAM JO TAK, DOMINIC

Executive Chairman

Board of Directors PDF p. 22

CHIU HAU SHUN, SIMON

Chief Executive Officer

Board of Directors; CEO PDF p. 22

WEE SUNG LENG

Non-Executive and Independent Director

Board of Directors PDF p. 23

LEE KIA JONG ELAINE (ELAINE LIM)

Non-Executive and Independent Director

Board of Directors PDF p. 23

TO SIU LUN, DICKY

Non-Executive and Independent Director

Board of Directors PDF p. 24

LING CHUNG YEE, ROY

Non-Executive and Independent Director

Board of Directors PDF p. 24

Roles listed in Annual Report 2025; current appointments are not independently verified.

Holdings

Ownership

As reported at 2026-03-12 · PDF p. 105

DJKS Holdings Limited

Direct interest 24,100,000 shares (74.55%); no deemed interest; held through nominee Raffles Nominees (Pte.) Limited

Substantial shareholders as at 12 March 2026

Tam Jo Tak, Dominic

Deemed interest 24,100,000 shares (74.55%); no direct interest

Substantial shareholders as at 12 March 2026

Chiu Hau Shun, Simon

Deemed interest 24,100,000 shares (74.55%); no direct interest

Substantial shareholders as at 12 March 2026

Total interests include direct and deemed holdings and may overlap across holders. These percentages should not be added together.

Registered & depository holders 20 holders

Registered holdings, including nominees and depositories; these do not establish ultimate beneficial ownership. As reported at 2026-03-12 · PDF p. 104

Registered holder	Interest	Source
RAFFLES NOMINEES (PTE.) LIMITED	24,646,800 shares; 76.24%	PDF p. 1042026-03-12
PHILLIP SECURITIES PTE LTD	1,599,900 shares; 4.95%	PDF p. 1042026-03-12
GU JIAN LIN	811,400 shares; 2.51%	PDF p. 1042026-03-12
DBS VICKERS SECURITIES (SINGAPORE) PTE LTD	754,100 shares; 2.33%	PDF p. 1042026-03-12
DBS NOMINEES (PRIVATE) LIMITED	665,300 shares; 2.06%	PDF p. 1042026-03-12
UOB KAY HIAN PRIVATE LIMITED	613,000 shares; 1.90%	PDF p. 1042026-03-12
LIM KIM CHIN	408,600 shares; 1.26%	PDF p. 1042026-03-12
GOH CHOON WEI OR CECILINE GOH	195,000 shares; 0.60%	PDF p. 1042026-03-12
KAM TEOW CHONG	174,900 shares; 0.54%	PDF p. 1042026-03-12
CITIBANK NOMINEES SINGAPORE PTE LTD	159,600 shares; 0.49%	PDF p. 1042026-03-12
SEAH CHYE ANN (XIE CAI'AN)	128,200 shares; 0.40%	PDF p. 1042026-03-12
MAYBANK SECURITIES PTE. LTD.	122,900 shares; 0.38%	PDF p. 1042026-03-12
OCBC SECURITIES PRIVATE LIMITED	108,500 shares; 0.34%	PDF p. 1042026-03-12
LIEW WING ONN	105,800 shares; 0.33%	PDF p. 1042026-03-12
ENG KOON HOCK	100,000 shares; 0.31%	PDF p. 1042026-03-12
HUANG BAOJIA	80,000 shares; 0.25%	PDF p. 1042026-03-12
OCBC NOMINEES SINGAPORE PRIVATE LIMITED	68,000 shares; 0.21%	PDF p. 1042026-03-12
LAI WENG KAY	65,400 shares; 0.20%	PDF p. 1042026-03-12
SEE SHUN SHENG	60,000 shares; 0.19%	PDF p. 1042026-03-12
KOH CHUAN LAI	58,000 shares; 0.18%	PDF p. 1042026-03-12

Group structure

Main operating subsidiaries

As reported at 2025-12-31

Company	Market	Ownership interest
Combine Will Holdings LimitedDirectly held; effective interests held by the Group, 2025 and 2024PDF p. 88	Cayman Islands; effective interest held by the Group 100% (2025), 100% (2024); investment holding; directly held
APT International Holdings LimitedDirectly held; effective interests held by the Group, 2025 and 2024PDF p. 88	Cayman Islands; effective interest held by the Group 100% (2025), 100% (2024); investment holding; directly held
Combine Will Industrial Company LimitedIndirectly held; effective interests held by the Group, 2025 and 2024PDF p. 88	Hong Kong; effective interest held by the Group 100% (2025), 100% (2024); investment holding, manufacturing and trading of plastic toys, die casting and premium items on OEM basis; indirectly held
联志玩具礼品(东莞)有限Indirectly held; effective interests held by the Group, 2025 and 2024PDF p. 89	Dongguan, Guangdong, PRC; effective interest held by the Group 100% (2025), 100% (2024); manufacturing of plastic toys, die casting and premium items on OEM basis; indirectly held
Loong Run Industrial Company LimitedIndirectly held; effective interests held by the Group, 2025 and 2024PDF p. 89	Hong Kong; effective interest held by the Group 100% (2025), 100% (2024); investment holding and trading of plastic toys, die casting and premium items on OEM basis; indirectly held
东莞联弘玩具有限公司Indirectly held; effective interests held by the Group, 2025 and 2024PDF p. 89	Dongguan, Guangdong, PRC; effective interest held by the Group 100% (2025), 100% (2024); manufacturing of plastic toys, die casting and premium items on OEM basis; indirectly held
Million Favour Inc. *Indirectly held; effective interests held by the Group, 2025 and 2024PDF p. 89	Samoa; effective interest held by the Group 100% (2025), 100% (2024); investment holding and trading of electronics parts for the toys; indirectly held
东莞成乐电子有限公司Indirectly held; effective interests held by the Group, 2025 and 2024PDF p. 89	Dongguan, Guangdong, PRC; effective interest held by the Group 100% (2025), 100% (2024); manufacturing of electronics parts; indirectly held
河源联弘玩具礼品有限公Indirectly held; effective interests held by the Group, 2025 and 2024PDF p. 90	Heyuan, Guangdong, PRC; effective interest held by the Group 100% (2025), 100% (2024); manufacturing and trading of plastic toys; indirectly held
PT. Combine Will Industrial Indonesia*****Indirectly held; effective interests held by the Group, 2025 and 2024PDF p. 90	Indonesia; effective interest held by the Group 100% (2025), 100% (2024); manufacturing and trading of plastic toys; indirectly held
联志玩具礼品(苍梧)有限Indirectly held; effective interests held by the Group, 2025 and 2024PDF p. 90	Cangwu, Guangxi, PRC; effective interest held by the Group 100% (2025), 100% (2024); manufacturing and trading of plastic toys; indirectly held
Lianmei Toys Manufacturing Company Limited**Indirectly held; effective interests held by the Group, 2025 and 2024PDF p. 90	Hong Kong; effective interest held by the Group 70% (2025), 70% (2024); investment holding and trading of plush toys; indirectly held
PT. Lianmei Industrial Indonesia*****Indirectly held; effective interests held by the Group, 2025 and 2024PDF p. 91	Indonesia; effective interest held by the Group 70% (2025), 70% (2024); manufacturing and trading of plush toys; indirectly held

Ownership interests and geographic information follow the annual report. Comparative years and footnote markers retain the report’s notation.

Senior executives

Key management

Item	Value	Source
Xu Yu Feng, Steven	Chief Operating Officer	PDF p. 25
SUEN KA FAI, SIMON	Chief Financial Officer	PDF p. 25
Shen Zuyan	Chief Quality Officer	PDF p. 25
TSE KWOK WAI, MARIO	Business Development Director – Local Market	PDF p. 25

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Shareholding statistics

Share capital & shareholders

Share capital

Item	Value	Period / scope	Source
Issued and fully Paid-up Capital	HK$242,455,500	Company · As at 2026-03-12	PDF p. 104
Number of Shares	32,327,400 shares	Company · As at 2026-03-12	PDF p. 104
Class of Shares	Ordinary share	Company · As at 2026-03-12	PDF p. 104
Voting Rights	One vote per share	Company · As at 2026-03-12	PDF p. 104

Shareholding distribution

Item	Value	Period / scope	Source
TOTAL	295 shareholders	Company · As at 2026-03-12	PDF p. 104
1 - 99	1 holder; 0.34%; 1 share; 0.00%	Company · As at 2026-03-12	PDF p. 104
100 - 1,000	128 holders; 43.39%; 72,499 shares; 0.22%	Company · As at 2026-03-12	PDF p. 104
1,001 - 10,000	113 holders; 38.30%; 490,800 shares; 1.52%	Company · As at 2026-03-12	PDF p. 104
10,001 - 1,000,000	51 holders; 17.29%; 5,517,400 shares; 17.07%	Company · As at 2026-03-12	PDF p. 104
1,000,001 AND ABOVE	2 holders; 0.68%; 26,246,700 shares; 81.19%	Company · As at 2026-03-12	PDF p. 104

Free float

Item	Value	Period / scope	Source
Percentage of Shareholdings in Hands of Public	25.45% (representing 8,226,400 shares)	Company · As at 2026-03-12	PDF p. 105
Percentage of Shareholdings in Hands of Public	Rule 723 of the SGX Listing Manual is complied with	Company · As at 2026-03-12	PDF p. 105

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Related parties, people & properties

Other disclosures

Related party transactions

Item	Value	Period / scope	Source
Interested person transactions	There were no significant interested person transactions during FY2025.	Group, FY2025	PDF p. 43
Salaries and other short-term employee benefits	11,840 HK$'000	Group, key management, 2025 (2024: 12,156)	PDF p. 81
Remunerations of directors of the Company	3,885 HK$'000	Group, 2025 (2024: 3,903)	PDF p. 81
Fees to directors of the Company	2,285 HK$'000	Group, 2025 (2024: 2,329)	PDF p. 81

Contingent liabilities

Item	Value	Period / scope	Source
- Subsidiaries	5,948 HK$'000	Company, financial guarantees to subsidiaries, fair value, 2025 (2024: 28,282)	PDF p. 97
Borrowings security	The borrowings are secured by corporate guarantees by the Company and cross guaranteed by its subsidiaries.	Group	PDF p. 97

Director remuneration

Item	Value	Period / scope	Source
Tam Jo Tak, Dominic	348 S$'000	Executive Director, FY2025 total compensation	PDF p. 35
Chiu Hau Shun, Simon	332 S$'000	Executive Director, FY2025 total compensation	PDF p. 35
Wee Sung Leng	100 S$'000	Non-Executive Director, FY2025 total compensation	PDF p. 35
Lee Kia Jong Elaine	100 S$'000	Non-Executive Director, FY2025 total compensation	PDF p. 35
To Siu Lun, Dicky	100 S$'000	Non-Executive Director, FY2025 total compensation	PDF p. 35
Ling Chung Yee, Roy*	100 S$'000	Non-Executive Director, FY2025 total compensation	PDF p. 35

Employees

Item	Value	Period / scope	Source
Workforce	over 20,000	Group, multinational workforce of skilled employees	PDF p. 6
Employee benefits expenses including directors	716,966 HK$'000	Group, 2025 (2024: 441,287)	PDF p. 85

Subsequent events

Item	Value	Period / scope	Source
Subsequent developments	no material development that affects the Group and the Company’s operating and financial performance	Group and Company	PDF p. 45
Final dividend proposed	final dividend in respect of the year ended 31 December 2025 of SGD0.05 per share has been proposed by the directors	Company	PDF p. 85

Outlook

Item	Value	Period / scope	Source
Chairman's Message - external environment	The external environment is expected to remain uncertain	Executive Chairman Dominic Tam	PDF p. 8

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Source: Annual Report 2025 ↗

Corporate information

Registration & contacts

Incorporated In: OTHERS
Incorporated On: 08 Oct 2007
Telephone: 852 2665 1678
Fax: 852 2665 6304
Registered Office: Cricket Square
Hutchins Drive, PO Box 2681
Grand Cayman KY1-1111
Cayman Islands
Secretary: Tsang Hung Leung Alan
Ng Joo Khin
Registrar / Transfer Agent: BOARDROOM CORPORATE & ADVISORY SERVICES PTE. LTD. \
CODAN TRUST COMPANY (CAYMAN) LIMITED (CAYMAN ISLAND)
Registrar Address: 1 Harbourfront Avenue, Keppel Bay Tower, #14-07, Singapore 098632/Cricket Square Hutchins Drive, PO Box 2681 Grand Cayman KY1-1111 Cayman Islands
Auditors: MESSRS RSM HONG KONG, RSM SG ASSURANCE LLP
Other Stock Exchange Listings: *SINGAPORE EXCHANGE LTD.
Country: OTHERS
Security Type: stocks