Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 29

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 29
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 filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission
of initial public offerings or listing application. If a domestic company fails to complete required filing procedures or conceals any
material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties,
such as an order to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and
other directly liable persons may also be subject to administrative penalties, such as warnings and fines.

As advised by Guangdong Wesley Law Firm, our
counsel with respect to certain PRC legal matters, in connection with our issuance of securities to foreign investors, under current
PRC laws, regulations and regulatory rules, as of the date of this prospectus, we are not currently required to obtain permissions from
or complete any filing with the CSRC, or required to 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