Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 62

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4
Chunk 62
---
 one fully paid share to an initial subscriber, an independent
third party, at par value, and was subsequently transferred to JEAN Oceania on October 31, 2019.

3. Incorporation of Melkweg BVI

Melkweg BVI was incorporated
in BVI as a company limited by shares on November 5, 2019. Upon its incorporation, Melkweg BVI was authorized to issue up to a maximum
of 50,000 Ordinary Shares. Upon incorporation of Melkweg BVI, on November 5, 2019, Melkweg BVI allotted and issued one share, one share
and one share to Pine Mountain, Agapao Investment and JEAN Oceania at US$1.00 each respectively. The shares allotted and issued were credited
as fully paid.

4. The subsidiaries of Melkweg BVI

A. Galaxy Payroll (HK) and Galaxy HR (Macau)

Galaxy HR (Macau) is owned
as to 98.0% by Galaxy Payroll (HK). On December 12, 2019, Melkweg BVI was issued with 10,000 shares, representing the entire issued share
capital of Galaxy Payroll (HK) from Galaxy (Seychelles) at a consideration of HKD8,478,836 (US$1,091,817). The consideration was determined
with reference to the net asset value of Galaxy Payroll (HK) as of September 30, 2019, which was satisfied by the allotment and issue
of and crediting as fully paid of 1,000 shares of Melkweg BVI to Pine Mountain, 1,000 shares of Melkweg BVI to Agapao Investment and 1,000
shares of Melkweg BVI to JEAN Oceania, upon the instructions of Galaxy (Seychelles). The above share transfer was legally completed and
settled on January 10, 2020.

B. Galaxy Payroll (TW) and Galaxy HR (TW)

Galaxy HR (TW) is a direct
wholly-owned subsidiary of Galaxy Payroll (TW). On December 12, 2019, Melkweg BVI was issued with 10,000 shares, representing the entire
issued share capital of Galaxy Payroll (TW) from Galaxy (Seychelles) at a consideration of HKD10,000 (US$1,288). The