Company: TOP
Filing Date: 2025-04-30
Form Type: POS AM
Source: 0001213900-25-037641
Chunk: 43

Company: TOP Financial Group Ltd
Filing Date: 2025-04-30
Form: POS AM
Chunk 43
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formed under the laws of the Cayman Islands. We conduct the operations outside the United States and substantially all of our assets
are located outside the United States. In addition, two of our seven directors and officers, Anthony S. Chan and Mei Cai, are nationals
and/or residents of the United States. The other five of our directors and officers, Junli Yang, Mau Chung Ng, Ka Fai Yuen, Yung Yung
Lo, and Jennifer Hoi Ling Tam, are nationals and/or residents of Hong Kong, and all or a substantial portion of such persons’ assets
are located outside the United States. As a result, it may be difficult or impossible for you to bring an action against us or against
them in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or
otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands, Hong Kong, or other relevant
jurisdictions may render you unable to enforce a judgment against our assets or the assets of our directors and officers.

Harney Westwood &
Riegels, our counsel as to the laws of the Cayman Islands has advised us that there is uncertainty as to whether the courts of
the Cayman Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are
predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state
in the United States, or (2) entertain original actions brought in the Cayman Islands against us or our directors or officers that are
predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.

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Harney Westwood &
Riegels has informed us that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal
or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition
of such judgments), the Grand Court of the Cayman Islands will at common law enforce final and conclusive in personam judgments
of the Foreign Court of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes or
other charges of a like nature, a fine or other penalty (which may include a multiple damages judgment in an anti-tr