Company: CHOW
Filing Date: 2025-03-19
Form Type: DRS/A
Source: 0001493152-25-010898
Chunk: 99

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-03-19
Form: DRS/A
Chunk 99
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 37,500 |     |   |   1.4 |     |             |     1,500 |     |             |     192 |     |   |   0.0 |     |        | (96.0 | ) |
| Others                              |     |                       |   212,809 |     |   |   8.0 |     |             |   237,166 |     |             |  30,406 |     |   |   6.8 |     |        |  11.4 |   |
| Total                               |     |                       | 2,660,306 |     |   | 100.0 |     |             | 3,491,856 |     |             | 447,674 |     |   | 100.0 |     |        |  31.3 |   |

General and administrative expenses increased by HK$ 0.8million or 31.3% from HK$2.7 million for the six months ended June 30, 2023 to HK$ 3.5million (US$ 0.4million) for the six months ended June 30, 2024 mainly driven by (i) the increase in salaries, bonuses, and benefits for employees as a result of the increase in number if headcount and also the average monthly salary; (ii) the increase in amortization of intangible asset attributable to the information technology service management system; and (iii) the increase in expected credit loss on trade receivables. Such increases were partially offset by the decrease in entertainment expenses.

Interest income

Interest income represented the interest income derived from bank saving deposits. For the six months ended June 30, 2023 and 2024, we recorded interest income of HK$4,847 and HK$10,529 (US$1,350), respectively.

Interest expense

Interest expense represented the interest on an instalment bank loan of HK$5 million (US$0.64 million) under the SME Financing Guarantee Scheme with a 100% guarantee provided by HKMC Insurance Limited secured during the six months ended June 30, 2024. For the six months ended June 30, 2023 and 2024, we recorded interest expense of nil and HK$14,857 (US$1,905), respectively.

Other income

Other income was primarily comprised of subsidies granted by the Hong Kong government, net exchange gain and other