Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 9

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 9
---
0.1 million from OTC derivatives business, respectively.

Our revenues were US$3.3 million, US$8.0 million,
and US$9.7 million for the years ended March 31, 2025, 2024 and 2023, respectively. We, through our Operating Subsidiaries, generated
net income of US$1.1 million and US$3.4 million for the years ended March 31, 2024 and 2023, respectively. However, we, through our Operating
Subsidiaries, generated net loss of US$6.0 million for the years ended March 31, 2025. The net loss for the year ended March 31, 2025
was primarily affected by a decrease in revenues as a result of the slow-down of the economy in Hong Kong, loss incurred in connection
with termination of OTC derivative business and an increase in expenditures for our newly acquired subsidiaries in Australia and Singapore.
Our management has anticipated the slow-down economy. To mitigate the macroeconomic risks, our management acquired subsidiaries in Singapore
and Australia to diversify our business. We expect that our expenditures on the subsidiaries will produce the Company with ideal returns
in the future.

We plan to keep our business growing by expanding
our customer base to include retail investors of a wider range of wealth within the Asian communities across the globe, by increasing
the products we offer to include securities and futures from a larger number of stock exchanges, and by offering services such as asset
management, trust services, investor relations and marketing services, corporation and fund consultancy and contract for difference (“ CFD”)
products.

Recent Developments

On July 9, 2025, the Company and ZYNL (BVI) Limited
(“ ZYNL”), a subsidiary of the Company, entered into a Share Purchase Agreement (the “ Agreement”) with Zhong Yang
Financial Services Limited (the “ Target”) and the sole shareholder of the Target (“ Seller”). The Seller is a company
incorporated under the laws of Hong Kong, of which a family member of Ms. Junli Yang, the Chairwoman of the Board of Directors of the
Company, and Ms. Yung Yung Lo, the Chief Financial Officer of the Company, hold 71.50% and 8.30% equity interest, respectively. Pursuant
to the Agreement, Seller agreed to sell, convey, assign, transfer and deliver to ZYNL, and ZYN