Company: TOP
Filing Date: 2025-03-14
Form Type: CORRESP
Source: 0001213900-25-024161
Chunk: 1

Company: TOP Financial Group Ltd
Filing Date: 2025-03-14
Form: CORRESP
Chunk 1
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 we will include in future Exchange Act filings all
applicable disclosures we include, or will include, in this registration statement in response to the Staff’s comments.

| 3. | Please disclose prominently on the prospectus cover page that you are not a Hong Kong operating company                                   
 but a Cayman Islands holding company with operations primarily conducted by your subsidiaries based in Hong Kong and that this structure  
 involves unique risks to investors. Disclose that investors may never hold equity interests in the Hong Kong operating subsidiaries. Your 
 disclosure should acknowledge that Chinese regulatory authorities could disallow this structure, which would likely result in a material  
 change in your operations and/or a material change in the value of the securities you are registering for sale, including that it could   
 cause the value of such securities to significantly decline or become worthless. Provide a cross-reference to your detailed discussion    
 of risks facing the company and the offering as a result of this structure, including within any disclosure you incorporate by reference, 
 as applicable.                                                                                                                            |

Response: We note the Staff’s comment,
and in response hereto, respectfully advise the Staff that we have revised to include the required disclosure on the cover page of
the Form F-3/A.

| 4. | Provide prominent disclosure about the legal and operational risks associated with being based in or                                            
 having the majority of the company’s operations in Hong Kong. Your disclosure should make clear whether these risks could result                
 in a material change in your operations and/or the value of the securities you are registering for sale or could significantly limit or         
 completely hinder your ability to offer or continue to offer securities to investors and cause the value of such securities to significantly    
 decline or be worthless. Your disclosure should address how recent statements and regulatory actions by China’s government, such                
 as those related to data security or anti-monopoly concerns, have or may impact the company’s ability to conduct its business, accept           
 foreign investments, or list on a U.S. or other foreign exchange. Please disclose the location of your auditor’s headquarters and               
 whether and how the Holding Foreign Companies Accountable Act, as amended by the Consolidated Appropriations Act, 2023, and related regulations 
 will affect your company.                                                                                                                       |

Response: We note the Staff’s comment,
and in response hereto, respectfully advise the Staff that we have revised to include the required disclosure on the cover page of
the Form F-3/A.

| 5. | Clearly disclose how you will refer to the holding company and subsidiaries when providing the disclosure