Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 94

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 94
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, July 14, 2022, July 14,
2022, November 11, 2022, and November 11, 2022, respectively. These subsidiaries are dormant as of the date of this report, except for
WIN100 TECH, which provides trading solutions for clients trading on the world’s major derivatives and stock exchanges.

On
November 28, 2022, ZYPL (BVI) established Top Financial Pte. Ltd. (“ Top Fin”) in accordance with laws and regulations of
Republic of Singapore. On the same date, ZYXL (BVI) set up Top Asset Management Pte. Ltd. (“ Top AM”) in accordance with laws
and regulations of Republic of Singapore. On February 24, 2023, ZYFL established Winrich Finance Limited in accordance with laws and
regulations of Hong Kong. On February 9, 2023, the Company, through ZYIL (BVI), purchased 100

On
April 12, 2023, the Company, through ZYAL, closed an acquisition of 100 700,000 5,200 705,200

F-7

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

For
the Years Ended March 31, 2025, 2024 and 2023

1.
Organization and Description of Business (Continued)

TFGL
together with its subsidiaries (collectively, the “ Company”) are primarily engaged in providing futures brokerage and other
financial services in Hong Kong through a trading platform to its customers. The Company generates brokerage commission income by enabling
its customer to trade on multiple exchanges around the world.

On
October 4, 2024, the Board of the Company approved the reclassification and redesignation of ordinary shares, and adoption of dual-class
share capital structure. The details are as follows:

  (i)      reclassify all ordinary shares of the Company issued and outstanding into class A ordinary shares of the Company with a par value of US$ 0.001 each (the “ Class A Ordinary Shares”) with one (1)...  

  (ii)      redesignate 10,000,000 authorized but unissued ordinary shares of the Company into 10,000,000 class B ordinary shares of the Company with a par value of US$ 0.001 each (the “ Class B Ordinary S...  

  (iii)      redesignate the remaining                                                                                    

On