Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 0

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 3
Chunk 0
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Item 3. Key Information

Corporate Structure

The following diagram illustrates the corporate
structure of TOP Financial Group Limited and its subsidiaries as of the date of this annual report.

Our Subsidiaries
and Business Functions

ZYSL (BVI) was formed as the investment holding
company of ZYSL under the laws of the British Virgin Islands on August 29, 2019 as part of the reorganization. It does not engage in any
material operation. It is a direct subsidiary of TFGL.

ZYCL (BVI) was formed as the investment holding
company of ZYCL under the laws of the British Virgin Islands on August 29, 2019 as part of the reorganization. It does not engage in any
material operation. It is a direct subsidiary of TFGL.

ZYAL (BVI) was formed under the laws of the British
Virgin Islands on January 7, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.

ZYTL (BVI) was formed under the laws of the British
Virgin Islands on January 12, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.

ZYNL (BVI) was formed under the laws of the British
Virgin Islands on January 20, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.

ZYPL (BVI) and ZYXL (BVI) were formed under the
laws of the British Virgin Islands on July 14, 2022. Each of ZYXL (BVI) and ZYPL (BVI) is a holding company and does not engage in any
material operation and each is a direct subsidiary of TFGL.

ZYFL (BVI) and ZYIL (BVI) were formed under the
laws of the British Virgin Islands on November 11, 2022. Each of ZYFL (BVI) and ZYIL (BVI) is a holding company and does not engage in
any material operation and each is a direct subsidiary of TFGL.

ZYSL was formed in accordance with laws and regulations
of Hong Kong on April 22, 2015 with a registered capital of HKD 18,000,000 (approximately US$2.3 million). ZYSL is