Company: TOP
Filing Date: 2025-03-14
Form Type: POS AM
Source: 0001213900-25-024160
Chunk: 42

Company: TOP Financial Group Ltd
Filing Date: 2025-03-14
Form: POS AM
Chunk 42
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 CAC jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February
15, 2022 and replace the former Measures for Cybersecurity Review (2020) issued on July 10, 2021. Measures for Cybersecurity Review (2021)
stipulates that operators of critical information infrastructure purchasing network products and services, and online platform operator
(together with the operators of critical information infrastructure, the “Operators”) carrying out data processing activities
that affect or may affect national security, shall conduct a cybersecurity review, any online platform operator who controls more than
one million users’ personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to
be listed in a foreign country.

On February 17, 2023,
the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the “Trial
Measures,” and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies
that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant
to the requirements of the Trial Measures within three working days following its submission of initial public offerings or listing application.
If a domestic company fails to complete required filing procedures or conceals any material fact or falsifies any major content in its
filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings, fines, and
its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject
to administrative penalties, such as warnings and fines.

As advised by Guangdong
Wesley Law Firm, our counsel with respect to certain PRC legal matters, in connection with our issuance of securities to foreign investors,
under current PRC laws, regulations and regulatory rules, as of the date of this prospectus, we are currently required to obtain permissions
from or complete any filing with the CSRC, or required to go through cybersecurity review by the CAC, given that (1) our Operating Subsidiaries
are incorporated in Hong Kong or the British Virgin Islands and are located in and primarily conduct business operations in Hong Kong,
(2) we have no subsidiary, VIE structure nor any direct operations in mainland China, and (3) pursuant to the Basic Law of the Hong Kong
Special Administrative Region (the “Basic Law”), which