Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 8

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 8
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Item
4A. Unresolved Staff Comments

None.

Item 5. Operating and Financial
Review and Prospects

You should read the following discussion and
analysis of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the
related notes included elsewhere in this annual report. This discussion contains forward-looking statements that involve risks and uncertainties.
Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements
as a result of various factors, including those set forth under “ Item 3. Key Information - 3. D. Risk Factors” and
elsewhere in this annual report.

Overview

We, through our Operating Subsidiaries, are an
online provider of securities and futures trading services founded in Hong Kong by a group of experienced professionals and talents. Our
goal is to become the preferred trading platform for Asian investors worldwide. We enable our customers to trade on renowned stock and
futures exchanges around the world, including the Chicago Mercantile Exchange (“ CME”), Hong Kong Futures Exchange (“ HKFE”),
The New York Mercantile Exchange (“ NYMEX”), The Chicago Board of Trade (“ CBOT”), The Commodity Exchange (“ COMEX”),
Eurex Exchange (“ EUREX”), ICE Clear Europe Limited (“ ICEU”), Singapore Exchange (“ SGX”), Australia
Securities Exchange (“ ASX”), Bursa Malaysia Derivatives Berhad (“ BMD”), and Osaka Exchange (“ OSE”).
We create value for our customers by providing reliable trading platforms, a user-friendly web and app interface, and 24-hour seamless
customer support. Our Operating Subsidiaries generate revenues primarily by charging commission fees on futures transactions at a flat
rate for each futures transaction contract and trading solution services fees charged at a fixed rate per transaction with a minimum monthly
fee. Currently our customers are mainly high volume and frequency trading institutional and individual investors. We launched over-the-counter
(OTC) derivatives business and loan business in the year of 2024. While we terminated OTC derivative business in the year of 2025 due
to liquidation of brokers of such business in Hong Kong market. For the years ended March 31, 2025 and 2024, we earned income of US$0.8
million and US$0.2 million from loan business, respectively. For the years ended March 31, 2025, we earned income of US$0.1 million and
US$