Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 24

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 24
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5%, 3.0% and 3.6% of total revenues, during the fiscal years ended March 31, 2024, 2023 and
2022, respectively. Revenues generated from stock brokerage, consulting services, and currency exchange services accounted for 2.1% and
3.4% of total revenues, during the six months ended September 30, 2024 and 2023, respectively. Revenues generated from margin financing
accounted for 3.3% of total revenues during the fiscal years ended March 31, 2024. We did not have any revenues from margin financing
during the fiscal years ended March 31, 2023 or 2022 or during the six months ended September 30, 2024. During the fiscal year ended
March 31, 2024, the Operating Subsidiary, Win100 Wealth Limited launched OTC derivative trading service and Winrich Finance Limited launched
loan business. Revenues generated from OTC derivative trading accounted for 1.5% of total revenues, during the fiscal years ended March
31, 2024. Revenues generated from OTC derivative trading accounted for 7.9% of total revenues, during the six months ended September
30, 2024. Interest income from loan business accounted for 2.9% of total revenues, during the fiscal years ended March 31, 2024. Interest
income from loan business accounted for 17.0% of total revenues, during the six months ended September 30, 2024.We did not generate revenue
from options trading services for the six months ended September 30, 2024 or the fiscal years 2024, 2023 and 2022. Our top five customers
accounted for 36%, 43% and 77% of our total revenues for the years ended March 31, 2024, 2023 and 2022. Our top five customers accounted
for 37% and 35% of our total revenues for the six months ended September 30, 2024 and 2023, respectively.

Our Operating Subsidiaries have achieved substantial
growth since the launch of the operation of online brokerage services, as illustrated by the chart below which sets forth the number
of futures contracts the Operating Subsidiaries have executed from April 1, 2021 to September 30, 2024, organized by calendar quarter.

The number of futures