| CONTRACT ASSETS, NET |
7. CONTRACT ASSETS, NET Contract assets, net consist of the following: | | | As of March 31, | | | | | 2025 | | | 2026 | | | 2026 | | | | | HK$ | | | HK$ | | | US$ | | | Beginning balance | | | 59,554,163 | | | | 91,098,639 | | | | 11,619,724 | | | Addition | | | 40,444,438 | | | | 66,392,046 | | | | 8,468,373 | | | Changes due to billings | | | (8,087,529 | ) | | | (91,537,573 | ) | | | (11,675,711 | ) | | Acquisition of subsidiaries | | | — | | | | 7,478,885 | | | | 953,939 | | | Deconsolidation of subsidiaries | | | — | | | | (9,879,634 | ) | | | (256,460 | ) | | | | | 91,911,072 | | | | 63,552,363 | | | | 8,106,168 | | | Reversal (allowance) for expected credit losses | | | (812,433 | ) | | | 2,010,644 | | | | 256,460 | | | Ending balance | | | 91,098,639 | | | | 65,563,007 | | | | 8,362,628 | | Allowance for expected credit losses consists of the following: | | | As of March 31, | | | | | 2025 | | | 2026 | | | 2026 | | | | | HK$ | | | HK$ | | | US$ | | | Beginning balance | | | 1,533,832 | | | | 2,346,265 | | | | 299,268 | | | (Reversal) addition | | | 812,433 | | | | (2,010,644 | ) | | | (256,460 | ) | | Ending balance | | | 2,346,265 | | | | 335,621 | | | | 42,808 | |
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