Company: TOP
Filing Date: 2025-03-14
Form Type: CORRESP
Source: 0001213900-25-024161
Chunk: 2

Company: TOP Financial Group Ltd
Filing Date: 2025-03-14
Form: CORRESP
Chunk 2
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 throughout the document so that it is clear to investors which entity the disclosure is referencing and which subsidiaries are conducting 
 the business operations. Refrain from using terms such as “we” or “our” when describing activities or functions                           
 of a subsidiary. For example, disclose, if true, that your subsidiaries primarily conduct operations in Hong Kong and that the holding    
 company does not conduct operations. Disclose clearly the entity (including the domicile) in which investors are purchasing an interest.  |

Response: We note the Staff’s comment,
and in response hereto, respectfully advise the Staff that we have revised to include the required disclosure on the
cover page of the Form F-3/A.

| 6. | Provide a description of how cash is transferred through your organization and disclose your intentions                                  
 to distribute earnings or settle amounts owed under applicable agreements. State whether any transfers, dividends, or distributions have 
 been made to date between the holding company and its subsidiaries, or to investors, and quantify the amounts where applicable. Provide  
 cross-references to the condensed consolidating schedule and the consolidated financial statements.                                      |

Response: We note the Staff’s comment,
and in response hereto, respectfully advise the Staff that we have revised to include the required disclosure on the
cover page of the Form F-3/A.

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| 7. | Provide a clear description of how cash is transferred through your organization. Disclose your intentions                                    
 to distribute earnings or settle amounts owed under your operating structure. Quantify any cash flows and transfers of other assets by        
 type that have occurred between the holding company and its subsidiaries, and direction of transfer. Quantify any dividends or distributions  
 that a subsidiary has made to the holding company and which entity made such transfer, and their tax consequences. Similarly quantify         
 dividends or distributions made to U.S. investors, the source, and their tax consequences. Your disclosure should make clear if no transfers, 
 dividends, or distributions have been made to date. Describe any restrictions on foreign exchange and your ability to transfer cash between   
 entities, across borders, and to U.S. investors. Describe any restrictions and limitations on your ability to distribute earnings from        
 the company, including your subsidiaries, to the parent company and U.S. investors as well as the ability to settle amounts owed under        
 applicable agreements.                                                                                                                        |

Response: We note the Staff’s comment,
and in response hereto, respectfully advise the Staff that we have revised to include the disclosure beginning on page