Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 6

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 6
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 connection with our issuance of securities to foreign investors, under current
PRC laws, regulations and regulatory rules, as of the date of this prospectus, we are not currently required to obtain permissions from
or complete any filing with the CSRC, or required to go through cybersecurity review by the CAC, given that (1) our Operating Subsidiaries
are incorporated in Hong Kong or the British Virgin Islands and are located in and primarily conduct business operations in Hong Kong,
(2) we have no subsidiary, VIE structure nor any direct operations in mainland China, and (3) pursuant to the Basic Law of the Hong Kong
Special Administrative Region (the “Basic Law”), which is a national law of the PRC and the constitutional document for Hong
Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined
to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong). In addition, we have not
been asked to obtain such permissions or to complete any filing by any PRC authority or received any denial to do so. However, the PRC
government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign
investment by issuers like us. There remains significant uncertainty as to the enactment, interpretation and implementation of regulatory
requirements related to overseas securities offerings and other capital markets activities.

If (i) we inadvertently conclude that certain
regulatory permissions and approvals are not required or (ii) applicable laws, regulations, or interpretations change in a way that requires
us to complete such filings or obtain such approvals in the future, and (iii) we are required to obtain such permissions or approvals
in the future, but fail to receive or maintain such permissions or approvals, we may face sanctions by the CSRC, the CAC or other PRC
regulatory agencies. These regulatory agencies may impose fines and penalties on us, limit the operations, limit our ability to pay dividends
outside of China, limit our ability to list on stock exchanges outside of China or offer our securities to foreign investors or take
other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, may
impact the company’s ability to conduct its business, accept foreign investments, or list on a U.S. or other foreign exchange,
may hinder our ability to offer or continue to offer securities to investors and may