Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 41

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 41
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 information of natural
persons within the territory of China that is carried out outside of China where (1) such processing is for the purpose of providing
products or services for natural persons within China, (2) such processing is to analyze or evaluate the behavior of natural persons
within China, or (3) there are any other circumstances stipulated by related laws and administrative regulations.

On December 28, 2021,
the CAC jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February
15, 2022 and replace the former Measures for Cybersecurity Review (2020) issued on July 10, 2021. Measures for Cybersecurity Review (2021)
stipulates that operators of critical information infrastructure purchasing network products and services, and online platform operator
(together with the operators of critical information infrastructure, the “Operators”) carrying out data processing activities
that affect or may affect national security, shall conduct a cybersecurity review, any online platform operator who controls more than
one million users’ personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to
be listed in a foreign country.

On February 17, 2023,
the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the “Trial
Measures,” and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies
that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant
to the requirements of the Trial Measures within three working days following its submission of initial public offerings or listing application.
If a domestic company fails to complete required filing procedures or conceals any material fact or falsifies any major content in its
filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings, fines, and
its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject
to administrative penalties, such as warnings and fines.

As advised by Guangdong
Wesley Law Firm, our counsel with respect to certain PRC legal matters, in connection with our issuance of securities to foreign investors,
under current PRC laws, regulations and regulatory rules, as of the date of this prospectus, we are not currently required to obtain
permissions from or complete any filing with the CSRC, or required to