Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 93

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 93
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-6

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

For
the Years Ended March 31, 2025, 2024 and 2023

1.
Organization and Description of Business

TOP
Financial Group Limited (formerly “ Zhong Yang Financial Group Limited” and “ ZYFGL”) (“ TFGL”) is a
company incorporated in Cayman Islands with limited liability on August 1, 2019. TFGL is a parent holding company with no operations.
Effective on July 13, 2022, the Company changed its name from “ Zhong Yang Financial Group Limited” to “ TOP Financial
Group Limited” (“ Name Change”).

TFGL
has two wholly-owned subsidiaries, ZYSL (BVI) Limited (“ ZYSL (BVI)”) and ZYCL (BVI) Limited (“ ZYCL (BVI)”), both
which are investment holding entities formed under the laws and regulations of the British Virgin Islands on August 29, 2019.

Zhong
Yang Securities Limited (“ ZYSL”), a wholly-owned subsidiary of ZYSL (BVI), was established in accordance with laws and regulations
of Hong Kong on April 22, 2015 with a registered capital of HKD 41,400,000 5.3

Zhong
Yang Capital Limited (“ ZYCL”), a wholly-owned subsidiary of ZYCL (BVI), was established in accordance with laws and regulations
of Hong Kong on September 29, 2016 with a registered capital of HKD 5,000,000 0.6

Eight
subsidiaries, ZYAL (BVI) Limited (“ ZYAL (BVI)”), ZYTL (BVI) Limited (“ ZYTL (BVI)”), ZYNL (BVI) Limited (“ ZYNL
(BVI)”), WIN100 Tech Limited (“ WIN100 TECH”), ZYPL (BVI) Limited (“ ZYPL (BVI)”), ZYXL (BVI) Limited (“ ZYXL
(BVI)”), ZYIL (BVI) Limited (“ ZYIL (BVI)”) and ZYFL (BVI) Limited (“ ZYFL (BVI)”) were incorporated under
the laws of the British Virgin Islands on January 7, 2021, January 12, 2021, January 20, 2021, May 14, 2021