| CHENGFAMUD WATERCO. LIMITED | | Live |
| Watercolor Research Co., Limited | Private company limited by shares | Live |
| International Watercolor Society Hong Kong Limited | Company limited by guarantee | Live |
| PASS IT ON INTERNATIONAL WATERCOLOR LIMITED | Private company limited by shares | Live |
| WATERCOME (HK) COMPANY LIMITED | Private company limited by shares | Dissolved |
| WATERCOME International Limited | | Live |
| WATERCOR INVESTMENT LIMITED | Private company limited by shares | Dissolved |
| WATERCORE LIMITED | Private company limited by shares | Dissolved |