Bank Borrowings

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Bank Borrowings [Abstract]

BANK BORROWINGS

11. BANK BORROWINGS

Outstanding balances of bank borrowings as of December 31, 2024 and June 30, 2025 consisted of the following:

	As of December 31, 2024		As of June 30, 2025
	HKD		HKD		US$
Bank borrowings:
Collateralized and guaranteed	27,105,722		23,243,451		2,960,987
	27,105,722		23,243,451		2,960,987
Less: current maturities	(27,105,722	)	(23,243,451	)	(2,960,987	)
Non-current maturities	—		—		—

Bank borrowings as of December 31, 2024 and June 30, 2025 are as follows:

				Interest rate as of December 31, 2024		Interest rate as of June 30, 2025		Balance as of
Lender	Type	Maturity date	Currency					December 31, 2024		June 30, 2025
								HKD		HKD		US$
The Hongkong and Shanghai Banking Corporation Limited(i)	Trading finance	Within 1 year	HKD	6.05	%	—		8,579,162		—		—
OCBC(i)	Trading finance	Within 1 year	HKD	7.40	%	—		2,400,446		—		—
China Construction Asia Bank(i)	Trading finance	Within 1 year	HKD	6.29	%	6.32	%	10,645,199		14,956,039		1,905,252
Citibank, N.A., Hong Kong Branch(ii)	Trading finance	Within 1 year	HKD	7.44	%	7.58	%	5,480,915		8,287,412		1,055,735
Total								27,105,722		23,243,451		2,960,987
Less: current maturities								(27,105,722	)	(23,243,451	)	(2,960,987	)
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.

10. 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	—		—		—

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

Lender	Type	Maturity date	Currency	Interest rate as of December 31, 2023		Interest rate as of December 31, 2024		As of December 31,
								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;