Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 26

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 3
Chunk 26
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 mainland China. The Major In-country Partner accounted for over 30%, 34% and 35%
of our in-country partner costs throughout the year ended June 30, 2025, 2024 and 2023 respectively. In the event that our relationship
with the Major In-country Partner deteriorates or terminates, or there is a significant change in scope of services provided by the Major
In-country Partner, our business and results of operations may be adversely affected.

Our success depends on our key management personnel

Our success is largely attributable
to the continued commitment and contribution of our executive directors and members of our senior management team. Their extensive knowledge
and experience in the provision of payroll outsourcing services and employment services, as well as their established relationships with
our customers and end-users have played a major role in our attainments. Mr. Lao, Mr. But and Mr. Yeung, each has over 16 years of experience
in the payroll outsourcing service industry and employment service industry. Prior to founding our Group, they worked in a group of companies
engaging in the provision of payroll outsourcing services and employment services. Other than our executive directors, our members of
the senior management team, Ms. Lo Ho and Mr. Wu Chunlei, who possess extensive experience in the payroll outsourcing service industry
and employment service industry for over 15 and 18 years, respectively, also play an important role in the daily operation of our Group
including overseeing the daily operation of our Group and managing and training staff on delivery of services.

There is no assurance that
we will be able to retain these key personnel, and the loss of any of them without suitable and timely replacements, or the inability
to attract and retain qualified personnel may adversely affect our business, results of operations, financial positions and prospects.

In addition, we have to retain
internal employees with the necessary level of competence, local experience and knowledge of payroll outsourcing services and employment
services so as to maintain and develop our business. In the future, we may encounter shortages of appropriately skilled personnel, which
may hamper our ability to implement our strategies on the expansion of our operation, and materially and adversely affect our business
and results of operations.

Our end-users may consider setting up their
own human resources departments to manage their own payroll and employment functions when they expand to a larger scale at the respective
regions.

One of the reasons for our
end-users to outsource their payroll and/or employment functions to our Group was because of the costly and time-consuming