Company: TOP
Filing Date: 2025-04-30
Form Type: POS AM
Source: 0001213900-25-037641
Chunk: 4

Company: TOP Financial Group Ltd
Filing Date: 2025-04-30
Form: POS AM
Chunk 4
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 securities to significantly decline or
become worthless. See “Item 3. Key Information—3.D. Risk Factors—Risks Related to Doing Business in the Jurisdictions
in which the Operating Subsidiaries Operate” in our Annual report on Form 20-F for the fiscal year ended March 31, 2024, filed
with the SEC on July 30, 2024 (the “2024 Annual Report”).

This is an offering of the Class A ordinary shares of TFGL, the holding company in the Cayman Island that does not conduct operation. Investors in this offering may never directly hold any equity interests in the Operating Subsidiaries that primarily conduct operations in Hong Kong.

Investing in our Class A ordinary shares involves a high degree of risk, including the risk of losing your entire investment. See Risk Factors being incorporated by reference in our 2024 Annual Report and beginning on page 12 to read about factors you should consider before buying our Class A ordinary shares.

We are aware that, recently, the PRC government
initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance
notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed
overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding
the efforts in anti-monopoly enforcement.

For example, on June 10, 2021, the Standing
Committee of the National People’s Congress enacted the PRC Data Security Law, which took effect on September 1, 2021. The law
requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for the purpose of data protection,
data processing activities must be conducted based on data classification and hierarchical protection system for data security.

On July 6, 2021, the General Office of the
Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal
activities in the securities market and promote the high-quality development of the capital market, which, among other things, requires
the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision
over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities
laws.

On August 20, 2021, the 30th meeting of the Standing