Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 52

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 7
Chunk 52
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 Ms. Yang to use a software that supports algorithm trading, order analytics, risk control and technical
monitoring which can be integrated with different vendors’ API. In consideration for such license, WIN100 Tech agreed to pay Ms.
Yang $100 in license fee. The agreement was negotiated at arm’s length and was approved by the Board of Directors of the Company.
For more details, see “ Item 4. Information on the Company - 4. B. Business Overview - Our Revenues Model and Core Services - License
Agreement between Junli Yang and WIN100”

On February 9, 2023, ZYIL(BVI) completed an acquisition
of WIN100 WEALTH a company formed under the laws of the British Virgin Islands, at a purchase price of $10,000 in exchange for 100% of
the equity interest in WIN100 WEALTH, pursuant to a Share Purchase Agreement dated February 9, 2023 by and among the Company, ZYIL(BVI),
WIN100 WEALTH and the sole shareholder of WIN100 WEALTH. The sole shareholder of WIN100 WEALTH is Junli Yang, the Chairwoman of the Board
of Directors of the Company. The Agreement was negotiated at arm’s length and was approved by the Board of Directors of the Company.

On April 12, 2023, ZYAL (BVI) completed an acquisition
of TOP 500 SEC PTY LTD (“ TOP 500”), a company formed under the laws of Australia that owns an Australian Financial Services
License (AFSL: 328866), at a purchase price of $700,000 in exchange for 100% of the equity interest in TOP 500, pursuant to a Share Purchase
Agreement dated August 31, 2022 by and among the Company, ZYAL (BVI), TOP 500 and the sole shareholder of TOP 500. The sole shareholder
of TOP 500 is a company controlled by Junli Yang, the Chairwoman of the Board of Directors of the Company. The Agreement was negotiated
at arm’s length and was approved by the Board of Directors of the Company.

On July 9, 2025, the Company and ZYNL (BVI) entered
into a share purchase agreement with Zhong Yang Financial Services Limited and the sole shareholder of Zhong Yang Financial Services Limited,
ZYHL, pursuant to which ZYHL agreed to sell, convey, assign, transfer and deliver to ZYNL (BVI), and ZYN