Convertible Promissory Notes (Tables)

12 Months Ended

Dec. 31, 2025

Convertible Promissory Notes [Abstract]

Schedule of Convertible Promissory Notes

The following table reconciles the carrying value of the host debt liability component of the convertible promissory notes:

	As of December 31,
	2024			2025
	HK$			HK$			US$
Host debt liability
Balance at beginning of the financial year		—			13,860,647			1,780,819
Proceeds from issuance of convertible promissory notes		23,400,000			—			—
Redemption of convertible promissory notes		—			(14,183,434	)		(1,822,291	)
Less: Debt discount and transaction costs apportioned to host debt liability*		(1,802,374	)		—			—
Less: Fair value of embedded derivative liability (see Note 13.2)		(8,380,211	)		—			—
Carrying value of host debt liability at inception		13,217,415			(322,787	)		(41,472	)
Amortized debt discount and transaction costs**		643,232			322,787			41,472
Balance at end of the financial year		13,860,647			—			—

Schedule of Embedded Derivative Liability

The details of embedded derivative liability are as follows:

	As of December 31,
	2024			2025
	HK$			HK$			US$
Embedded derivative liability
Balance at beginning of the financial year		—			6,756,516			868,079
Issuance of convertible promissory notes		8,380,211			—			—
Redemption of convertible promissory notes		—			(5,303,789	)		(681,432	)
Change in fair value of embedded derivative liability		(1,623,695	)		(1,452,727	)		(186,647	)
Balance at end of the financial year		6,756,516			—			—

Schedule of Key Inputs and Assumptions

The fair value of the embedded derivative liability was determined using a Monte Carlo simulation model, with the assistance of an independent valuation specialist. The model incorporates the following key inputs and assumptions:

Inception as at
November 21,
December 2,
and
December 20,
2024

Year end as at
December 31,
2024

At conversion
on January 13,
15 and 16,

2025

Share price (US$)

2.55 – 3.03

2.11

0.83 – 1.90

Expected volatility (%)

43.45 – 46.30

49.04

49.77 – 50.16

Risk-free interest rate (%)

4.26 – 4.40

4.17

4.21 – 4.24