Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 58

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4
Chunk 58
---
0, Melkweg
Holdings Limited allotted and issued 1,000 shares to Pine Mountain, 1,000 shares to Agapao Investment, and 999 shares to JEAN Oceania,
respectively, at par value, all credited as fully paid. Upon allotment and issue of the said shares, Melkweg Holdings Limited was held
as to approximately 33.33% by Pine Mountain, 33.33% by Agapao Investment and 33.33% by JEAN Oceania, respectively.

Melkweg BVI

Melkweg BVI was incorporated
in the BVI on November 5, 2019 as a company limited by shares. Upon its incorporation, Melkweg BVI was authorized to issue up to a maximum
of 50,000 Ordinary Shares.

On the same day, Melkweg
BVI allotted and issued one share, one share and one share to Pine Mountain, Agapao Investment and JEAN Oceania at US$1 each respectively.
The shares allotted and issued were credited as fully paid.

Melkweg BVI is an investment
holding company and currently does not engage in any business activity. As part of the Reorganization, Melkweg BVI becomes a wholly-owned
subsidiary of our Company. Please refer to “ Reorganization” below in this section for further details.

Galaxy Payroll (HK)

Galaxy Payroll (HK) was incorporated
in Hong Kong on February 21, 2013 as a private company limited by shares. Upon its incorporation, Galaxy Payroll (HK) allotted and issued
10,000 Ordinary Shares, all of which were credited as fully paid and were held as to 9,999 shares by Mr. Lao and one share by Mr. But.
On April 5, 2013, Mr. Lao and Mr. But transferred their respective shares in Galaxy Payroll (HK) to Galaxy (Seychelles), the former holding
company of our Group, at a consideration of HKD9,999 (US$1,288) and HKD1 (US$0.13), respectively. The consideration was determined with
reference to the nominal value of the shares. Upon completion of the said transfers, the entire issued share capital of Galaxy Payroll
(HK) was owned by Galaxy (Seychelles).

Galaxy Payroll (HK) principally
engages in the provision of payroll outsourcing services and employment services in