Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 43

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 3
Chunk 43
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 will be able to
sell their shares subject to restrictions under Rule 144.

Our pre-IPO shareholders
may be able to sell their Ordinary Shares pursuant to Rule 144 under the Securities Act. Because these shareholders have paid a lower
price per Ordinary Share than participants in our initial public offering, when they are able to sell their pre-IPO shares under Rule
144, they may be more willing to accept a lower sales price than the IPO price. This fact could impact the trading price of the stock
following completion of the initial public offering, to the detriment of participants in the initial public offering. Under Rule 144,
before our pre-IPO shareholders can sell their shares, in addition to meeting other requirements, they must meet the required holding
period.

Our officers, directors and principal shareholders
own a significant percentage of our Ordinary Shares and will be able to exert significant control over matters subject to shareholder
approval.

As of the date of this report,
our directors, officers, and 5% or greater shareholders hold in aggregate 55.9% or more of our shares.

The interests of these shareholders
may not be the same as or may even conflict with your interests. For example, these shareholders could attempt to delay or prevent a change
in control of us, even if such change in control would benefit our other shareholders, which could deprive our shareholders of an opportunity
to receive a premium for their Ordinary Shares as part of a sale of us or our assets and might affect the prevailing market price of our
Ordinary Shares due to investors’ perceptions that conflicts of interest may exist or arise. As a result, this concentration of
ownership may not be in the best interests of our other shareholders.

Our board of directors may decline to register
the transfer of Ordinary Shares in certain circumstances.

Our board of directors may
under certain circumstances decline to register a transfer including any Ordinary Share which is not fully paid up or on which we have
a lien. Further, our board of directors may generally require any shareholder or any person proposing to acquire our shares to provide
information to show the right to make the transfer. If any such shareholder or proposed acquirer does not provide such information, or
if our board of directors has reason to believe that any certification or other information provided pursuant to any such request is inaccurate
or incomplete, our board of directors may delay or decline to register any transfer or to effect any issuance or purchase of shares to
which such request is related.

Our directors may also decline
to register any transfer