Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 42

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 42
---
 go through cybersecurity review by the CAC, given that (1) our
Operating Subsidiaries are incorporated in Hong Kong or the British Virgin Islands and are located in and primarily conduct business
operations in Hong Kong, (2) we have no subsidiary, VIE structure nor any direct operations in mainland China, and (3) pursuant to the
Basic Law of the Hong Kong Special Administrative Region (the “Basic Law”), which is a national law of the PRC and the constitutional
document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic
Law (which is confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong).
In addition, we have not been asked to obtain such permissions or to complete any filing by any PRC authority or received any denial
to do so. However, the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted
overseas and/or foreign investment by issuers like us. There remains significant uncertainty as to the enactment, interpretation and
implementation of regulatory requirements related to overseas securities offerings and other capital markets activities.

If (i) we inadvertently
conclude that certain regulatory permissions and approvals are not required or (ii) applicable laws, regulations, or interpretations
change in a way that requires us to complete such filings or obtain such approvals in the future, and (iii) we are required to obtain
such permissions or approvals in the future, but fail to receive or maintain such permissions or approvals, we may face sanctions by
the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on us, limit the operations,
limit our ability to pay dividends outside of China, limit our ability to list on stock exchanges outside of China or offer our securities
to foreign investors or take other actions that could have a material adverse effect on our business, financial condition, results of
operations and prospects, may hinder our ability to offer Ordinary Shares to investors in the future and may cause the value of our Ordinary
Shares to significantly decline or be worthless.

The enforcement of foreign civil liabilities in the Cayman Islands and Hong Kong is subject to certain conditions. Therefore, certain judgments obtained against us by our shareholders may be difficult to enforce in such jurisdictions.

We are a company
formed under the laws of the Cayman Islands. We conduct the operations outside the United States and substantially all of