Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 28

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 28
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 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 information of natural persons within the
territory of China that is carried out outside of China where (1) such processing is for the purpose of providing products or services
for natural persons within China, (2) such processing is to analyze or evaluate the behavior of natural persons within China, or (3)
there are any other circumstances stipulated by related laws and administrative regulations.

On December 28, 2021, the CAC jointly with
the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February 15, 2022 and replace
the former Measures for Cybersecurity Review (2020) issued on July 10, 2021. Measures for Cybersecurity Review (2021) stipulates that
operators of critical information infrastructure purchasing network products and services, and online platform operator (together with
the operators of critical information infrastructure, the “Operators”) carrying out data processing activities that affect
or may affect national security, shall conduct a cybersecurity review, any online platform operator who controls more than one million
users’ personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed
in a foreign country.

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On February 17, 2023, the China Securities
Regulatory Commission (“CSRC”) promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing
by Domestic Companies, or the “Trial Measures,” and five supporting guidelines, which came into effect on March 31, 2023.
Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall
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