Company: CHOW
Filing Date: 2025-05-29
Form Type: F-1/A
Source: 0001641172-25-012773
Chunk: 214

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-05-29
Form: F-1/A
Chunk 214
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 the position.

As of December 31, 2023 and 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company also did not accrue any liability, interest, or penalties related to uncertain tax positions, as there were no positions where it was determined that an unfavourable 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 2024:

|                                 |     |              As 
 of December 31, |   |     |      |           |     |             |         |
|                                 |     |            2023 |   |     | 2024 |           |     |             |         |
|                                 |     |             HK$ |   |     |  HK$ |           |     | US$         
 (Note 2(e)) |         |
| Bank                            
 borrowings, current portion     |     |                 | - |     |      |   284,404 |     |             |  36,462 |
| Bank                            
 borrowings, non-current portion |     |                 | - |     |      | 4,715,596 |     |             | 604,564 |
|                                 |     |                 | - |     |      | 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 interest of the loan shall be calculated at the prime rate quoted by the bank from time to time minus 2.25% per annum, i.e. 3.625% per annum at the first drawdown date of the loan. The loan is scheduled to be repaid over 120 monthly instalments, starting from June 26, 2024, and continuing through May 26, 2034. The first 12 months shall be of interest payment only and the remaining instalments after the first 12 months shall be equal instal