Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 3

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 3
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20-F.

The aggregate market value of our outstanding Class A ordinary shares held by non-affiliates or public float, as of the date of this prospectus, was approximately$8,750,000, which was calculated based on 7,000,000 Class A ordinary shares held by non-affiliates and the per share price of $1.25, which was the closing price of our Class A ordinary shares on Nasdaq on April 1, 2025. Pursuant to General Instruction I.B.5 of Form F-3, in no event will we sell the securities covered hereby in a public primary offering with a value exceeding more than one-third of the aggregate market value of our Class A ordinary shares in any 12-month period so long as the aggregate market value of our outstanding Class A ordinary shares held by non-affiliates remains below US$75,000,000. During the 12 calendar months prior to the date of this prospectus, we have not sold any securities during the period.

Unless otherwise specified in an applicable prospectus supplement, our share purchase contracts, share purchase units, warrants, debt securities, rights and units will not be listed on any securities or stock exchange or on any automated dealer quotation system.

TOP Financial Group Limited, or TFGL is a
not a Hong Kong operating company, but a holding company incorporated in the Cayman Islands with no material operations of its own. Our
Operating Subsidiaries (as defined below) primarily conduct business operations in Hong Kong. This structure involves unique risks to
investors. See “Prospectus Summary -- Corporate History and Structure.” References to the “Company,” “we,”
“us,” and “our” in the prospectus are to TFGL, the Cayman Islands entity that issues the Class A ordinary shares
being offered. References to “Operating Subsidiaries” are to WIN100 TECH Limited, WIN100 WEALTH LIMITED, Winrich Finance
Limited, Zhong Yang Capital Limited and Zhong Yang Securities Limited, our operating subsidiaries as of the date of this prospectus.
Investors in this offering will not directly hold equity interests in the Operating Subsidiaries. The Chinese regulatory authorities
could disallow this structure, which would likely result in a material change in the operations and/or a material change in the value
of the securities we are registering for sale, including that it could cause the value of our securities to significantly decline or
become worthless. See “Item 3. Key Information—3