The heritage of Playmates was founded in 1966. In its formative years, Playmates principally engaged in the manufacture of dolls and was recognized as a major supplier of high quality dolls for toy companies around the world.

A direct sales force was set up in the United States of America in 1978 to sell and distribute proprietary lines of dolls and preschool toys marketed under the "Playmates" brand name.

On 12th November 1984, a predecessor of Playmates Holdings became the first company in the toy industry listed on the then Hong Kong stock exchanges. Following the public listing, Playmates transformed into a marketing-based promotional toy company and directly competed with the largest toy companies on a global level.

In 1988, Playmates Toys launched the "Teenage Mutant Ninja Turtles" line of toys which went on to become one of the most successful brands in the history of the toy industry. The sustained success of the Turtles brand established and affirmed the position of Playmates Toys as a major player in the promotional toys arena. Since then, Playmates Toys has continued to create and bring to market worldwide numerous innovative, award-winning and popular toys.

Playmates first engaged in property development and investment in the 1970's when it developed and managed an industrial property for its own use then with a gross floor area of over 300,000 sq. ft. During the 1990's, Playmates engaged in further property developments and investments and diversified into other associated business activities, applying the same philosophy of quality, innovation and brand-building to create value in new areas of opportunities.