Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 236

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 19
Chunk 236
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weg Cayman is a holding Group incorporated on October 31, 2019 under the Companies Act (2021 Revision) of the Cayman
Islands. Melkweg Cayman has no substantial operations other than holding all of the outstanding share capital of Melkweg Holdings (BVI)
Limited (“ Melkweg BVI”) which was incorporated under BVI law on November 5, 2019. Melkweg BVI is also a holding Group holding
of all the equity interest of Galaxy Payroll Services Limited (“ Galaxy Payroll (HK)” (which is the holding Group of Galaxy
Recursos Humanos (Macau) Limitada (“ Galaxy HR (Macau)”), Galaxy Solutions Partner Limited (“ Galaxy Solutions Partner”),
Galaxy Payroll (Taiwan) Limited (“ Galaxy Payroll (TW)”) (which is the holding Group of Galaxy Human Resources Limited (“ Galaxy
HR (TW)”)) and Galaxy Payroll (China) Limited (“ Galaxy Payroll (China)”) (which is the holding Group of Galaxy Corporate
Management Consultancy (Shenzhen) Limited (“ Galaxy HR (SZ)”)) (collectively referred to as the “ Subsidiaries”).

Galaxy Payroll BVI, through
the Subsidiaries (together, the “ Group”), is engaged in providing payroll outsourcing services and employment services. The
Group’s headquarters are in Hong Kong, China, Taiwan, and Macau. Majority of the Group’s business activities are carried out
by Galaxy Payroll (HK).

Melkweg BVI acquired all the
equity interest of the Subsidiaries from the equity holders via certain share exchange agreement on December 12, 2019.

Melkweg Cayman acquired all
the equity interest of Melkweg BVI from the shareholder via share exchange agreement on January 17, 2020. Galaxy Payroll BVI then acquired
all the equity interests of Melkweg Cayman via certain share exchange agreement on August 26, 2021. Upon completion of the exchange, Melkweg
Cayman was100% owned by the Group, and the restructuring of the Group was then completed. Galaxy Payroll BVI, Melkweg Cayman and Melkweg
BVI and all subsidiaries are under common control which results in the consolidation of Melkweg Cayman and Galaxy Payroll BVI at carrying
value. The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of