Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 5

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 5
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 of the People’s Republic of China”,
or “PRC Personal Information Protection Law”, which became effective on November 1, 2021. The PRC Personal Information Protection
Law applies to the processing of personal information of natural persons within the territory of China that is carried out outside of
China where (1) such processing is for the purpose of providing products or services for natural persons within China, (2) such processing
is to analyze or evaluate the behavior of natural persons within China, or (3) there are any other circumstances stipulated by related
laws and administrative regulations.

On December 28, 2021, the CAC jointly with
the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February 15, 2022 and replace
the former Measures for Cybersecurity Review (2020) issued on July 10, 2021. Measures for Cybersecurity Review (2021) stipulates that
operators of critical information infrastructure purchasing network products and services, and online platform operator (together with
the operators of critical information infrastructure, the “Operators”) carrying out data processing activities that affect
or may affect national security, shall conduct a cybersecurity review, any online platform operator who controls more than one million
users’ personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed
in a foreign country.

On February 17, 2023, the China Securities
Regulatory Commission (“CSRC”) promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing
by Domestic Companies, or the “Trial Measures,” and five supporting guidelines, which came into effect on March 31, 2023.
Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall
complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission
of initial public offerings or listing application. If a domestic company fails to complete required filing procedures or conceals any
material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties,
such as an order to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and
other directly liable persons may also be subject to administrative penalties, such as warnings and fines.

As advised by Guangdong Wesley Law Firm, our
counsel with respect to certain PRC legal matters, in