Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 134

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4A
Chunk 134
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 the Company relies on its own administrative staff to maintain its compliance status regarding Taiwan and Macau,
therefore, based on management belief, we are not required to obtain any license from the relevant government authorities for the provision
of payroll outsourcing services in Taiwan and Macau, respectively. In addition, according to our Hong Kong Legal Advisers, we are not
required to obtain any license from the relevant government authorities for the provision of employment services in Hong Kong and based
on management belief, we are not required to obtain any license from the relevant government authorities for the provision of employment
services in Taiwan. According to our PRC Legal Advisers, for acting as employers of record for our end-users in providing employment services
in the PRC, we are required to obtain, and have obtained, the Labor Dispatch Operation Permit.

If any of the government
of the PRC, Hong Kong, Taiwan and/or Macau imposes any new or further licensing requirements, we may incur extra costs and human resources
in complying with such requirements, laws and/or regulations and we cannot guarantee that we will be able to obtain any additional licenses,
if required, or if we failed to receive or maintain any required permissions or approvals, our business may be materially affected. We
cannot assure that there will not be any changes in the regulatory environment in respect of the payroll outsourcing service industry
and/or the employment service industry in the PRC, Hong Kong, Taiwan and Macau which may be unfavorable to our Group.

RISKS RELATING TO THE PRC

Changes in the economic, political and social conditions in the
PRC may have a material and adverse effect on our business, financial condition, results of operations and future prospects

Part of our business operations
were conducted in the PRC and part of our revenue was derived from the PRC market. As such, our business, financial condition, results
of operations and future prospects are subject to the economic, political and social developments of the PRC. The PRC economy differs
from the economies of the most developed countries in many respects, such as structure, level of governmental involvement, control of
foreign exchange and allocation of resources. In the PRC, periodic economic plans and measures are promulgated and implemented by the
government. The PRC government plays a significant role in regulating the development of different industries, the allocation and management
of resources, controlling payment of foreign currency-denominated obligations, setting monetary policy and the PRC economic growth. In
view of concerns over the PRC