Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 2

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 3
Chunk 2
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 services in Australia that includes arranging or providing financial advice on financial products such
as derivatives, foreign exchange contracts, stock and bond issuance etc. It is a direct subsidiary of ZYAL (BVI) and an indirect subsidiary
of TFGL.

TOP
ASSET MANAGEMENT was formed under the laws of Singapore on November 28, 2022. It does not engage in any material operation. We plan to
register with the Monetary Authority of Singapore as a Registered Fund Management Company to carry out Fund Management services. It is
a direct subsidiary of ZYXL (BVI) and an indirect subsidiary of TFGL.

TOP
FINANCIAL was formed under the laws of Singapore on November 28, 2022. TOP FINANCIAL acquired the CMS license from the Monetary Authority
of Singapore to carry out regulated activities in Dealing in Capital Market in June 2025. It is a direct subsidiary of ZYPL (BVI) and
an indirect subsidiary of TFGL.

TOP Solar was formed under the laws of the Cayman
Islands on September 23, 2024. It does not engage in any material operation.

Winrich Trust was formed under the laws of the
Hong Kong on July 3, 2025. It does not engage in any material operation.

ZYFS was formed under the laws of the Hong Kong
on October 2, 2015. On July 9, 2025, TFGL and ZYNL (BVI) entered into a Share Purchase Agreement with ZYFS and the sole shareholder of
ZYFS. The sole shareholder of ZYFS 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. The agreement was negotiated at arm’s length and has been approved by the Audit Committee
of the Board of Directors of the Company. Pursuant to the Agreement, ZYNL (BVI) purchased 100% of the equity interest in ZYFS for a total
purchase price of HKD500,000 (approximately USD63,750). As a result, ZYFS has become a wholly owned subsidiary of ZYNL (BVI). We plan
to provide financial and trust services in Hong Kong through ZYFS. We plan to register with