Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 121

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 121
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 Limited (“ PRO800”)           Wholly owned by Ms. Junli Yang, the controlling shareholder of the Company.                                                                                           
  Zhong Yang Holdings Limited          Predecessor Parent Company, owned by the same group of shareholders and determined to be a related party upon the completion of the Reorganization on March 26, 2020  
  Sunx Global Limited                  Predecessor Parent Company owns 95% of Sunx Global Limited and ceased to be a related party of the Company from February 28, 2024                                     
  WSYQR Limited                        Wholly owned by Mr. Huaixi Yang before April 1, 2023, and ceased to be a related party of the Company from May 24, 2023.                                              
  Sincere Creative Investment LPF      Indirect subsidiary owns 20% of Sincere Creative Investment LPF.                                                                                                      

b.
Related parties transactions

                                                    For the Years Ended March 31,                                      
                       Nature                                                2025      2024                      2023  
  Mr. Huaixi Yang      Gross commission income                            $10,204      $         -             $1,962  
  Mr. Huaixi Yang      Handling income                                    $13,128      $         -                 $-  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Mr. Huaixi Yang      Interest income                                   $169,549      $         179,217      $96,317  
  WSYQR Limited        Gross commission income                                 $-      $         -             $8,884  

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

c.
Balance with related parties

                       Nature                                               March 31,                   March 31,                 
                                                                            2025                        2024                      
  Mr. Huaixi Yang      Receivable due from customers – a related party      $              -            $              1,548,088  
  Mr. Huaixi Yang      Payable due to customers – a related party           $              880,336      $              -          
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

The balance due from Mr. Huaixi Yang represented the purchase price
of stock exceeding the deposits paid by customers which traded these US stocks through the Company’s platform. The