Company: TOP
Filing Date: 2025-03-14
Form Type: POS AM
Source: 0001213900-25-024160
Chunk: 7

Company: TOP Financial Group Ltd
Filing Date: 2025-03-14
Form: POS AM
Chunk 7
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 company’s ability to conduct its business, accept foreign investments, or list on a U.S. or other foreign exchange,
may hinder our ability to offer Class A ordinary shares to investors in the future and may cause the value of our Class A ordinary shares
to significantly decline or be worthless.

Additionally, due to long arm provisions under
the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation and interpretation of laws
in China. We are also subject to the risks of uncertainty about any future actions the Chinese government or authorities in Hong Kong
may take in this regard.

Should the Chinese government choose to exercise
significant oversight and discretion over the conduct of our business, they may intervene in or influence the operations. Such governmental
actions:

| ● | could result in a material change in the operations; |

| ● | could hinder our ability to continue to offer securities 
 to investors; and                                        |

| ● | may cause the value of our Class A ordinary shares to 
 significantly decline or be worthless.                |

The HFCA Act was enacted on December 18, 2020.
The HFCA Act states if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that has
not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit the company’s
shares from being traded on a national securities exchange or in the over the counter trading market in the United States. On March 24,
2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the
HFCA Act. A company will be required to comply with these rules if the SEC identifies it as having a “non-inspection” year
under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA Act,
including the listing and trading prohibition requirements described above. On June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, and on December 29, 2022, legislation entitled “Consolidated Appropriations Act, 2023”
(the “Consolidated Appropriations Act”) was signed into law by President Biden, which contained, among other things, an identical
provision to the Accelerating Holding Foreign Companies Accountable Act and amended the HFCA Act by requiring the SEC to prohibit an
issuer’s securities from trading on any U.S. stock exchanges if its auditor is not