| BANKS AND OTHER BORROWINGS |
12. BANKS AND OTHER BORROWINGS
Outstanding balances of banks and other borrowings
as of December 31, 2024 and 2025 consisted of the following:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | | |
2025 | |
| | |
HK$ | | |
HK$ | | |
US$ | |
| Bank borrowings: | |
| | |
| | |
| |
| Guaranteed (i) | |
| 6,661,341 | | |
| 26,824,847 | | |
| 3,446,461 | |
| Collateralized and guaranteed (ii) | |
| 10,518,204 | | |
| 1,105,646 | | |
| 142,054 | |
| | |
| 17,179,545 | | |
| 27,930,493 | | |
| 3,588,515 | |
| Other borrowing: | |
| | | |
| | | |
| | |
| Collateralized and guaranteed (iii) | |
| — | | |
| 6,403,057 | | |
| 822,666 | |
| | |
| 17,179,545 | | |
| 34,333,550 | | |
| 4,411,181 | |
| Less: current liabilities | |
| (13,402,782 | ) | |
| (23,549,661 | ) | |
| (3,025,665 | ) |
| Non-current liabilities | |
| 3,776,763 | | |
| 10,783,889 | | |
| 1,385,516 | |
Banks and other borrowings as at December 31,
2024 and 2025 are as follows:
| | | | | Maturity | | | | Effective
Interest | | | Balance as at December 31, | | | Lender | | Type | | date | | Currency | | rate | | | 2024 | | | 2025 | | | 2025 | | | | | | | | | | | | | | HK$ | | | HK$ | | | US$ | | | Bank of Ningbo Co., Ltd(i) | | Bank borrowing | | 11/2025 | | RMB | | | 4.04 | % | | | 9,453,804 | | | | — | | | | — | | | Bank of China(ii) | | Bank borrowing | | 10/2025 | | RMB | | | 3.10 | % | | | 532,200 | | | | — | | | | — | | | Bank of China(iii) | | Bank borrowing | | 10/2025 | | RMB | | | 3.35 | % | | | 532,200 | | | | — | | | | — | | | Bank of China(iv) | | Bank borrowing | | 03/2026 | | RMB | | | 3.00 | % | | | — | | | | 1,112,500 | | | | 142,934 | | | Bank of China(v) | | Bank borrowing | | 12/2026 | | RMB | | | 2.60 | % | | | — | | | | 10,568,750 | | | | 1,357,875 | | | Shenzhen Rural Commercial Bank(vi) | | Bank borrowing | | 03/2026 | | RMB | | | 1.76 | % | | | — | | | | 2,113,750 | | | | 271,575 | | | Livi Bank Limited(vii) | | Bank borrowing | | 08/2029 | | HK$ | | | 3.66 | % | | | — | | | | 9,274,422 | | | | 1,191,579 | | | The Bank of East Asia Limited(viii) | | Bank borrowing | | 11/2027 | | HK$ | | | 6.55 | % | | | 5,559,137 | | | | 3,755,425 | | | | 482,498 | | | The Bank of East Asia Limited(ix) | | Bank borrowing | | 02/2026 | | US$ | | | 6.72 | % | | | 1,102,204 | | | | 1,105,646 | | | | 142,054 | | | Ping An International Financial Leasing Co., Ltd.(x) | | Other borrowing | | 05/2027 | | RMB | | | 5.90 | % | | | — | | | | 6,403,057 | | | | 822,666 | | | | | | | | | | | | | | | | 17,179,545 | | | | 34,333,550 | | | | 4,411,181 | |
| (i) | In 2024, Samfine SZ entered into seven term loans totaling of RMB5,465,477 (approximately US$0.75 million) for operating purposes. In 2025, Samfine SZ entered into two term loans totaling of RMB4,755,226 (approximately US$0.68 million) for operating purposes. These loans were guaranteed by Mr. and Mrs. Cheng, and pledged by the Mrs. Cheng Kwan Hung (“Mrs. Cheng”)’s property in the PRC. These loans were carrying at variable interest rate, and fully repaid prior to May 2025. |
| (ii) | On October 16, 2024, Samfine SZ entered into a 1-year term loan of RMB500,000 (approximately
US$70,000) for operating purposes. The loan is repayable in one lump-sum payment within 1 year and is guaranteed by Mr. Cheng.
The loan is carrying at variable interest rate. |
| (iii) | On October 30, 2024, Samfine SZ entered into a 1-year term loan of RMB500,000 (approximately
US$70,000) for operating purposes. The loan is repayable in one lump-sum payment within 1 year and is guaranteed by Mr. Cheng.
The loan is carrying at variable interest rate. |
| (iv) | On February 28, 2025, Samfine SZ entered into a 1-year term loan of RMB1 million (approximately US$0.14
million) for operating purposes. The loan is repayable in one lump-sum payment within 1 year and is guaranteed by Mr. Cheng.
The loan is carrying at variable interest rate. |
| (v) | On December 5, 2025, Samfine SZ entered into a 1-year term loan of RMB9.5 million (approximately US$1.3
million) for operating purposes. The loan is repayable in one lump-sum payment within 1 year and is guaranteed by Mr. Cheng.
The loan is carrying at variable interest rate. |
| (vi) | On September 2, 2025, Samfine SZ entered into a half-year term loan of RMB1.9 million (approximately
US$0.27 million) for operating purposes. The loan is repayable in one lump-sum payment within half year and is guaranteed by
Mr. Cheng and Mrs. Cheng, the director of the Company. The loan is carrying at variable interest
rate. |
| (vii) | On August 20, 2025, Samfine HK entered into a 4-year term loan of HK$10 million (approximately US$1.19
million) for working capital purposes carrying at variable interest rate. The loan is repayable in monthly installments over the 4-year
tenor and is guaranteed by Mr. Cheng, the director of the Company. The loan is carrying at variable
interest rate. |
| (viii) | On October 15, 2020, Samfine HK entered into a 7-year term loan of HK$12 million (approximately US$1.53 million)
for working capital purposes carrying at variable interest rate. The loan is repayable in monthly installments over the 7-year tenor
and is guaranteed by Mr. Cheng, the director of the Company and HKMC Insurance Limited (“HKMCI”)
under SME Financing Guarantee Scheme. The loan is carrying at variable interest rate. |
| (ix) | On February 24, 2024, Samfine HK entered into a 1-year recurring term loan of US$142,000 (approximately
HK$1.11 million) for insurance premium payment purpose. The loan is repayable in monthly installments over the 12-month tenor
and is pledged by the deed of insurance assignment relating to the life insurance contract issued by FWD Life Insurance Company (Bermuda)
Limited. On February 24, 2025, Samfine HK fully settled and re-entered the loan. The loan is carrying at variable interest rate. |
| (x) | On May 5, 2025, Samfine SZ entered into a 2-year other borrowing of RMB8.46 million (approximately US$1.08 million) with a financial institution for operating purposes. The loan is guaranteed by Mr. Cheng and Mrs. Cheng, and pledged by the Company’s machineries. The loan is repayable in monthly installments over the 2-year tenor, and is carrying at variable interest rate. |
| Loan type in terms of currency (Presented in HK$) | |
Carrying
value | | |
Within
1 year | | |
2026 | | |
2027 | |
| | |
| | |
| | |
| | |
| |
| in HK$ | |
| 5,559,137 | | |
| 1,782,374 | | |
| 1,907,868 | | |
| 1,868,895 | |
| In US$ | |
| 1,102,204 | | |
| 1,102,204 | | |
| — | | |
| — | |
| in RMB | |
| 10,518,204 | | |
| 10,518,204 | | |
| — | | |
| — | |
| December 31, 2024 | |
| 17,179,545 | | |
| 13,402,782 | | |
| 1,907,868 | | |
| 1,868,895 | |
| Loan type in terms of currency (Presented in HK$) | |
Carrying
value | | |
Within
1 year | | |
2027 | | |
2028 | | |
2029 | |
| | |
| | |
| | |
| | |
| | |
| |
| in HK$ | |
| 13,029,847 | | |
| 4,180,530 | | |
| 4,339,793 | | |
| 2,646,939 | | |
| 1,862,585 | |
| In US$ | |
| 1,105,646 | | |
| 1,105,646 | | |
| — | | |
| — | | |
| — | |
| in RMB | |
| 20,198,057 | | |
| 18,263,485 | | |
| 1,934,572 | | |
| — | | |
| — | |
| December 31, 2025 | |
| 34,333,550 | | |
| 23,549,661 | | |
| 6,274,365 | | |
| 2,646,939 | | |
| 1,862,585 | |
| Loan type in terms of currency (Presented in HK$) | |
Carrying
value | | |
Within
1 year | | |
2027 | | |
2028 | | |
2029 | |
| | |
| | |
| | |
| | |
| | |
| |
| in HK$ | |
| 1,674,077 | | |
| 537,115 | | |
| 557,578 | | |
| 340,079 | | |
| 239,305 | |
| In US$ | |
| 142,054 | | |
| 142,054 | | |
| — | | |
| — | | |
| — | |
| in RMB | |
| 2,595,050 | | |
| 2,346,496 | | |
| 248,554 | | |
| — | | |
| — | |
| December 31, 2025 | |
| 4,411,181 | | |
| 3,025,665 | | |
| 806,132 | | |
| 340,079 | | |
| 239,305 | |
|