Company: CHOW
Filing Date: 2025-02-10
Form Type: DRS/A
Source: 0001493152-25-005658
Chunk: 264

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-02-10
Form: DRS/A
Chunk 264
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 and the broader economic environment.

| F-62 |

The Company monitors credit risk on a portfolio basis
and evaluates the adequacy of the allowance for expected credit losses on a quarterly basis. Any adjustments to the allowance are based
on the overall risk profile of the portfolios and reflect management’s best estimate of potential credit losses.

5. UNBILLED RECEIVABES (CONTRACT ASSETS) AND DEFERRED REVENUE (CONTRACT LIABILITIES)

The following table summarizes the balances of contract
assets and the movement during the periods presented:

|                                           |     | As                   
 of December 31, 2023 |           |   |     | As of June 30, 2024 |            |   |     |                 |          |   |
|:------------------------------------------|:----|:---------------------|----------:|:--|:----|:--------------------|-----------:|:--|:----|:----------------|---------:|:--|
|                                           |     | HK$                  |           |   |     | HK$                 |            |   |     | US$ (Note 2(e)) |          |   |
|                                           |     |                      |           |   |     | -Unaudited          |            |   |     | -Unaudited      |          |   |
| Unbilled receivables (Contract assets):   |     |                      |           |   |     |                     |            |   |     |                 |          |   |
| Balance at beginning of the year / period |     |                      |   537,450 |   |     |                     |  1,964,662 |   |     |                 |  251,880 |   |
| Additions                                 |     |                      | 1,964,662 |   |     |                     |  1,259,804 |   |     |                 |  161,513 |   |
| Less: progress billings                   |     |                      |  (537,450 | ) |     |                     | (1,964,662 | ) |     |                 | (251,880 | ) |
| Balance at end of year / period           |     |                      | 1,964,662 |   |     |                     |  1,259,804 |   |     |                 |  161,513 |   |

Contract assets represent the Company’s right
to consideration for work performed but not yet billed as of