Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 38

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 38
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 to us.

Inflation

Inflation
in Hong Kong has not materially affected our results of operations in recent years. According to the Census and Statistics Department
of Hong Kong, the year-over-year percent changes in the consumer price index was an increase of 1.4%,
2.0% and 1.7% for fiscal years ended March 31, 2025, 2024 and 2023, respectively. Although we have not been affected by inflation in the
past, we may be affected if Hong Kong and any other jurisdiction where we operate in the future experience higher rates of inflation in
the future.

Item 6.
Directors, Senior Management and Employees