Company: CHOW
Filing Date: 2025-04-01
Form Type: F-1
Source: 0001641172-25-001938
Chunk: 266

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-04-01
Form: F-1
Chunk 266
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. UNBILLED RECEIVABES (CONTRACT ASSETS) AND DEFERRED REVENUE (CONTRACT LIABILITIES)

The following table summarizes the balances of contract
assets and the movement during the periods presented:

|                                           |     | As                   
 of December 31, 2023 |           |   |     | As of June 30, 2024 |            |   |     |                 |          |   |
|:------------------------------------------|:----|:---------------------|----------:|:--|:----|:--------------------|-----------:|:--|:----|:----------------|---------:|:--|
|                                           |     | HK$                  |           |   |     | HK$                 |            |   |     | US$ (Note 2(e)) |          |   |
|                                           |     |                      |           |   |     | -Unaudited          |            |   |     | -Unaudited      |          |   |
| Unbilled receivables (Contract assets):   |     |                      |           |   |     |                     |            |   |     |                 |          |   |
| Balance at beginning of the year / period |     |                      |   537,450 |   |     |                     |  1,964,662 |   |     |                 |  251,880 |   |
| Additions                                 |     |                      | 1,964,662 |   |     |                     |  1,259,804 |   |     |                 |  161,513 |   |
| Less: progress billings                   |     |                      |  (537,450 | ) |     |                     | (1,964,662 | ) |     |                 | (251,880 | ) |
| Balance at end of year / period           |     |                      | 1,964,662 |   |     |                     |  1,259,804 |   |     |                 |  161,513 |   |

Contract assets represent the Company’s right
to consideration for work performed but not yet billed as of the reporting date. Contract assets arise when the Company performs services
or delivers goods in advance of billing the customer and are transferred to receivables when the right to consideration becomes unconditional,
typically upon reaching specified milestones or the billing phase stipulated in the contract.

For the year ended December 31, 2023, the Company