Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 15

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 15
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 and interest are repayable upon the maturity of the loans. We recognized
interest income using straight-line method over loan period.

Our ability to strategically position the risks related to doing
business in jurisdictions we operate

A downturn in the Hong Kong, China or global economy, and economic
and political policies of China could materially and adversely affect our business and financial condition.

A substantial part of our operations is located in Hong Kong. Accordingly,
our business, prospects, financial condition and results of operations may be influenced to a significant degree by the economic conditions
in Hong Kong and China which are also sensitive to global economic conditions. Any prolonged slowdown in the global or Chinese economy
may affect potential clients’ confidence in financial market as a whole and have a negative impact on our business, results of operations
and financial condition. Additionally, continued turbulence in the international markets may adversely affect our ability to access the
capital markets to meet liquidity needs.

To remain competitive in an evolving financial landscape, we have been
prepared for the future to adopt forward-thinking strategies, including the establishment of diversifying business activities, expanding
alternative investments, and enhancing multi-asset trading capabilities that embrace diversification, technology, and global market trends. We
must leverage technology, expand into alternative assets, and adapt to regulatory shifts to future-proof our trading and investment
strategies. By aligning with global trends and adopting client-first approach, we can secure long-term growth in a dynamic market.

Key Components of Results of Operations

Revenues

Our revenues consist of commissions, trading solution
services and other service revenues, trading gains, interest income and others. The following table sets forth the breakdown of our total
revenues, both in absolute amount and as a percentage of our total revenues, for the years indicated:

                                                  For the Years Ended March 31,                                                                 
                                                                           2025                                                                 
                                                                            US$                                                                 
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Futures brokerage commissions                                       1,830,241       55.0      3,392,853       42.2      4,312,075       44.6  
  Trading solution services fees                                        805,833       24.2      2,728,732       34.0      4,396,207       45.3  
  Trading gains from OTC derivative business                            145,579        4.4        118,974        1.5