Company: TOP
Filing Date: 2025-04-30
Form Type: POS AM
Source: 0001213900-25-037641
Chunk: 26

Company: TOP Financial Group Ltd
Filing Date: 2025-04-30
Form: POS AM
Chunk 26
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 company” until the earliest to occur of (i) the last day of the fiscal year (a) following the fifth anniversary of the closing of the Business Combination, (b) in which we have total annual gross revenue of at least $1.235 billion or (c) in which we are deemed to be a large accelerated filer, which means the market value of equity securities held by our non-affiliates exceeds $700 million as of the last business day of our prior second fiscal quarter, and (ii) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. Implication of Being a Foreign Private Issuer We are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

| ● | we are not required to                                                                                                    
 provide as many Exchange Act reports or provide periodic and current reports as frequently, as a domestic public company; |

| ● | for interim reporting,                                                                                                              
 we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic 
 public companies;                                                                                                                   |

| ● | we are not required to                                                                  
 provide the same level of disclosure on certain issues, such as executive compensation; |

| ● | we are exempt from provisions                                                                           
 of Regulation FD aimed at preventing issuers from making selective disclosures of material information; |

| ● | we are not required to                                                                                                                   
 comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security 
 registered under the Exchange Act; and                                                                                                   |

| ● | we are not required to                                                                                                               
 comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities 
 and establishing insider liability for profits realized from any “short-swing” trading transaction.                                  |

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Permission Required from the Hong Kong Authorities

Due to the licensing requirements of the HKSFC,
ZYSL and ZYCL are required to obtain necessary licenses to conduct their business in Hong Kong and their business and responsible personnel
are subject to the relevant laws and regulations and the respective rules of the HKSFC. ZYSL currently holds a Type 1 license for dealing
in securities and a Type 2 license for dealing in