Company: CHOW
Filing Date: 2025-02-10
Form Type: DRS/A
Source: 0001493152-25-005658
Chunk: 212

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-02-10
Form: DRS/A
Chunk 212
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 credit worthiness.

TheCompany 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.

| F-24 |

(d) Concentration risk

There were two andthree customers from whom revenues individually represent greater than 10% of the total revenues of theCompany for the fiscal years ended December 31, 2022 and 2023 , respectively. The total sales to these customers accounted for approximately53.8 % and62.2 % of total revenues for the fiscal years ended December 31, 2022 and 2023 , 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, 2022 and 2023 respectively. The total receivables from these customers accounted for approximately72.4% and 31.5 % of the Company’s accounts receivable as of December 31, 2022 and 2023 respectively.

The following customers accounted for 10% or more of revenue for the years ended December 31, 2022 and 2023:

|                     |     | For the Year Ended December 31, |       2022 |     |   |      |     |     |       2023 |     |   |      |
|:--------------------|:----|:--------------------------------|-----------:|:----|:--|-----:|:----|:----|-----------:|:----|:--|-----:|
|                     |     | HK$                             |            |     | % |      |     | HK$ |            |     | % |      |
| Asia                
 Top Loyalty Limited |     |                                 | 21,212,782 |     |   | 19.7 |     |     | 16,254,119 |     |   | 11.5 |
| Motto Group Limited |     |                                 | 36,647,426 |     |   | 34.1 |     |     | 46,353,154 |     |   | 32.8 |
| Servicesky Limited  |     |                                 |          - |     |   |    - |     |     | 25,300,000 |     |