Company: CHOW
Filing Date: 2025-02-28
Form Type: DRS/A
Source: 0001493152-25-008591
Chunk: 111

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-02-28
Form: DRS/A
Chunk 111
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 accounts receivable, net of HK$20.0 million.

For the year ended December 31, 2023, net cash provided by operating activities was HK$ 8.2million (US$ 1.1million), primarily resulted from the net income of HK$ 12.1million (US$ 1.6million) as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of (i) amortization of intangible asset of HK$0.4 million (US$48,564); and (ii) deferred income tax of HK$0.2 million (US$19,403), partially offset by the reversal of allowance for the expected credit losses on accounts receivable of HK$0.3 million (US$44,738). Changes in operating assets and liabilities primarily driven by an increase in deferred revenue (contract liabilities) of HK$10.8 million (US$1.4 million), decrease in accounts receivable of HK$7.0 million (US$0.9 million) and increase in tax payable of HK$2.0 million (US$0.3 million), offset by an increase of prepayment and other current assets of HK$11.6 million (US$1.5 million) and a decrease in accounts payable of HK$11.1 million (US$1.4 million).

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Cash Used in Investing Activities:

For the year ended December 31, 2022, net cash used in investing activities was HK$ 1.3million, which was mainly for the development cost of an information technology service management system paid to the third-party system developer.For the year ended December 31, 2023, net cash used in investing activities was HK$1.0 million (US$0.1 million), which was mainly for the enhancement cost of an information technology service management system paid to a third-party system developer.

Cash Used in Financing Activities:

For the year ended December 31, 2022, net cash used in financing activities of HK$ 4.6million in relation to net movement in amount due from shareholders.For the year ended December 31, 2023, net cash used in financing activities of HK$6.4 million (US$ 0.8million) consisted of, dividend paid of HK$8.5 million (US$ 1.1million) and net movement in amount due from shareholders of HK$2