Bank Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Bank Borrowings [Abstract]

Schedule of Outstanding Balances of Bank Borrowings

Outstanding balances of bank borrowings as of December 31, 2023, and 2024 consisted of the following:

	As of December 31,
	2023			2024			2024
	HKD			HKD			US$
Bank borrowings:
Collateralized and guaranteed		30,753,400			27,105,722			3,489,543
		30,753,400			27,105,722			3,489,543
Less: current maturities		(30,753,400	)		(27,105,722	)		(3,489,543	)
Non-current maturities		—			—			—

Schedule of Bank Borrowings

Bank borrowings as of December 31, 2023 and 2024 are as follows:

		Maturity		Interest rate as of December 31,			Interest rate as of December 31,			As of December 31,
Lender	Type	date	Currency	2023			2024			2023			2024			2024
										HKD			HKD			US$
DBS Bank (Hong Kong) Limited (i)	Trading finance	Within 1 year	HKD		6.46	%		—			5,884,863			—			—
The Hongkong and Shanghai Banking Corporation Limited (i)	Trading finance	Within 1 year	HKD		7.14	%		6.05	%		21,568,885			8,579,162			1,104,466
OCBC (i)	Trading finance	Within 1 year	HKD		—			7.40	%		—			2,400,446			309,029
China Construction Asia Bank (i)	Trading finance	Within 1 year	HKD		—			6.29	%		—			10,645,199			1,370,444
Citibank, N.A., Hong Kong Branch (ii)	Trading finance	Within 1 year	HKD		7.40	%		7.44	%		3,299,652			5,480,915			705,604
Total											30,753,400			27,105,722			3,489,543
Less: current maturities											(30,753,400	)		(27,105,722	)		(3,489,543	)
Non-current maturities											—			—			—

(i) In connection with our operations in Hong Kong, Neo-Concept HK, together with a related company, Neo-Concept (Holdings) Company Limited (“NCH”), a company incorporated in Hong Kong and controlled by Ms. Siu, entered into (as renewed or supplemented yearly where required) several banking facilities with banks in Hong Kong for combined banking facilities which were shared by Neo-Concept HK and NCH combinedly. The banking facilities were secured, details of which are set out as follows:

(a) Unlimited personal guarantee by Ms. Siu;

(b) Ms. Siu being a subordinated lender towards all sums of money owed by Neo-Concept HK and NCH;

(c) Legal charge over certain properties and car parking spaces owned by Ms. Siu and an immediate family member of Ms. Siu and also assignment of rental from the properties and the car parking spaces;

(d) Legal charge over certain deposits accounts held by NCH at the relevant banks;

(e) Legal charge over certain investment funds held by NCH at the relevant banks;

(f) Assignment of benefit from life insurances premium assets held by NCH at the relevant banks;

(g) Assignment of benefit from life insurances premium assets held by Pure Diamond Limited, a related company in which Ms. Siu has interests, at a relevant bank;

(h) Indemnity granted by NCH to relevant banks;

(i) Guaranteed by Neo-Concept Fashion (Zhongshan) Co., Ltd, a subsidiary company of NCH, amounting to HKD131 million; and

(j) Cross-corporate guaranteed by Neo-Concept HK and NCH;

(ii) The banking facilities were secured, details of which are set out as follows:

(a) Personal guarantee by Ms. Siu and an immediate family member of Ms. Siu;

(b)	Cross-corporate guaranteed by Neo-Concept HK, Neo-Concept (BVI) Limited, a company controlled by Ms. Siu, and NCH; and
(c)	Legal charge over certain deposits accounts held by NCH at the relevant banks;