v3.26.1
Banks and Other Borrowings
 12 Months Ended
Dec. 31, 2025
Banks and Other Borrowings [Abstract]  
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