Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 40

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 40
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 A ordinary shares and other securities with an aggregate offering price of $300,000,000 and may issue Class A ordinary
shares or other equity or debt securities that are exercisable or convertible into Class A ordinary shares pursuant to this prospectus
or the applicable prospectus supplement. Furthermore, in the future, we may issue additional Class A ordinary shares or other securities
in connection with financing, equity incentive plans, strategic business acquisition, or otherwise. Sales of substantial amounts of our
Class A ordinary shares in the public market, or the perception that such sales might occur, could result in substantial dilution to
our existing shareholders and could adversely affect the market price of our Class A ordinary shares.

We may become subject to a variety of PRC laws and other obligations regarding data security offerings that are conducted overseas and/or foreign investment in China-based issuers, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.

On June 10, 2021,
the Standing Committee of the National People’s Congress enacted the PRC Data Security Law, which took effect on September 1, 2021.
The law requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for the purpose of data protection,
data processing activities must be conducted based on data classification and hierarchical protection system for data security.

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On July 6, 2021,
the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document
to crack down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among
other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation,
to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application
of the PRC securities laws.

On August 20, 2021,
the 30th meeting of the Standing Committee of the 13th National People’s Congress voted and passed the “Personal Information
Protection Law of the People’s Republic of China”, or “PRC Personal Information Protection Law”, which became
effective on November 1, 2021. The PRC Personal Information Protection Law applies to the processing of personal