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    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0002036346</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>12-31-2025</periodOfReport>
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      <reportCalendarOrQuarter>12-31-2025</reportCalendarOrQuarter>
      <isAmendment>true</isAmendment>
      <amendmentNo>3</amendmentNo>
      <amendmentInfo>
        <amendmentType>RESTATEMENT</amendmentType>
      </amendmentInfo>
      <filingManager>
        <name>Headwater Capital Co Ltd</name>
        <address>
          <com:street1>RM 6009, 60/F, CENTRAL PLAZA,</com:street1>
          <com:street2>18 HARBOUR ROAD, WANCHAI</com:street2>
          <com:city>HONG KONG</com:city>
          <com:stateOrCountry>F4</com:stateOrCountry>
          <com:zipCode>999077</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-24539</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Wu Dingwen</name>
      <title>director</title>
      <phone>852-92488600</phone>
      <signature>Wu Dingwen</signature>
      <city>Hong Kong</city>
      <stateOrCountry>F4</stateOrCountry>
      <signatureDate>02-19-2026</signatureDate>
    </signatureBlock>
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      <tableEntryTotal>17</tableEntryTotal>
      <tableValueTotal>480875086</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
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