Company: TOP
Filing Date: 2025-04-30
Form Type: POS AM
Source: 0001213900-25-037641
Chunk: 20

Company: TOP Financial Group Ltd
Filing Date: 2025-04-30
Form: POS AM
Chunk 20
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 any material operation. TOP FINANCIAL plans to acquire the CMS license from the Monetary Authority of Singapore to carry out regulated activities in Dealing in Capital Market. It is a direct subsidiary of ZYPL (BVI) and an indirect subsidiary of TFGL.

Name Change

Effective July 13, 2022, the Company changed its name from “Zhong Yang Financial Group Limited” to “TOP Financial Group Limited”.

Dual Class Structure

On December 20, 2023, the Company held an annual
shareholders meeting. As approved by the shareholders, the authorized share capital was increased from US$l50,000.00 divided into 150,000,000 shares
of a nominal or par value of US$0.001 each to US$l,000,000.00 divided into 1,000,000,000 shares of a nominal or par value of US$0.001
each, and the Board of Directors was authorized to, at its discretion without further approval of the shareholders, to adopt a dual-class
share capital structure to (i) re-classify all ordinary shares issued and outstanding into class A ordinary shares with a par value
of US$0.001 each with one (1) vote per share and with other rights attached to it in the Second Amended and Restated Memorandum and Articles
of Association on a one for one basis; (ii) re-designate 10,000,000 authorized but unissued ordinary shares into 10,000,000 class
B ordinary shares with a par value of US$0.001 each with fifty (50) votes per share and with other rights attached to it in the Second
Amended and Restated Memorandum and Articles of Association on a one for one basis; and (iii) re-designate the remaining authorized
but unissued ordinary shares into Class A ordinary shares on a one for one basis. On October 3, 2024, the Board of the Company has
approved the Reclassification and Redesignation, and the dual-class share capital structure was effective immediately.

<div align='center'>Business Overview</div>

Our Operating Subsidiaries operate an online
brokerage firm in Hong Kong specializing in the trading of local and overseas equities, futures, and options products. Our clients primarily
reside in Asia and the Operating Subsidiaries are currently focusing on expanding our customer base to Southeast Asian investors. Our
trading platforms, which our Operating Subsidiaries license from third