Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 136

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4A
Chunk 136
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 that may have a retroactive effect. As a result, we may be subject to fines and other penalties applied retroactively for violations
of policies and rules enacted in future for commission of acts that are not in violation of the current policies and rules. In addition,
any litigation in the PRC may be protracted and result in substantial costs and diversion of our resources and management attention.

RISKS RELATING TO HONG KONG, TAIWAN AND MACAU

Risks relating to the economic, political, legal and social conditions
in Hong Kong, Taiwan and Macau

We also operate our business
in Hong Kong, Taiwan and Macau. Any adverse changes in the economic, political, legal and social conditions of Hong Kong, Taiwan and
Macau may lead to an adverse impact on the demand for our services and may result in deteriorating financial performance of our Group.

Furthermore, we cannot assure
you that there will not be any political movements or large scale political unrest in Hong Kong, Taiwan or Macau, which may in turn adversely
impact the market or lead to disruption of the general economic, political and social conditions in Hong Kong, Taiwan or Macau. If such
unrest or movement persists for a substantial period of time, it may lead to such disruption, and our overall business, results of operations
and financial condition may be adversely affected.

Hong Kong and Macau became
the special administrative regions of the PRC when the sovereignties of both regions were returned to the PRC, whereas Taiwan has a unique
political status with conflict on its sovereignty with the PRC. We cannot assure you that the economic, political and legal developments
in Hong Kong, Macau and Taiwan will not be adversely affected as a result of the exercise of sovereignties by the PRC over Hong Kong and
Macau and the conflict between Taiwan and the PRC. If there is any material adverse change in the general economic, political and legal
developments in Hong Kong, Macau or Taiwan, our operations and financial position may be adversely affected.

RISKS RELATING TO THE PRC, HONG KONG, JAPAN,
TAIWAN, MACAU AND OTHER LOCATIONS

Risks of acts of God, acts of war and terrorism, natural disasters,
riots, epidemics and other disasters

The economy, infrastructure
and livelihood of the people of the PRC, Hong Kong, Japan, Taiwan, Macau and other locations or such other jurisdictions may be materially