Company: TOP
Filing Date: 2025-04-30
Form Type: POS AM
Source: 0001213900-25-037641
Chunk: 7

Company: TOP Financial Group Ltd
Filing Date: 2025-04-30
Form: POS AM
Chunk 7
---
 or other foreign exchange,
may hinder our ability to offer or continue to offer securities to investors and may cause the value of our securities to significantly
decline or be worthless.

Additionally, due to long arm provisions under
the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation and interpretation of laws
in China. We are also subject to the risks of uncertainty about any future actions the Chinese government or authorities in Hong Kong
may take in this regard.

The Chinese government may exercise significant
oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time. Such governmental
actions could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and may cause
the value of our securities to significantly decline or be worthless.

The HFCA Act was enacted on December 18, 2020.
The HFCA Act states if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that has
not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit the company’s
shares from being traded on a national securities exchange or in the over the counter trading market in the United States. On March 24,
2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the
HFCA Act. A company will be required to comply with these rules if the SEC identifies it as having a “non-inspection” year
under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA Act,
including the listing and trading prohibition requirements described above. On June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, and on December 29, 2022, legislation entitled “Consolidated Appropriations Act, 2023”
(the “Consolidated Appropriations Act”) was signed into law by President Biden, which contained, among other things, an identical
provision to the Accelerating Holding Foreign Companies Accountable Act and amended the HFCA Act by requiring the SEC to prohibit an
issuer’s securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive
years instead of three, thus reducing the time period for triggering the prohibition on trading. On December 2, 2021, the SEC issued
amendments to finalize rules implementing