Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 56

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4
Chunk 56
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 year, we extended our payroll outsourcing and employment services to
the PRC.

Subsequently, in April 2015,
Cornerstone Enterprise, an investment holding company, which was held by Mr. Lao, Mr. But and Mr. Yeung in equal shares, acquired the
share held by the Former Shareholder in Galaxy (Seychelles), the former holding company of our Group, and the Former Shareholder ceased
to be a shareholder of our Group. To the best knowledge of our Directors, the Former Shareholder disposed of his shares in Galaxy (Seychelles)
to focus on his career in the PRC. Since then, our Group has been under the ownership of Mr. Lao, Mr. But and Mr. Yeung. For further information
about the background and experience of Mr. Lao, Mr. But and Mr. Yeung, please refer to “ Directors and Senior Management” in
this report.

Leveraging on our industry
experience and at the request of our customers, we further expanded our business to Macau and Taiwan in 2015 and 2016, respectively. With
the expansion of our business, we established Galaxy HR (SZ) in 2018 to further develop the PRC market. In 2019, Galaxy HR (SZ) obtained
the Labor Dispatch Operation Permit which enables us to act as employer of record for our end-users in providing employment services in
the PRC.

Our Corporate Developments

We set out below the corporate
history, the principal business and the changes in shareholding of members of our Group:

Our Company

Galaxy Payroll Group Limited
was incorporated in the British Virgin Islands on August 26, 2021 as a BVI business company. The initial authorized share capital of our
Company is 50,000 Ordinary Shares, par value US$1.00 per share. On December 19, 2022, the Company filed Amended and Restated Charter with
the Registrar to increase our authorized shares from 50,000 Ordinary Shares, par value of US$1 per share, to unlimited number of Ordinary
Shares, par value of US$0.000625 per share and effectuated a forward split of all issued and outstanding shares at a ratio of 1,600:1.

On March 19, 2025, the re-designation
and re-classification of its ordinary shares into two classes each with a par value of US$0.000625 that (a)