Company: CHOW
Filing Date: 2025-04-01
Form Type: F-1
Source: 0001641172-25-001938
Chunk: 261

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-04-01
Form: F-1
Chunk 261
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 and June 30, 2024 respectively. While the Company believes that these financial institutions are of high credit quality,
it also continually monitors their credit worthiness.

The Company is also exposed to risk from its accounts
receivable, unbilled receivables, amounts due from related companies and other current assets. These assets are subject to credit evaluations.
An allowance has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and
the current economic environment.

(d) Concentration risk

There were two and four customers from whom revenues
individually represent greater than 10% of the total revenues of the Company for the six months ended June 30, 2023 and 2024, respectively.
The total sales to these customers accounted for approximately 68.6% and 58.3% of total revenues for the six months ended June 30, 2023
and 2024, respectively. There were two and two customers from whom receivables individually represent greater than 10% of the total gross
accounts receivable of the Company as of December 31, 2023 and June 30, 2024 respectively. The total receivables from these customers
accounted for approximately 31.5% and 33.6% of the Company’s accounts receivable as of December 31, 2023 and June 30, 2024 respectively.

The following customers accounted for 10% or more
of revenue for the six months ended June 30, 2023 and 2024:

|           |     | For the Six Months Ended June 30, |            |     |   |      |     |            |            |     |   |      |
|           |     |                              2023 |            |     |   |      |     |       2024 |            |     |   |      |
|           |     |                               HK$ |            |     | % |      |     |        HK$ |            |     | % |      |
|           |     |                        -Unaudited |            |     |   |      |     | -Unaudited |            |     |   |      |
| Company A |     |                                   |          - |     |   |    - |     |            | 14,820,196 |     |   | 15.1 |
| Company M |     |                                   | 35,806,384 |     |   |