Company: TOP
Filing Date: 2025-04-30
Form Type: POS AM
Source: 0001213900-25-037641
Chunk: 11

Company: TOP Financial Group Ltd
Filing Date: 2025-04-30
Form: POS AM
Chunk 11
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 are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollar into foreign currencies
and the remittance of currencies out of Hong Kong, nor is there any restriction on any foreign exchange to transfer cash between TFGL
and its subsidiaries, across borders and to U.S. investors, nor there is any restrictions and limitations to distribute earnings from
the subsidiaries, to TFGL and U.S. investors and amounts owed. However, there is no assurance the PRC government will not intervene in
or impose restrictions on the ability of us or our subsidiaries to transfer cash or assets.

For TFGL to make dividends to its shareholders,
subject to the Companies Act (2025 Revision) of the Cayman Islands, which we refer to as the Companies Act below, and our amended and
restated memorandum and articles of association, our board of directors may authorize and declare a dividend to shareholders from time
to time out of the profits from the Company, realized or unrealized, or out of the share premium account, provided that the Company will
remain solvent, meaning the Company is able to pay its debts as they come due in the ordinary course of business. There is no further
Cayman Islands statutory restriction on the amount of funds which may be distributed by us in the form of dividends.

We do not have any present plan to declare
or pay any dividends on our Class A ordinary shares or distribute earnings in the foreseeable future. We currently intend to retain all
available funds and future earnings, if any, for the operation and expansion of our business. Any future determination related to our
dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations,
capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject
to the restrictions contained in any future financing instruments, in our amended and restated memorandum and articles of association
and in the Companies Act.

During the six months ended September 30,
2024 and the fiscal years ended March 31, 2024, 2023 and 2022, cash transfers and/or transfers of other assets between our Company and
our subsidiaries were as follows:

| No. |     | Transfer 
 From     |     | Transfer      
 To            |     | Amount 
 (US$)  |           |     | Date               |     | Purpose            |
|:----|:----|:---------|:----|:--------------|:----|:-------|