Company: CHOW
Filing Date: 2025-02-10
Form Type: DRS/A
Source: 0001493152-25-005658
Chunk: 281

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-02-10
Form: DRS/A
Chunk 281
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able outcome was probable.

The Company continues to monitor developments in
tax law and evaluates any changes in its tax positions on a quarterly basis. Should any uncertain tax positions arise in the future,
the Company will measure and record any potential liabilities in accordance with ASC 740.

14. BANK BORROWINGS

The following table presents the balances of bank
borrowings as of December 31, 2023 and June 30, 2024:

|                                      |     | As                   
 of December 31, 2023 |   |     | As of June 30, 2024 |           |     |                 |         |
|:-------------------------------------|:----|:---------------------|:--|:----|:--------------------|----------:|:----|:----------------|--------:|
|                                      |     | HK$                  |   |     | HK$                 |           |     | US$ (Note 2(e)) |         |
|                                      |     |                      |   |     | -Unaudited          |           |     | -Unaudited      |         |
| Bank borrowings, current portion     |     |                      | - |     |                     |    38,934 |     |                 |   4,992 |
| Bank borrowings, non-current portion |     |                      | - |     |                     | 4,961,066 |     |                 | 636,034 |
|                                      |     |                      | - |     |                     | 5,000,000 |     |                 | 641,026 |

On May 27, 2024, Sereno secured an instalment bank
loan of HK$5,000,000 (US$641,026) under the SME Financing Guarantee Scheme with a 100% guarantee provided by HKMC Insurance Limited.
The loan is backed by an unlimited personal guarantee from the Company’s shareholders. The loan carries an annual interest rate
of 3.625% and is scheduled to be repaid over 120 monthly instalments, starting from June 26, 2024, and continuing through May 26, 2034.

Interest related to the bank borrowings was HK$ Nil
and HK$14,857 (US$1,905) for the period ended June 30, 2023, and 2024 respectively.

As of June 30, 2024, the borrowing will be due according
to the following schedule:

|                       |     | As         
 of