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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES<br/>
SECURITIES AND EXCHANGE COMMISSION<br/>
Washington,&#160;D.C. 20549</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Mark One)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric>&#160;<b>REGISTRATION
STATEMENT PURSUANT TO SECTION&#160;12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF&#160;1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric>&#160;<b>ANNUAL
REPORT PURSUANT TO SECTION&#160;13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF&#160;1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the fiscal year ended <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">March 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2023</ix:nonNumeric></ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric>&#160;<b>TRANSITION
REPORT PURSUANT TO SECTION&#160;13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF&#160;1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric>&#160;<b>SHELL
COMPANY REPORT PURSUANT TO SECTION&#160;13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF&#160;1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the transition period from&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Commission file number:&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-41407</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="-sec-ix-hidden: hidden-fact-0">TOP Financial Group Limited</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in its charter)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode"><b>Cayman Islands</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Jurisdiction of incorporation or organization)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1"><b>118 Connaught Road West</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2"><b>Room 1101</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Hong Kong</ix:nonNumeric></ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName"><b>Ka Fai Yuen</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">+852</ix:nonNumeric>-<ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">3107-0731</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelEmailAddress">paul.yuen@zyzq.com.hk</ix:nonNumeric> </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1"><b>118 Connaught Road West</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2"><b>Room 1101</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Hong Kong</ix:nonNumeric></ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered or to be registered pursuant
to Section&#160;12(b) of the Act:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="white-space: nowrap; width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Title of each class</b></span></td> <td style="white-space: nowrap; width: 2%; text-align: center">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Trading Symbol(s)</b></span></td> <td style="width: 2%">&#160;</td> <td style="white-space: nowrap; width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Name of each exchange on which registered</b></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-size: 10pt">Ordinary shares, par value $0.001 per share</span></ix:nonNumeric></td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-size: 10pt">TOP</span></ix:nonNumeric></td> <td>&#160;</td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">The Nasdaq Stock Market LLC</ix:nonNumeric></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Nasdaq Capital Market</p></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered or to be registered pursuant
to Section&#160;12(g) of the Act:&#160;<b>None</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities for which there is a reporting obligation
pursuant to Section&#160;15(d) of the Act:&#160;<b>None</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate the number of outstanding shares of each
of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report: <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">35,004,635</ix:nonFraction> ordinary
shares issued and outstanding as of March 31, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule&#160;405 of the Securities&#160;Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span>&#160;Yes&#160;<span style="font-family: Times New Roman, Times, Serif">&#9746;</span>&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section&#160;13 or&#160;15(d) of the Securities Exchange
Act of&#160;1934.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span>&#160;Yes&#160;<span style="font-family: Times New Roman, Times, Serif">&#9746;</span>&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant:
(1)&#160;has filed all reports required to be filed by Section&#160;13 or&#160;15(d) of the Securities Exchange Act of 1934 during the
preceding 12&#160;months (or&#160;for such shorter period that the registrant was required to file such reports), and (2)&#160;has been
subject to such filing requirements for the past 90&#160;days.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span>&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric>&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span>&#160;No</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule&#160;405 of Regulation&#160;S-T (&#167;232.405 of this chapter) during the preceding 12&#160;months (or&#160;for such
shorter period that the registrant was required to submit and post such&#160;files).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span>&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric>&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span>&#160;No</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of &#8220;large
accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 32%; text-align: center"><span style="font-size: 10pt">Large accelerated filer&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td> <td style="width: 2%">&#160;</td> <td style="width: 32%; text-align: center"><span style="font-size: 10pt">Accelerated filer&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td> <td style="width: 2%">&#160;</td> <td style="width: 32%; text-align: center"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric>&#160;<span style="font-family: Times New Roman, Times, Serif">&#9746;</span></span></td></tr> <tr style="vertical-align: top"> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td style="text-align: center"><span style="font-size: 10pt">Emerging growth company&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange
Act. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentFinStmtErrorCorrectionFlag"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant&#8217;s
executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this&#160;filing:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="white-space: nowrap; width: 23%; text-align: center"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-1">U.S.&#160;GAAP</span>&#160;<span style="font-family: Times New Roman, Times, Serif">&#9746;</span></span></td> <td style="white-space: nowrap; width: 2%">&#160;</td> <td style="white-space: nowrap; width: 50%; text-align: center"><span style="font-size: 10pt">International Financial Reporting Standards as issued</span></td> <td style="white-space: nowrap; width: 2%">&#160;</td> <td style="white-space: nowrap; width: 23%; text-align: center"><span style="font-size: 10pt">Other&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center">&#160;</td> <td style="white-space: nowrap">&#160;</td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">by the International Accounting Standards Board&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td> <td style="white-space: nowrap">&#160;</td> <td style="white-space: nowrap; text-align: center">&#160;</td></tr> </table><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If &#8220;Other&#8221; has been checked in response
to the previous question, indicate by check mark which financial statement item the registrant has elected to&#160;follow.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span>&#160;Item&#160;17&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span>&#160;Item&#160;18</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this is an annual report, indicate by check
mark whether the registrant is a shell company (as&#160;defined in Rule&#160;12b-2 of the Securities Exchange Act of&#160;1934).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span>&#160;Yes&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric>&#160;No</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PAST FIVE&#160;YEARS)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has filed all documents and reports required to be filed by Sections&#160;12, 13 or&#160;15(d) of the Securities Exchange Act of 1934
subsequent to the distribution of securities under a plan confirmed by a&#160;court.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span>&#160;Yes&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span>&#160;No</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table of Contents</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="padding-left: 0.125in; vertical-align: top; width: 12%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 77%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 9%; text-align: center"><span style="font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0in; vertical-align: top"><a href="#a_001"><span style="font-size: 10pt; text-transform: uppercase"><b>PART I</b></span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 1.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_002"><span style="font-size: 10pt; font-variant: small-caps">Identity of Directors, Senior Management
    and Advisers</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 2.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_003"><span style="font-size: 10pt; font-variant: small-caps">Offer Statistics and Expected Timetable</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 3.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_004"><span style="font-size: 10pt; font-variant: small-caps">Key Information</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 4.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_005"><span style="font-size: 10pt; font-variant: small-caps">Information on the Company</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">40</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 4A.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_006"><span style="font-size: 10pt; font-variant: small-caps">Unresolved Staff Comments</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">74</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 5.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_007"><span style="font-size: 10pt; font-variant: small-caps">Operating and Financial Review and Prospects</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">75</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 6.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_008"><span style="font-size: 10pt; font-variant: small-caps">Directors, Senior Management and Employees</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">94</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 7.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_009"><span style="font-size: 10pt; font-variant: small-caps">Major Shareholders and Related Party Transactions</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">101</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 8.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_010"><span style="font-size: 10pt; font-variant: small-caps">Financial Information</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">101</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 9.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_011"><span style="font-size: 10pt; font-variant: small-caps">The Offer and Listing</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">103</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 10.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_012"><span style="font-size: 10pt; font-variant: small-caps">Additional Information</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">103</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 11.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_013"><span style="font-size: 10pt; font-variant: small-caps">Quantitative and Qualitative Disclosures
    About Market Risk</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">112</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 12.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_014"><span style="font-size: 10pt; font-variant: small-caps">Description of Securities Other than Equity
    Securities</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">113</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0in; vertical-align: top"><a href="#a_015"><span style="font-size: 10pt; text-transform: uppercase"><b>PART II</b></span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 13.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_016"><span style="font-size: 10pt; font-variant: small-caps">Defaults, Dividend Arrearages and Delinquencies</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">114</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 14.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_017"><span style="font-size: 10pt; font-variant: small-caps">Material Modifications to the Rights of Security
    Holders and Use of Proceeds</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">114</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 15.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_018"><span style="font-size: 10pt; font-variant: small-caps">Controls and Procedures</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">114</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 16</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_019"><span style="font-variant: small-caps">[Reserved]</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">115</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 16A.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_020"><span style="font-size: 10pt; font-variant: small-caps">Audit Committee Financial Expert</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">115</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 16B.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_021"><span style="font-size: 10pt; font-variant: small-caps">Code of Ethics</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">115</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 16C.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_022"><span style="font-size: 10pt; font-variant: small-caps">Principal Accountant Fees and Services</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">115</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 16D.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_023"><span style="font-size: 10pt; font-variant: small-caps">Exemptions from the Listing Standards for
    Audit Committees</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">116</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 16E.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_024"><span style="font-size: 10pt; font-variant: small-caps">Purchases of Equity Securities by the Issuer
    and Affiliated Purchasers</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">116</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 16F.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_025"><span style="font-size: 10pt; font-variant: small-caps">Change in Registrant&#8217;s Certifying Accountant</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">116</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 16G.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_026"><span style="font-size: 10pt; font-variant: small-caps">Corporate Governance</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">117</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 16H.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_027"><span style="font-size: 10pt; font-variant: small-caps">Mine Safety Disclosure</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">117</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 16I.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_028"><span style="font-size: 10pt; font-variant: small-caps">Disclosure Regarding Foreign Jurisdictions
    that Prevent Inspections.</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">117</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 16J.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_033"><span style="font-variant: small-caps">Insider Trading Policies</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">117</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0in; vertical-align: top"><a href="#a_029"><span style="font-size: 10pt; text-transform: uppercase"><b>PART III</b></span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 17.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_030"><span style="font-size: 10pt; font-variant: small-caps">Financial Statements</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">118</td></tr>
  <tr style="background-color: White">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 18.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_031"><span style="font-size: 10pt; font-variant: small-caps">Financial Statements</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">118</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt; font-variant: small-caps">Item 19.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top"><a href="#a_032"><span style="font-size: 10pt; font-variant: small-caps">Exhibits</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">118</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="background-color: white"><b>INTRODUCTION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except where the context otherwise requires and
for purposes of this annual report only the term:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TFGL is a holding company with operations conducted
in Hong Kong through its operating subsidiaries in Hong Kong, using Hong Kong dollars. The reporting currency is U.S. dollars. Assets
and liabilities denominated in foreign currencies are translated at year-end exchange rates, income statement accounts are translated
at average rates of exchange for the year and equity is translated at historical exchange rates. Any translation gains or losses are recorded
in other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in net income. The conversion
of Hong Kong dollars into U.S. dollars are based on the exchange rates set forth in the H.10 statistical release of the Board of Governors
of the Federal Reserve System. Unless otherwise noted, all translations from Hong Kong dollars to U.S. dollars and from U.S. dollars to
Hong Kong dollars in this annual report were made at a year-end spot rate of HK$7.8499 to US$1.00 or an average rate of HK$7.8389 to US$1.00
for the fiscal year ended March 31, 2023, at a year-end spot rate of HK$7.8325 to US$1.00 or an average rate of HK$7.7844 to US$1.00 for
the fiscal year ended March 31, 2022, and at a year-end spot rate of HK$7.7746 to US$1.00 and an average rate for HK$7.7526 to US$1.00
for the fiscal year ended March 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We obtained the industry and market data used
in this annual report or any document incorporated by reference from industry publications, research, surveys and studies conducted by
third parties and our own internal estimates based on our management&#8217;s knowledge and experience in the markets in which we operate.
We did not, directly or indirectly, sponsor or participate in the publication of such materials, and these materials are not incorporated
in this annual report other than to the extent specifically cited in this annual report. We have sought to provide current information
in this annual report and believe that the statistics provided in this annual report remain up-to-date and reliable, and these materials
are not incorporated in this annual report other than to the extent specifically cited in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This annual report contains forward-looking statements
that reflect our current expectations and views of future events, all of which are subject to risks and uncertainties. Forward-looking
statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not
relate strictly to historical or current facts. You can find many (but not all) of these statements by the use of words such as &#8220;approximates,&#8221;
&#8220;believes,&#8221; &#8220;hopes,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;estimates,&#8221; &#8220;projects,&#8221;
&#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;may&#8221;
or other similar expressions in this annual report. These statements are likely to address our growth strategy, financial results and
product and development programs. You must carefully consider any such statements and should understand that many factors could cause
actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of
other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and
actual future results may vary materially. Factors that could cause actual results to differ from those discussed in the forward-looking
statements include, but are not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <td><span style="font-size: 10pt; background-color: white">the length and severity of the recent&#160;</span><span style="font-size: 10pt">COVID-19 <span style="background-color: white">outbreak and its impact on our business and industry</span></span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td><span style="font-size: 10pt; background-color: white">other risk factors discussed under &#8220;Item 3. Key&#160;</span><span style="font-size: 10pt">Information &#8212; 3.D. <span style="background-color: white">Risk Factors.&#8221;</span></span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We base our forward-looking statements on our
management&#8217;s beliefs and assumptions based on information available to our management at the time the statements are made. We caution
you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied or forecast by our forward-looking
statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required under the federal securities
laws, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this annual
report, whether as a result of new information, future events, changes in assumptions, or otherwise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 6; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence -->&#160;</p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART I</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-variant: small-caps"><b>Item 1. Identity of Directors,
Senior Management and Advisers</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for annual reports on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-variant: small-caps"><b>Item 2. Offer Statistics
and Expected Timetable</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for annual reports on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-variant: small-caps"><b>Item 3. Key Information</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Corporate Structure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following diagram illustrates the corporate structure of TOP Financial
Group Limited and its subsidiaries as of the date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg" style="height: 153px; width: 624px"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Our Subsidiaries
and Business Functions</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYSL (BVI) was formed as the investment holding
company of ZYSL under the laws of the British Virgin Islands on August 29, 2019 as part of the reorganization. It does not engage in any
material operation. It is a direct subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYCL (BVI) was formed as the investment holding
company of ZYCL under the laws of the British Virgin Islands on August 29, 2019 as part of the reorganization. It does not engage in any
material operation. It is a direct subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYAL (BVI) was formed under the laws of the British
Virgin Islands on January 7, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYTL (BVI) was formed under the laws of the British
Virgin Islands on January 12, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYNL (BVI) was formed under the laws of the British
Virgin Islands on January 20, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYPL (BVI) and ZYXL (BVI) were formed under the
laws of the British Virgin Islands on July 14, 2022. Each of ZYXL (BVI) and ZYPL (BVI) is a holding company and does not engage in any
material operation and each is a direct subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYFL (BVI) and ZYIL (BVI) were formed under the
laws of the British Virgin Islands on November 11, 2022. Each of ZYFL (BVI) and ZYIL (BVI) is a holding company and does not engage in
any material operation and each is a direct subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></p><div>

</div><!-- Field: Page; Sequence: 7; Options: NewSection; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYSL was formed in accordance with laws and regulations
of Hong Kong on April 22, 2015 with a registered capital of HKD 18,000,000 (approximately US$2.3 million). ZYSL is a limited liability
corporation licensed with HKSFC to carry out regulated activities including Type 1 Dealing in Securities and Type 2 Dealing in Futures
Contracts. It is a direct subsidiary of ZYSL (BVI) and an indirect subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYCL was established in accordance with laws and
regulations of Hong Kong on September 29, 2016 with a registered capital of HKD 5,000,000 (approximately US$0.6 million). ZYCL is a limited
liability corporation licensed with the HKSFC to carry out regulated activities Type 4 Advising on Securities, Type 5 Advising on Futures
Contracts and Type 9 Asset Management. It is a direct subsidiary of ZYCL (BVI) and an indirect subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WIN100 TECH was formed under the laws of the British
Virgin Islands on May 14, 2021. WIN100 TECH is a Fintech development and IT support company. It provides&#160;trading solutions for&#160;clients&#160;trading
on the world&#8217;s major derivatives and stock exchanges. It is a direct subsidiary of ZYTL (BVI) and an indirect subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WIN100 WEALTH was formed under the laws of
the British Virgin Islands on July 21, 2021. WIN100 WEALTH borrowed $6 million from TGFL in the form of intra-company loans and
invest such amount in financial products. It is a direct
subsidiary of ZYIL (BVI) and an indirect subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Winrich was formed under the laws of Hong Kong
on February 24, 2023. It does not engage in any material operation. We plan to apply the Money Lenders License in Hong Kong through Winrich.
It is a direct subsidiary of ZYFL (BVI) and an indirect subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TOP 500 was formed under the laws of Australia
on October 22, 2008. TOP 500 owns an Australian Financial Services License (AFSL: 328866). It does not have any material operation as
of the date of this annual report. We plan to provide financial services in Australia that includes arranging or providing financial advice
on financial products such as derivatives, foreign exchange contracts, stock and bond issuance etc. through TOP 500. It is a direct subsidiary
of ZYAL (BVI) and an indirect subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TOP ASSET MANAGEMENT was formed under the laws
of Singapore on November 28, 2022. It does not engage in any material operation. We plan to register with the Monetary Authority of Singapore
as a Registered Fund Management Company to carry out Fund Management services. It is a direct subsidiary of ZYXL (BVI) and an indirect
subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TOP FINANCIAL was formed under the laws of Singapore
on November 28, 2022. It does not engage in any material operation. We plan to acquire the CMS license from the Monetary Authority of
Singapore to carry out regulated activities in Dealing in Capital Market. It is a direct subsidiary of ZYPL (BVI) and an indirect subsidiary
of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Holding Company Structure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TFGL is a holding company incorporated in the
Cayman Islands with no material operations of its own. We conduct our operations primarily in Hong Kong through our subsidiaries in Hong
Kong. Investors in our Ordinary Shares are purchasing equity securities of TFGL, the Cayman Islands holding company, instead of shares
of our Operating Subsidiaries in Hong Kong. Investors in our Ordinary Shares should be aware that they may never directly hold equity
interests in our Operating Subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of our corporate structure, TFGL&#8217;s
ability to pay dividends may depend upon dividends paid by our Operating Subsidiaries. If our existing Operating Subsidiaries or any newly
formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends
to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Transfers of Cash between Our Company and Our
Subsidiaries</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management monitors the cash position of each
entity within our organization regularly and prepare budgets on a monthly basis to ensure each entity has the necessary funds to fulfill
its obligation for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential
liquidity issue, it will be reported to our Chief Financial Officer and subject to approval by our board of directors, we will enter into
an intercompany loan for the subsidiary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 8; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For TFGL to transfer cash to its subsidiaries,
TFGL is permitted under the laws of the Cayman Islands and its memorandum and articles of association to provide funding to our subsidiaries
incorporated in the British Virgin Islands and Hong&#160;Kong through loans or capital contributions without restrictions on the amount
of the funds. TFGL&#8217;s <span style="background-color: white">subsidiaries formed under the laws of the British Virgin Islands are
permitted under the laws of the British Virgin Islands to provide funding to their respective subsidiaries formed in Hong Kong through
loans or capital contributions without restrictions on the amount of the funds. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the subsidiaries to transfer cash to TFGL,
according to the BVI Business Companies Act 2004 (as amended), a British Virgin Islands company may make dividends distribution to the
extent that immediately after the distribution, such company&#8217;s assets do not exceed its liabilities and that such company is able
to pay its debts as they fall due. According to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution
out of profits available for distribution. Other than the above, we did not adopt or maintain any&#160;cash&#160;management&#160;policies&#160;and
procedures as of the date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following describes
the dividends and distributions made by our subsidiaries. TFGL has not made any dividends or distributions to U.S. investors as of the
date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On March 24, 2020, ZYSL
and ZYCL declared interim cash dividends of HK$3.9 million (approximately US$0.5 million) and HK$1.5 million (approximately US$0.2 million),
respectively, to the then sole shareholder, i.e. the Predecessor Parent Company, Zhong Yang Holdings Limited. As of March 31, 2020, the
dividend declared by ZYCL has been fully settled by directly deducting the dividend amount from the amount due from Zhong Yang Holdings
Limited, and the dividend declared by ZYSL was recorded as dividend payable. On June 19, 2020, ZYSL settled such dividend payable in cash.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On November 25, 2020,
ZYSL declared an interim cash dividend of HK$24.8 million (equivalent to $3.2 million) to its sole shareholder ZYSL (BVI), following which
event ZYSL (BVI) declared an interim cash dividend to its sole shareholder, TFGL, and TFGL declared an interim cash dividend to its shareholders
for the same amount on the same day. None of the shareholders of TFGL at the time was a U.S. person. Without any withholding tax levied
on dividends in Hong Kong, British Virgin Islands, and Cayman Islands, the interim cash dividends were settled with the shareholders in
cash on November 25, 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On January 19, 2021,
ZYSL declared an interim cash dividend of HK11.6 million (equivalent to US$1.5 million) to the then sole shareholder, the Predecessor
Parent Company. The dividend was settled with the Predecessor Parent Company in cash in three installments of US$0.5 million each on January
19, 2021, January 20, 2021 and March 3, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the current practice of the Inland Revenue
Department of Hong&#160;Kong, no tax is payable in Hong&#160;Kong in respect of dividends paid by us. The laws and regulations of the
PRC on currency conversion control do not currently have any material impact on the transfer of cash from TFGL to ZYSL or ZYCL or from
ZYSL or ZYCL to TFGL. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollar into
foreign currencies and the remittance of currencies out of Hong Kong, nor is there any restriction on any foreign exchange to transfer
cash between TFGL and its subsidiaries, across borders and to U.S. investors, nor there is any restrictions and limitations to distribute
earnings from the subsidiaries, to TFGL and U.S.&#160;investors and amounts owed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For TFGL to make dividends to its shareholders,
subject to the Companies Act (2022 Revision) of the Cayman Islands, which we refer to as the Companies Act below, and our Amended and
Restated Memorandum and Articles of Association, our board of directors may authorize and declare a dividend to shareholders from time
to time out of the profits from the Company, realized or unrealized, or out of the share premium account, provided that the Company will
remain solvent, meaning the Company is able to pay its debts as they come due in the ordinary course of business. There is no further
Cayman Islands statutory restriction on the amount of funds which may be distributed by us in the form of dividends.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not have any present plan to declare or
pay any dividends on our Ordinary Shares in the foreseeable future. We currently intend to retain all available funds and future earnings,
if any, for the operation and expansion of our business. Any future determination related to our dividend policy will be made at the discretion
of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements,
business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing
instruments, in our Amended and Restated Memorandum and Articles of Association and in the Companies Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal years ended March 31, 2023,
2022 and 2021, cash transfers and/or transfers of other assets between our Company and our subsidiaries were as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font-weight: bold; border-bottom: Black 1.5pt solid">No.</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Transfer To</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount (US$)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Date</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Purpose</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 9%; text-align: left">1</td><td style="width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 14%; text-align: center">TGFL</td><td style="width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 14%; text-align: center">WIN100 WEALTH</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,000,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="vertical-align: top; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 14, 2023</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 30%; text-align: center">Intra-company loan</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2</td><td>&#160;</td>
    <td style="text-align: center">TGFL</td><td>&#160;</td>
    <td style="text-align: center">ZYSL</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 10, 2023</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left">3</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: center">TGFL</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: center">WIN100 WEALTH</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">5,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 18, 2023</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: center">Intra-company loan</td></tr>
  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &#8220;Item 8. Financial Information &#8211;
A. Consolidated Statements and Other Financial Information &#8211; Dividend Policy&#8221; and &#8220;<span style="background-color: white">Item
3. Key&#160;</span>Information &#8212; 3.D. Risk Factors &#8212; Risks Relating to our Corporate Structure &#8211; <i>We rely on dividends
and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any
limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to
conduct our business</i>&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Enforceability of Civil Liabilities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">TFGL was formed under
the laws of the Cayman Islands as an exempted company with limited liability. Substantially all of our assets are located outside the
United States. In addition, all of our directors and officers are nationals or residents of jurisdictions other than the United States
and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors
to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against
us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state
in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions
of the U.S. federal securities laws against us and our officers and directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">TFGL has appointed Cogency
Global Inc. as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There is uncertainty
as to whether the courts of the Cayman Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors
or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities
laws of any state in the United States, or (2) entertain original actions brought in the Cayman Islands against us or our directors or
officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although there is no statutory enforcement in
the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to
any treaties for the reciprocal enforcement or recognition of such judgments), a judgment <i>in personam </i>obtained in such jurisdiction
will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying
dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (a) is given
by a competent foreign court with jurisdiction to give the judgment, (b) imposes a specific positive obligation on the judgment debtor
(such as an obligation to pay a liquidated sum or perform a specified obligation), (c) is final and conclusive, (d) is not in respect
of taxes, a fine or a penalty; (e) has not been obtained by fraud; and (f) was not obtained in a manner and is not of a kind the enforcement
of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to
enforce a judgment obtained from the U.S. courts under civil liability provisions of the U.S. federal securities law if such judgment
is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because
such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from
U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings
are being brought elsewhere.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Implication of the Holding Foreign Companies
Accountable Act (the &#8220;HFCA Act&#8221;)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s
shares from being traded on a national securities exchange or in the over the counter trading market in the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;non-inspection&#8221; 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, and on December 29, 2022, legislation entitled &#8220;Consolidated Appropriations Act, 2023&#8221;
(the &#8220;Consolidated Appropriations Act&#8221;) 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&#8217;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.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 2, 2021, the SEC issued amendments
to finalize rules implementing the submission and disclosure requirements in the HFCA Act, which took effect on January 10, 2022. The
rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position
taken by an authority in foreign jurisdictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 16, 2021, PCAOB announced the PCAOB
HFCA Act determinations (the &#8220;PCAOB determinations&#8221;) relating to the PCAOB&#8217;s inability to inspect or investigate completely
registered public accounting firms headquartered in mainland China of the PRC or Hong Kong, a Special Administrative Region and dependency
of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&#160;26, 2022, the PCAOB announced that
it had signed a Statement of Protocol (the &#8220;SOP&#8221;) with the China Securities Regulatory Commission and the Ministry of Finance
of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the &#8220;SOP Agreement&#8221;),
establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based
in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation
and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion
to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit
documentation without redaction. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to
inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous
determinations to the contrary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">YCM CPA Inc., the independent registered public
accounting firm that issues the audit report for the fiscal year ended March 31, 2023 and 2022 included in this annual report, is currently
subject to PCAOB inspections and the PCAOB is thus able to inspect YCM CPA Inc. YCM CPA Inc. is headquartered in Irvine, California and
has been inspected by the PCAOB.&#160; Our former auditor, Friedman LLP (&#8220;Friedman&#8221;), the independent registered public accounting
firm that issued the audit report for the fiscal year ended March 31, 2021 included in this annual report, as an auditor of companies
that are traded publicly in the United States and a firm registered with the PCAOB, was subject to laws in the United States pursuant
to which the PCAOB conducts regular inspections to assess Friedman&#8217;s compliance with applicable professional standards. Friedman
was headquartered in Manhattan, New York with no branches or offices outside the United States and had been inspected by the PCAOB on
a regular basis, with the last inspection in October 2020. Friedman LLP was merged with Marcum LLP on September 1, 2022 and filed its
application to withdraw the PCAOB registration on December 30, 2022. Notwithstanding the foregoing, in the future, if there is any regulatory
change or step taken by PRC regulators or the SEC or Nasdaq applies additional and more stringent criteria, and if PCAOB determines that
it is not able to inspect YCM CPA Inc. at such future time, Nasdaq may delist our Ordinary Shares and the value of our Ordinary Shares
may significantly decline or become worthless. See &#8220;Item 3. Key&#160;Information &#8212; 3.D. Risk Factors &#8212; Risks Relating
to Our Ordinary Shares&#8212; <i>Our Ordinary Shares may be prohibited from being traded on a national exchange under the Holding Foreign
Companies Accountable Act (the &#8220;HFCA Act&#8221;), if the Public Company Accounting Oversight Board (the &#8220;PCAOB&#8221;) is
unable to inspect our auditors for two consecutive years beginning in 2021. The delisting of our Ordinary Shares, or the threat of their
being delisted, may materially and adversely affect the value of your investment.</i>&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Permission Required from the Hong Kong Authorities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Due to the licensing
requirements of the HKSFC, ZYSL and ZYCL are required to obtain necessary licenses to conduct their business in Hong Kong and their business
and responsible personnel are subject to the relevant laws and regulations and the respective rules of the HKSFC. ZYSL currently holds
a Type 1 license for dealing in securities and a Type 2 license for dealing in futures contracts. ZYCL currently holds a Type 4 license
for advising on securities, a Type 5 license for advising on futures contracts and a Type 9 license for asset management. See &#8220;<span style="background-color: white">Item
4. Information on the Company&#8212;4.B. Business Overview&#8212;</span>Regulation&#8212;Licensing Regime Under the HKSFO&#8221;. These
licenses have no expiration date and will remain valid unless they are suspended, revoked or cancelled by the HKSFC. We pay standard governmental
annual fees to the HKSFC and are subject to continued regulatory obligations and requirements, including the maintenance of minimum paid-up
share capital and liquid capital, maintenance of segregated accounts, and submission of audited accounts and other required documents,
among others. See &#8220;<span style="background-color: white">Item 4. Information on the Company&#8212;4.B. Business Overview&#8212;</span>Regulation&#8212;Licensing
Regime Under the HKSFO&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Neither we nor any of
our subsidiaries are required to obtain any permission or approval from Hong Kong authorities to offer the securities of TFGL to foreign
investors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Regulatory Development in the PRC</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are aware that, recently, the PRC government
initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance
notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed
overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding
the efforts in anti-monopoly enforcement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, on June 10, 2021, the Standing Committee
of the National People&#8217;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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July&#160;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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 20, 2021, the 30th meeting of the Standing
Committee of the 13th National People&#8217;s Congress voted and passed the &#8220;Personal Information Protection Law of the People&#8217;s
Republic of China&#8221;, or &#8220;PRC Personal Information Protection Law&#8221;, 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;Operators&#8221;) 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&#8217;
personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, the China Securities Regulatory
Commission (&#8220;CSRC&#8221;) promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic
Companies, or the &#8220;Trial Measures,&#8221; 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 complete filing
procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission of initial
public offerings or listing application. If a domestic company fails to complete required filing procedures or conceals any material fact
or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order
to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable
persons may also be subject to administrative penalties, such as warnings and fines.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with our issuance of securities
to foreign investors, under current PRC laws, regulations and regulatory rules, as of the date of this annual report, we do not believe
we are currently required to obtain permissions from or complete any filing with the CSRC, or required to go through cybersecurity review
by the CAC, given that (1) our Operating Subsidiaries are incorporated in Hong Kong or the British Virgin Islands and are located in Hong
Kong, (2) we have no subsidiary, VIE structure nor any direct operations in mainland China, and (3) pursuant to the Basic Law of the Hong
Kong Special Administrative Region (the &#8220;Basic Law&#8221;), which is a national law of the PRC and the constitutional document for
Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is
confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong). In addition, we
have not been asked to obtain such permissions or to complete any filing by any PRC authority or received any denial to do so. However,
the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or
foreign investment by issuers like us. There remains significant uncertainty as to the enactment, interpretation and implementation of
regulatory requirements related to overseas securities offerings and other capital markets activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If (i)&#160;we inadvertently conclude that certain
regulatory permissions and approvals are not required or (ii)&#160;applicable laws, regulations, or interpretations change in a way that
requires us to complete such filings or obtain such approvals in the future, and (iii)&#160;we are required to obtain such permissions
or approvals in the future, but fail to receive or maintain such permissions or approvals, we may face sanctions by the CSRC, the CAC
or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on us, limit our operations, limit our ability
to pay dividends outside of China, limit our ability to list on stock exchanges outside of China or offer our securities to foreign investors
or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects,
may hinder our ability to offer Ordinary Shares to investors in the future and may cause the value of our Ordinary Shares to significantly
decline or be worthless.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 13; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should the Chinese government choose to exercise
significant oversight and discretion over the conduct of our business, they may intervene in or influence our operations. Such governmental
actions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679; </span></td>
    <td><span style="font-size: 10pt">could result in a material change in our operations; </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679; </span></td>
    <td><span style="font-size: 10pt">could hinder our ability to continue to offer securities to investors; and </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679; </span></td>
    <td><span style="font-size: 10pt">may cause the value of our Ordinary Shares to significantly decline or be worthless.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.A. [Reserved]</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.B. Capitalization and Indebtedness</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable for annual reports on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.C. Reasons for the Offer and Use of Proceeds</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable for annual reports on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.D. Risk Factors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risk Factor Summary</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">You should carefully
consider all of the information in this annual report before making an investment in our Ordinary Shares. Below please find a summary
of the principal risks and uncertainties we face, organized under relevant headings. In particular, as we are a Hong Kong-based company
incorporated in the Cayman Islands, you should pay special attention to subsections headed &#8220;Item 3. Key Information&#8212;3.D. Risk
Factors&#8212;Risks Related to Our Corporate Structure.&#8221; and &#8220;Item 3. Key Information&#8212;3.D. Risk Factors&#8212;Risks
Related to Doing Business in the Jurisdictions in which the Operating Subsidiaries Operate&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our business is subject
to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business,
financial condition, results of operations, cash flows, and prospects. These risks are discussed more fully below and include, but are
not limited to, risks related to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Risks Relating to Our Corporate Structure</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><!-- Field: Page; Sequence: 14; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Risks Relating to Doing Business in the Jurisdictions
in which the Operating Subsidiaries Operate</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679; </span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679; </span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679; </span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679; </span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Risks Relating to our Ordinary Shares </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679; </span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679; </span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Risks Relating to Our Business and Industry</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 15; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Risks Relating to
our Corporate Structure </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We rely on dividends
and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any
limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to
conduct our business.</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">TFGL is a holding company,
and we rely on dividends and other distributions on equity paid by the Operating Subsidiaries for our cash and financing requirements,
including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. We
do not expect to pay cash dividends in the foreseeable future. We anticipate that we will retain any earnings to support operations and
to finance the growth and development of our business. If any of the Operating Subsidiaries incurs debt on its own behalf in the future,
the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us. See &#8220;Item 8. Financial
Information &#8211; A. Consolidated Statements and Other Financial Information &#8211; Dividend Policy&#8221; for more information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">According to the BVI
Business Companies Act 2004 (as amended), a British Virgin Islands company may make dividends distribution to the extent that immediately
after the distribution, such company&#8217;s assets do not exceed its liabilities and that such company is able to pay its debts as they
fall due. According to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution out of profits available
for distribution. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect
of dividends paid by us. Any limitation on the ability of our Hong Kong subsidiaries to pay dividends or make other distributions to us
could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay
dividends, or otherwise fund and conduct our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Doing Business in the Jurisdictions in which the
Operating Subsidiaries Operate</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Substantially all of the Operating Subsidiaries&#8217;
operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, 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, which could result in a material change in our operations and/or the value of our Ordinary Shares. The PRC government may also
intervene or impose restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest
in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government
may also be quick with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system
cannot be certain.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">TFGL is a holding company,
and our Operating Subsidiaries, ZYSL and ZYCL, both formed in Hong Kong, and WIN100 TECH, incorporated in the British Virgin Islands,
conduct operations in Hong Kong. Our operations are primarily located in Hong Kong and some of our clients are PRC individuals or companies
that have shareholders or directors that are PRC individuals. As of the date of this annual report, we do not expect to be materially
affected by recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are
conducted overseas and/or foreign investment in China-based issuers. However, 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. The PRC government
may choose to exercise significant oversight and discretion, and the policies, regulations, rules, and the enforcement of laws of the
Chinese government to which we are subject may change rapidly and with little advance notice to us or our shareholders. As a result, the
application, interpretation, and enforcement of new and existing laws and regulations in the PRC are often uncertain. In addition, these
laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, and may be inconsistent with
our current policies and practices. New laws, regulations, and other government directives in the PRC may also be costly to comply with,
and such compliance or any associated inquiries or investigations or any other government actions may:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are aware that recently, the PRC government
initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance
notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed
overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the
efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon legislative
or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations
will be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business
operation, the ability to accept foreign investments and list on an U.S. or other foreign exchange.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Chinese government may intervene or influence
our operations at any time or may exert control over offerings conducted overseas and foreign investment in Hong Kong-based issuers, which
may result in a material change in our operations and/or the value of our Ordinary Shares. For example, there is currently no restriction
or limitation under the laws of Hong Kong on the conversion of HK dollar into foreign currencies and the transfer of currencies out of
Hong Kong and the laws and regulations of the PRC on currency conversion control do not currently have any material impact on the transfer
of cash between the ultimate holding company and the Operating Subsidiaries in Hong Kong. However, the Chinese government may, in the
future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and
from the other entities within our organization or to reinvest in our business outside of Hong Kong. Such restrictions and limitations,
if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive
funds from our Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing
laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require
us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase
costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent
any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be
adversely affected and such measured could materially decrease the value of our Ordinary Shares, potentially rendering it worthless.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>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.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 10, 2021, the Standing Committee of the
National People&#8217;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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July&#160;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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 20, 2021, the 30th meeting of the Standing
Committee of the 13th National People&#8217;s Congress voted and passed the &#8220;Personal Information Protection Law of the People&#8217;s
Republic of China&#8221;, or &#8220;PRC Personal Information Protection Law&#8221;, 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;Operators&#8221;) 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&#8217;
personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, the CSRC promulgated the
Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the &#8220;Trial Measures,&#8221;
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 complete filing procedures with the CSRC pursuant to the requirements
of the Trial Measures within three working days following its submission of initial public offerings or listing application. If a domestic
company fails to complete required filing procedures or conceals any material fact or falsifies any major content in its filing documents,
such domestic company may be subject to administrative penalties, such as an order to rectify, warnings, fines, and its controlling shareholders,
actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties,
such as warnings and fines.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with our issuance of securities
to foreign investors, under current PRC laws, regulations and regulatory rules, as of the date of this annual report, we do not believe
we are currently required to obtain permissions from or complete any filing with the CSRC, or required to go through cybersecurity review
by the CAC, given that (1) our Operating Subsidiaries are incorporated in Hong Kong or the British Virgin Islands and are located in Hong
Kong, (2) we have no subsidiary, VIE structure nor any direct operations in mainland China, and (3) pursuant to the Basic Law of the Hong
Kong Special Administrative Region (the &#8220;Basic Law&#8221;), which is a national law of the PRC and the constitutional document for
Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is
confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong). In addition, we
have not been asked to obtain such permissions or to complete any filing by any PRC authority or received any denial to do so. However,
the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or
foreign investment by issuers like us. There remains significant uncertainty as to the enactment, interpretation and implementation of
regulatory requirements related to overseas securities offerings and other capital markets activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If (i)&#160;we inadvertently conclude that certain
regulatory permissions and approvals are not required or (ii)&#160;applicable laws, regulations, or interpretations change in a way that
requires us to complete such filings or obtain such approvals in the future, and (iii)&#160;we are required to obtain such permissions
or approvals in the future, but fail to receive or maintain such permissions or approvals, we may face sanctions by the CSRC, the CAC
or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on us, limit our operations, limit our ability
to pay dividends outside of China, limit our ability to list on stock exchanges outside of China or offer our securities to foreign investors
or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects,
may hinder our ability to offer Ordinary Shares to investors in the future and may cause the value of our Ordinary Shares to significantly
decline or be worthless.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>If the Chinese government chooses to extend
the oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong
Kong-based issuers, such action may significantly limit or completely 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. </b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recent statements, laws and regulations by the
Chinese government, including the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law and the Trial
Measures, have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments
in China-based issuers. It is uncertain whether the Chinese government will adopt additional requirements or extend the existing requirements
to apply to our Operating Subsidiaries located in Hong Kong. We could be subject to approval or review of Chinese regulatory authorities
to pursue future offerings.&#160;Any future action by the PRC government expanding the categories of industries and companies whose foreign
securities offerings are subject to review by the CSRC or CAC or filing with the CSRC could significantly limit or completely hinder our
ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or
be worthless.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><!-- Field: Page; Sequence: 19; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>The Hong&#160;Kong
legal system embodies uncertainties which could limit the legal protections available to Our Operating Subsidiaries.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Hong&#160;Kong is a Special
Administrative Region of the PRC.&#160;Following British colonial rule from 1842 to 1997, China assumed sovereignty under the &#8220;one
country, two systems&#8221; principle. The Hong&#160;Kong Special Administrative Region&#8217;s constitutional document, the Basic Law,
ensures that the current political situation will remain in effect for 50&#160;years. Hong&#160;Kong has enjoyed the freedom to function
with a high degree of autonomy for its affairs, including currencies, immigration and customs operations, and its independent judiciary
system and parliamentary system. On July&#160;14, 2020, the United&#160;States signed an executive order to end the special status enjoyed
by Hong&#160;Kong post-1997. As the autonomy currently enjoyed may be compromised, it could potentially impact Hong&#160;Kong&#8217;s
common law legal system and may, in turn, bring about uncertainty in, for example, the enforcement of our contractual rights. This could,
in turn, materially and adversely affect our business and operations. Additionally, intellectual property rights and confidentiality protections
in Hong&#160;Kong may not be as effective as in the United&#160;States or other countries. Accordingly, we cannot predict the effect of
future developments in the Hong&#160;Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation
or enforcement thereof, or the pre-emption&#160;of local regulations by national laws. These uncertainties could limit the legal protections
available to us, including our ability to enforce our agreements with our clients.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>The Hong&#160;Kong
regulatory requirement of prior approval for the transfer of shares in excess of a certain threshold may restrict future takeovers and
other transactions.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&#160;132 of Securities and Futures Ordinance
(Cap. 157 of the laws of Hong&#160;Kong) (the &#8220;SFO&#8221;) requires prior approval from the HKSFC for any company or individual
to become a substantial shareholder of a HKSFC-licensed&#160;company in Hong&#160;Kong. Under the SFO, a person will be a &#8220;substantial
shareholder&#8221; of a licensed company if he, either alone or with associates, has an interest in, or is entitled to control the exercise
of, the voting power of more than 10% of the total number of issued shares of the licensed company, or exercises control of 35% or more
of the voting power of a company that controls more than 10% of the voting power of the licensed company. Further, all potential parties
who will be new substantial shareholder(s)&#160;of the HKSFC-licensed&#160;subsidiaries, which are ZYSL and ZYCL, are required to seek
prior approval from the HKSFC.&#160;This regulatory requirement may discourage, delay or prevent a change in control of TFGL, which could
deprive the holders of our Ordinary Shares the opportunity to receive a premium for their Ordinary Shares as part of a future sale and
may reduce the price of our Ordinary Shares upon the consummation of a future proposed business combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Risks Relating to
our Ordinary Shares </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Ordinary Shares may be prohibited from
being traded on a national exchange under the Holding Foreign Companies Accountable Act (the &#8220;HFCA Act&#8221;), if the Public Company
Accounting Oversight Board (the &#8220;PCAOB&#8221;) is unable to inspect our auditors for two consecutive years beginning in 2021. The
delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s
shares from being traded on a national securities exchange or in the over the counter trading market in the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;non-inspection&#8221; 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, and on December 29, 2022, legislation entitled &#8220;Consolidated Appropriations Act, 2023&#8221;
(the &#8220;Consolidated Appropriations Act&#8221;) 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&#8217;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.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 2, 2021, the SEC issued amendments
to finalize rules implementing the submission and disclosure requirements in the HFCA Act, which took effect on January 10, 2022. The
rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position
taken by an authority in foreign jurisdictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 16, 2021, PCAOB announced the PCAOB
HFCA Act determinations (the &#8220;PCAOB determinations&#8221;) relating to the PCAOB&#8217;s inability to inspect or investigate completely
registered public accounting firms headquartered in mainland China of the PRC or Hong Kong, a Special Administrative Region and dependency
of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&#160;26, 2022, the PCAOB announced that
it had signed a Statement of Protocol (the &#8220;SOP&#8221;) with the China Securities Regulatory Commission and the Ministry of Finance
of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the &#8220;SOP Agreement&#8221;),
establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based
in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation
and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion
to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit
documentation without redaction. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to
inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous
determinations to the contrary.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">YCM CPA Inc., the independent registered public
accounting firm that issues the audit report for the fiscal year ended March 31, 2023 and 2022 included in this annual report, is currently
subject to PCAOB inspections and the PCAOB is thus able to inspect <ix:nonNumeric contextRef="c0" name="dei:AuditorName">YCM CPA Inc.</ix:nonNumeric> YCM CPA Inc. is headquartered in <ix:nonNumeric contextRef="c0" name="dei:AuditorLocation">Irvine, California</ix:nonNumeric> and
has not been inspected by the PCAOB, but according to YCM CPA Inc., it will be inspected by the PCAOB on a regular basis..&#160;Our former auditor, Friedman LLP (&#8220;Friedman&#8221;), the
independent registered public accounting firm that issued the audit report for the fiscal year ended March 31, 2021 included in this annual
report, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, was subject to
laws in the United States pursuant to which the PCAOB conducts regular inspections to assess Friedman&#8217;s compliance with applicable
professional standards. Friedman was headquartered in Manhattan, New York with no branches or offices outside the United States and had
been inspected by the PCAOB on a regular basis, with the last inspection in October 2020. Friedman LLP was merged with Marcum LLP on September
1, 2022 and filed its application to withdraw the PCAOB registration on December 30, 2022. Notwithstanding the foregoing,
in the future, if there is any regulatory change or step taken by PRC regulators or the SEC or Nasdaq applies additional and more stringent
criteria, and if PCAOB determines that it is not able to inspect YCM CPA Inc. at such future time, Nasdaq may delist our
Ordinary Shares and the value of our Ordinary Shares may significantly decline or become worthless.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The trading price
of our Ordinary Shares may be volatile, which could result in substantial losses to you. Such volatility, including any stock run-ups,
may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective
investors to assess the rapidly changing value of our Ordinary Shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The trading prices of
our Ordinary Shares may be volatile and could fluctuate widely due to factors beyond our control. There have been instances of extreme
stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial public offerings, especially
among those with relatively smaller public floats. As a relatively small-capitalization company with a relatively small public float,
we may experience greater share price volatility, extreme price run-ups, lower trading volume, and less liquidity than large-capitalization
companies. In particular, our Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades, and large
spreads in bid and ask prices. Such volatility, including any stock run-ups, may be unrelated to our actual or expected operating performance
and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary
Shares. The trading performances of other Hong Kong and Chinese companies&#8217; securities after their offerings may affect the attitudes
of investors towards Hong Kong-based, U.S.-listed companies, which consequently may affect the trading performance of our Ordinary Shares,
regardless of our actual operating performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, if the trading
volumes of our Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence the price of our
Ordinary Shares. This low volume of trades could also cause the price of our Ordinary Shares to fluctuate greatly, with large percentage
changes in price occurring in any trading day session. Holders of our Ordinary Shares may also not be able to readily liquidate their
investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and
political conditions may also adversely affect the market price of our Ordinary Shares. As a result of this volatility, investors may
experience losses on their investment in our Ordinary Shares. A decline in the market price of our Ordinary Shares also could adversely
affect our ability to issue additional Ordinary Shares or other securities and our ability to obtain additional financing in the future.
No assurance can be given that an active market in our Ordinary Shares will develop or be sustained. If an active market does not develop,
holders of our Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Furthermore, any negative
news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure or matters of other
Hong Kong and Chinese companies may also negatively affect the attitudes of investors towards Hong Kong and Chinese companies in general,
including us, regardless of whether we have conducted any inappropriate activities. Furthermore, securities markets may from time to time
experience significant price and volume fluctuations that are not related to our operating performance, which may have a material and
adverse effect on the trading price of our Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition to the above
factors, the price and trading volume of our Ordinary Shares may be highly volatile due to multiple factors, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">regulatory developments affecting us or our industry;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">variations in our revenues, profit, and cash flow;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">changes in the economic performance or market valuations of other financial services firms;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">actual or anticipated fluctuations in our quarterly results of operations and changes or revisions of our expected results;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">changes in financial estimates by securities research analysts;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">detrimental negative publicity about us, our services, our officers, directors, Controlling Shareholder, other beneficial owners, our business partners, or our industry;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">announcements by us or our competitors of new service offerings, acquisitions, strategic relationships, joint ventures, capital raisings or capital commitments;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">additions to or departures of our senior management;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">litigation or regulatory proceedings involving us, our officers, directors, or Controlling Shareholder;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">release or expiry of lock-up or other transfer restrictions on our outstanding Ordinary Shares; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">sales or perceived potential sales of additional Ordinary Shares.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Any of these factors
may result in large and sudden changes in the volume and price at which our Ordinary Shares will trade.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In the past, shareholders
of public companies have often brought securities class action suits against those companies following periods of instability in the market
price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management&#8217;s
attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which
could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our
ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant
damages, which could have a material adverse effect on our financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>If securities or
industry analysts do not publish or publish inaccurate or unfavorable research about our business, or if they adversely change their recommendations
regarding our Ordinary Shares, the market price for our Ordinary Shares and trading volume could decline.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The trading market for
our Ordinary Shares will depend in part on the research and reports that securities or industry analysts publish about us or our business.
If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who covers us downgrades
our Ordinary Shares or publishes inaccurate or unfavorable research about our business, the market price for our Ordinary Shares would
likely decline. If one or more of these analysts cease coverage of the Company or fail to publish reports on us regularly, we could lose
visibility in the financial markets, which, in turn, could cause the market price or trading volume for our Ordinary Shares to decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The sale or availability
for sale of substantial amounts of our Ordinary Shares in the public market could adversely affect their market price.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Sales of substantial
amounts of our Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the market
price of our Ordinary Shares and could materially impair our ability to raise capital through equity offerings in the future. The 5,000,000
Ordinary Shares sold in our initial public offering completed on June 3, 2022 are freely tradable without restriction or further registration
under the Securities Act of 1933, as amended, or the Securities Act, and shares held by our existing shareholders may also be sold in
the public market in the future, subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and the applicable lock-up
agreements. We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholder
or the availability of these securities for future sale will have on the market price of our Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Because the amount,
timing, and whether or not we distribute dividends at all is entirely at the discretion of our board of directors, you must rely on price
appreciation of our Ordinary Shares for return on your investment.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has complete discretion
as to whether to distribute dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may
exceed the amount recommended by our board of directors. In either case, all dividends are subject to certain restrictions under the Cayman
Islands law, namely that the Company may only pay dividends out of profits or share premium, and provided that under no circumstances
may a dividend be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business.
Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend
on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions,
if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our
board of directors. Accordingly, the return on your investment in our Ordinary Shares will likely depend entirely upon any future price
appreciation of our Ordinary Shares. We cannot assure you that our Ordinary Shares will appreciate in value or even maintain the price
at which you purchased the Ordinary Shares. You may not realize a return on your investment in our Ordinary Shares and you may even lose
your entire investment in our Ordinary Shares. See &#8220;Item 8. Financial Information &#8211; A. Consolidated Statements and Other Financial
Information &#8211; Dividend Policy&#8221; for more information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The enforcement
of foreign civil liabilities in the Cayman Islands and Hong Kong is subject to certain conditions. Therefore, certain judgments obtained
against us by our shareholders may be difficult to enforce in such jurisdictions</i></b>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are a company formed
under the laws of the Cayman Islands. We conduct our operations outside the United States and substantially all of our assets are located
outside the United States. In addition, substantially all of our directors and executive officers reside outside the United States, and
most of their assets are located outside the United States. As a result, it may be difficult or impossible for you to bring an action
against us or against them in the United States in the event that you believe that your rights have been infringed under the U.S. federal
securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands, Hong Kong,
or other relevant jurisdictions may render you unable to enforce a judgment against our assets or the assets of our directors and officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There is uncertainty
as to whether the courts of the Cayman Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors
or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities
laws of any state in the United States, or (2) entertain original actions brought in the Cayman Islands against us or our directors or
officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although there is no statutory enforcement in
the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to
any treaties for the reciprocal enforcement or recognition of such judgments), a judgment <i>in personam </i>obtained in such jurisdiction
will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying
dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (a) is given
by a competent foreign court with jurisdiction to give the judgment, (b) imposes a specific positive obligation on the judgment debtor
(such as an obligation to pay a liquidated sum or perform a specified obligation), (c) is final and conclusive, (d) is not in respect
of taxes, a fine or a penalty) has not been obtained by fraud; and (f) was not obtained in a manner and is not of a kind the enforcement
of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to
enforce a judgment obtained from the U.S. courts under civil liability provisions of the U.S. federal securities law if such judgment
is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because
such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from
U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings
are being brought elsewhere.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Judgment of United States
courts will not be directly enforced in Hong Kong. There are currently no treaties or other arrangements providing for reciprocal enforcement
of foreign judgments between Hong Kong and the United States. However, the common law permits an action to be brought upon a foreign judgment.
That is to say, a foreign judgment itself may form the basis of a cause of action since the judgment may be regarded as creating a debt
between the parties to it. In a common law action for enforcement of a foreign judgment in Hong Kong, the enforcement is subject to various
conditions, including but not limited to, that the foreign judgment is a final judgment conclusive upon the merits of the claim, the judgment
is for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which
the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of
Hong Kong. Such a judgment must be for a fixed sum and must also come from a &#8220;competent&#8221; court as determined by the private
international law rules applied by the Hong Kong courts. The defenses that are available to a defendant in a common law action brought
on the basis of a foreign judgment include lack of jurisdiction, breach of natural justice, fraud, and contrary to public policy. However,
a separate legal action for debt must be commenced in Hong Kong in order to recover such debt from the judgment debtor.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>You may face difficulties
in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated
under Cayman Islands law.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are a company formed
under the laws of the Cayman Islands. Our corporate affairs are governed by our amended and restated memorandum and articles of association,
the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against our directors, actions by
our minority shareholders and the fiduciary duties of our directors to us under the Cayman Islands laws are to a large extent governed
by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent
in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not
binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under the Cayman Islands
laws are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States.
In particular, the Cayman Islands has a less developed body of securities laws than the United States. Some U.S. states, such as Delaware,
have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, the Cayman Islands
companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Shareholders of Cayman
Islands companies like us have no general rights under the Cayman Islands laws to inspect corporate records, other than the amended and
restated memorandum and articles of association and any special resolutions passed by such companies, and the registers of mortgages and
charges of such companies. Our directors have discretion under our amended and restated memorandum and articles of association to determine
whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them
available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary
for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Certain corporate governance
practices in the Cayman Islands, where our holding company was incorporated, differ significantly from requirements for companies incorporated
in other jurisdictions such as the United States. Currently, we do not plan to rely on home country practice with respect to our corporate
governance. However, if we choose to follow the Cayman Islands&#8217; practice in the future, our shareholders may be afforded less protection
than they otherwise would under rules and regulations applicable to U.S. domestic issuers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As a result of all of
the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by our management,
members of our board of directors, or our Controlling Shareholder than they would as public shareholders of a company incorporated in
the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We are a foreign
private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to
U.S. domestic public companies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Because we qualify as
a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the
United States that are applicable to U.S. domestic issuers, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are required to file
an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our results on a biannual
basis as press releases, distributed pursuant to the rules and regulations of Nasdaq Capital Market. Press releases relating to financial
results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish
to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result,
you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic
issuer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>As a company incorporated
in the Cayman Islands, we are permitted to adopt certain Cayman Islands&#8217; practices in relation to corporate governance matters that
differ significantly from the Nasdaq Capital Market listing standards; these practices may afford less protection to shareholders than
they would enjoy if we complied fully with the Nasdaq Capital Market listing standards.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As a Cayman Islands company
to be listed on the Nasdaq Capital Market, we are subject to the Nasdaq Capital Market listing standards. However, the Nasdaq Capital
Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate
governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq Capital Market listing
standards. Currently, we do not plan to rely on home country practices with respect to our corporate governance. However, if we choose
to follow home country practices in the future, our shareholders may be afforded less protection than they would otherwise enjoy under
the Nasdaq Capital Market listing standards applicable to U.S. domestic issuers.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>There can be no
assurance that we will not be a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable
year, which could subject United States investors in our Ordinary Shares to significant adverse United States income tax consequences.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We will be classified
as a passive foreign investment company, or PFIC, for any taxable year if either (i) 75% or more of our gross income for such year consists
of certain types of &#8220;passive&#8221; income, or (ii) 50% or more of the value of our assets (determined on the basis of a quarterly
average) during such year produce or are held for the production of passive income (the &#8220;asset test&#8221;). Based upon our current
and expected income and assets, as well as projections as to the market price of our Ordinary Shares, we do not presently expect to be
classified as a PFIC for the current taxable year or the foreseeable future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">While we do not expect
to be a PFIC, because the value of our assets, for purposes of the asset test, may be determined by reference to the market price of our
Ordinary Shares, fluctuations in the market price of our Ordinary Shares may cause us to become a PFIC classification for the current
or subsequent taxable years. The determination of whether we will be or become a PFIC will also depend, in part, on the composition and
classification of our income, including the relative amounts of income generated by and the value of assets of our future strategic investment
business as compared to our other businesses. Because there are uncertainties in the application of the relevant rules, it is possible
that the U.S. Internal Revenue Service, or IRS, may challenge our classification of certain income and assets as non-passive which may
result in our being or becoming a PFIC in the current or subsequent years. In addition, the composition of our income and assets will
also be affected by how, and how quickly, we use our liquid assets and the cash raised in the initial public offering. If we determine
not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. Because there are
uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each
taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If we are a PFIC in any
taxable year, a U.S. Holder (as defined in &#8220;Taxation&#8212;United States Federal Income Tax Considerations&#8221;) may incur significantly
increased United States income tax on gain recognized on the sale or other disposition of our Ordinary Shares and on the receipt of distributions
on our Ordinary Shares to the extent such gain or distribution is treated as an &#8220;excess distribution&#8221; under the United States
federal income tax rules, and such holder may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year
during which a U.S. Holder holds our Ordinary Shares, we will generally continue to be treated as a PFIC for all succeeding years during
which such U.S. Holder holds our Ordinary Shares. For more information see &#8220;Item 10. Additional Information&#8212;10.E. Taxation&#8212;United
States Federal Income Tax Considerations&#8212;Passive Foreign Investment Company Rules.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We are an &#8220;emerging
growth company,&#8221; and the reduced disclosure requirements applicable to emerging growth companies may make our Ordinary Shares less
attractive to investors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are an &#8220;emerging
growth company,&#8221; as defined in the JOBS Act. We will remain an&#160;emerging growth company&#160;until the earliest of (i)&#160;the
end of the fiscal year in which the market value of our Ordinary Shares that are held by&#160;non-affiliates&#160;exceeds US$700&#160;million
as of September 30 (the last business day of the second fiscal quarter) &#160;(ii) the end of the fiscal year in which we have total annual
gross revenues of US$1.235&#160;billion or more during such fiscal year, (iii)&#160;the date on which we issue more than US$1&#160;billion
in&#160;non-convertible&#160;debt in a three-year period, or (iv)&#160;the last day of our fiscal year following the fifth anniversary
of the completion of the initial public offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We may take advantage
of certain exemptions from various requirements applicable to other public companies that are not emerging growth companies including,
most significantly, not being required to comply with the auditor attestation requirements of Section&#160;404 of Sarbanes-Oxley Act of
2002 for so long as we are an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements,
our investors may not have access to certain information they may deem important.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The JOBS Act also provides
that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a
private company is otherwise required to comply with such new or revised accounting standards. Pursuant to the JOBS Act, we have elected
to take advantage of the benefits of this extended transition period for complying with new or revised accounting standards as required
when they are adopted for public companies. As a result, our operating results and financial statements may not be comparable to the operating
results and financial statements of other companies who have adopted the new or revised accounting standards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">After we are no longer
an &#8220;emerging growth company,&#8221; we expect to incur significant expenses and devote substantial management effort toward ensuring
compliance with the requirements of Section&#160;404 of the Sarbanes- Oxley Act of 2002 and the other rules and regulations of the SEC,
which may adversely affect our financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Relating to our Business and Industry</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Operating Subsidiaries have a relatively
short operating history compared to some of our established competitors and face significant risks and challenges in a rapidly evolving
market, which makes it difficult to effectively assess our future prospects.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries have a relatively short
operating history compared to some of our established competitors. You should consider our business and prospects in light of the risks
and challenges we encounter or may encounter given the rapidly evolving market in which we operate and our relatively short operating
history. These risks and challenges include our ability to, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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    <td style="text-align: justify"><span style="font-size: 10pt">defend ourselves in any legal or regulatory actions against us;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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    <td style="text-align: justify"><span style="font-size: 10pt">enhance our technology infrastructure and maintain the security of our system and the confidentiality of the information provided and utilized across our system;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">avoid and remedy operating errors as a result of human or system errors;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">identify and address conflicts of interest; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">identify and appropriately manage our related party transactions.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we fail to address any or all of these risks
and challenges, our business may be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries have a relatively short
history in serving our current client base. As our business develops and as we respond to competition, we may continue to introduce new
service offerings, make adjustments to our existing services, or make adjustments to our business operations in general. Any significant
change to our business model that does not achieve expected results could have a material and adverse impact on our financial condition
and results of operations. It is therefore difficult to effectively assess our future prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Unfavorable financial market and economic
conditions in Hong Kong, China, and elsewhere in the world could materially and adversely affect our business, financial condition, and
results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a financial services firm based in Hong Kong,
our business is materially affected by conditions in the financial markets and economic conditions in Hong Kong, China, and elsewhere
in the world. Financial markets and economic conditions could be negatively impacted by many factors beyond our control, such as inability
to access capital markets, control of foreign exchange, changes in exchange rates, rising interest rates or inflation, slowing or negative
growth rate, government involvement in allocation of resources, inability to meet financial commitments in a timely manner, terrorism,
pandemics such as the COVID-19 pandemic, political uncertainty, civil unrest, fiscal or other economic policy of Hong Kong or other governments,
and the timing and nature of any regulatory reform. The current trade frictions between the United States and China may also give rise
to uncertainties in global economic conditions and adversely affect general investor confidence. Unfavorable financial market and economic
conditions in Hong Kong, China, and elsewhere in the world could negatively affect our clients&#8217; business and materially reduce demand
for our services and increase price competition among financial services firms seeking such engagements, and thus could materially and
adversely affect our business, financial condition, and results of operations. In addition, our profitability could be adversely affected
due to our fixed costs and the possibility that we would be unable to reduce our variable costs without reducing revenues or within a
timeframe sufficient to offset any decreases in revenues relating to changes in the market and economic conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Geopolitical risks and political uncertainty
may adversely impact economic conditions, increase market volatility, cause operational disruption to us and impact our strategic plans,
which could have adverse effects on our business and its profitability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are exposed to geopolitical risks and political
uncertainty in the markets in which we operate. Geopolitical risks and political uncertainty may adversely impact our operations and.&#160;
Increased geopolitical tensions may increase cross-border cyber activity and therefore increase cyber security risks. Geopolitical tensions
may also lead to civil&#160;unrest&#160;and/or acts of civil disobedience. This includes the&#160;unrest&#160;in&#160;Hong Kong, where
mass anti-government demonstrations have given rise to increased disruption throughout the region. Such events could impact operational
resilience by disrupting our systems, operations, new business sales and renewals, distribution channels and services to customers, which
may result decreased profitability, financial loss, adverse customer impacts and reputational damage.&#160;Additionally, the degree and
nature of regulatory changes and our competitive position in some markets may be impacted, for example, through measures favoring local
enterprises, such as changes to the maximum level of non-domestic ownership by foreign companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The online brokerage
service industry and the financial services industry are intensely competitive. If we are unable to compete effectively, we may lose our
market share and our results of operations and financial condition may be materially and adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The financial services
industry, including the online brokerage services industry, is intensely competitive, highly fragmented, and subject to rapid change,
and we expect it to remain so. We compete both in Hong Kong and globally, and on the basis of a number of factors, including the ability
to adapt to evolving financial needs of a broad spectrum of clients, our ability to identify market demands and business opportunities
to win client mandates, the quality of our advice, our employees and deal execution, the range and price of our products and services,
our innovation, our reputation, and the strength of our relationships. We expect to continue to invest capital and resources in our businesses
in order to grow and develop them to a size where they are able to compete effectively in their markets, have economies of scale, and
are themselves able to produce or consolidate significant revenues and profit. We cannot assure you that the planned and anticipated growth
of our securities and futures trading services business and margin financing business will be achieved or in what timescale. There may
be difficulties securing financing for investment for growth and in recruiting and retaining the skilled human resources required to compete
effectively. If we fail to compete effectively against our competitors, our business, financial conditions, results of operations, and
prospects will be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As an online provider
of securities and futures trading services for Asian investors on a global basis, our business generally requires us to react promptly
to the evolving demand of our clients and be able to provide innovative financial solutions tailored to their needs. We may not be able
to compete effectively with our competitors at all times and always be able to provide appropriate financial solutions that promptly and
accurately address our clients&#8217; needs. If this were to happen, our ability to attract new or retain existing clients will suffer,
which would materially and adversely affect our revenues and earnings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We primarily compete
with other providers of financial services to Asian investors. We may face pricing pressure as some of our competitors may seek to obtain
higher market share by reducing fees and commissions. Some of our competitors include large global financial institutions or state-owned
PRC financial institutions operating or headquartered in Hong Kong, many of which have longer operating histories, far broader financial
and other resources, and significantly greater name recognition than us and have the ability to offer a wider range of products, which
may enhance their competitive position. They also regularly support services we do not provide, such as commercial lending, margin lending
and other financial services and products, which puts us at a competitive disadvantage and could result in pricing pressures or lost opportunities,
which in turn could materially and adversely affect our results of operations. In addition, we may be at a competitive disadvantage with
regard to some of our competitors that have larger customer bases and greater human resources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>During the years
ended March 31, 2023, 2022 and 2021, our top five customers accounted for a significant portion of our total revenues. The loss of any
such customers or a material decline in their trading activities through us would have an adverse effect on our operating results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our top five customers
accounted for 43%, 77% and 92% of our total revenues for the years ended March 31, 2023, 2022 and 2021, respectively. Although our Operating
Subsidiaries strive to provide excellent service and experience to our customers, we cannot guarantee that these top customers will continue
to trade on our platform at levels commensurate with previous periods, or that they will not terminate the use of our services in the
future. The volume of trading and the type of futures products which these clients may decide to trade during any particular period depends
on their investment preferences at the time, which may be affected by their outlook of the market as well as factors beyond our control.
Any decline in our top customers&#8217; transaction volume would lower our revenues, which would adversely affect our profitability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our current level
of commission and fee rates may decline in the future. Any material reduction in our commission or fee rates could reduce our profitability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries derive a significant
portion of our revenues from commissions and fees paid by our clients for trading futures through our online platforms. During the years
ended March 31, 2023, 2022 and 2021, our futures brokerage commission income amounted to US$4.3 million, US$4.3 million and US$16.09 million,
respectively, representing 44.6%, 54.9% and 95.15% of our total revenues, respectively. We did not generate any revenue from options trading
services or margin financing services during the years ended March 31, 2023, 2022 and 2021. During the years ended March 31, 2023, 2022
and 2021, our stock brokerage commission income amounted to US$58,266, US$14,827 and US$32,843, respectively. We may experience pressure
on our commission or fee rates as a result of competition we face in the online brokerage service industry. Some of our competitors offer
a broader range of services to a larger client base, and enjoy higher trading volumes, than we do. Consequently, our competitors may be
able and willing to offer trading services at lower commission or fee rates than we currently offer or may be able to offer. For example,
some banks in Hong Kong and the United States offer zero commission fees or similar policies to attract securities investors. As a result
of this pricing competition, we could lose both market share and revenues. We believe that any downward pressure on commission or fee
rates would likely continue and intensify as we continue to develop our business and gain recognition in our markets. A decline in our
commission or fee rates could lower our revenues, which would adversely affect our profitability. In addition, our competitors may offer
other financial incentives such as rebates or discounts in order to induce trading in their systems rather than in ours. If our commission
or fee rate decreases significantly, our operating and financial results may be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The level of commission
and fee rate we need to pay our execution brokers may increase in the future. Any material increment in our commission or free rates could
reduce our profitability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Commission expenses were
our largest type of expenses, which amounted to 29%, 35% and 61% of our revenues for the years ended March 31, 2023, 2022 and 2021, respectively.
Commission expenses represent the fees we paid to our broker partners, when we place a client order to an exchange market through these
partners. We rely on these partners to execute trades except for orders to the Hong Kong Stock Exchange and Hong Kong Futures Exchange.
Although there is a wide selection of broker partners we could choose from, if the commission and fee rate we need to pay to our execution
brokers increase significantly and we could not find cost-effective alternatives or pass on the extra cost to our customers, our operating
and financial results may be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may not be able
to develop our margin financing business as expected and may be exposed to credit risks related to such business. In addition, we need
adequate funding at reasonable costs to successfully operate our proposed margin financing business and access to adequate funding at
reasonable costs cannot be assured.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our margin financing
business may not develop as expected if clients fail to perform contractual obligations or the value of collateral held to secure the
obligations is inadequate. We intend to adopt comprehensive internal policies and procedures designed to manage such risks. For example,
once the margin value falls below the outstanding amount of the relevant loan extended as a result of a market downturn or adverse movement
in the prices of the pledged securities, we will make a margin call requesting the client to deposit additional funds, sell securities
or pledge additional securities to top up their margin value. If the client&#8217;s margin value still falls below the required standard,
we will initiate our liquidation protection mechanism on a real-time basis to bring the client&#8217;s account into margin compliance.
Nevertheless, we cannot assure you that we will not be exposed to any credit risks associated with our margin financing business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Moreover, the development,
growth and success of our margin financing business will depend on the availability of adequate funding to meet our client demand for
loans on our platform. We expect to derive the funding for our margin financing business from a variety of sources, including funding
secured from commercial banks, other licensed financial institutions and other parties as well as financing generated from our business
operations. To the extent there is insufficient funding from institutional funding partners who are willing to accept the credit risk
related to the collateral from our clients, the funds available for our margin financing business might be limited and our ability to
provide margin financing services to our clients to address their demand for loans would be adversely impacted. In addition, as we strive
to offer our clients competitively priced services and the online brokerage market is intensely competitive, we may attempt to further
reduce our interest expenses from our funding partners. If we cannot continue to maintain our relationship with these funding partners
and obtain adequate funding at reasonable costs, we may not be able to continue to offer or grow our margin financing business. To the
extent that our funding partners find the risk-adjusted returns with us less attractive, we may not be able to obtain the requisite level
of funding at reasonable costs, or at all. If our platform is unable to provide our clients with margin loans or fund the loans on a timely
basis due to insufficient funding or less favorable pricing compared to those of our competitors, it would harm our business, financial
condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may not succeed
in promoting and sustaining our brand, which could have an adverse effect on our future growth and business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A critical component
of our future growth is our ability to promote and sustain our brand. Promoting and positioning our brand and platform will depend largely
on the success of our marketing efforts, our ability to attract users and clients cost-efficiently and our ability to consistently provide
high- quality services and a superior experience. We have incurred and will continue to incur significant expenses related to advertising
and other marketing efforts, which may not be effective and may adversely affect our net margins.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, to provide
a high-quality user and client experience, we have invested and will continue to invest substantial amounts of resources in the development
and functionality of our platform, website, technology infrastructure and client service operations. Our ability to provide a high-quality
user and client experience is also highly dependent on external factors over which we may have little or no control, including, without
limitation, the reliability and performance of software vendors and business partners. Failure to provide our users and clients with high
quality services and experience for any reason could substantially harm our reputation and adversely impact our efforts to develop a trusted
brand, which could have a material adverse effect on our business, results of operations, financial condition and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our corporate actions
will be substantially controlled by our Controlling Shareholder, Zhong Yang Holdings (BVI) Limited, which will have the ability to control
or exert significant influence over important corporate matters that require approval of shareholders, which may deprive you of an opportunity
to receive a premium for your Ordinary Shares and materially reduce the value of your investment.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Zhong Yang Holdings (BVI)
Limited, our Controlling Shareholder, beneficially owns 85.70% of our total issued and outstanding Ordinary Shares as of the date of this
annual report. Accordingly, Zhong Yang Holdings (BVI) Limited will have significant influence in determining the outcome of any corporate
transaction or other matter submitted to the shareholders for approval, including mergers, consolidations, election of directors and other
significant corporate actions. Ms. Junli Yang, our Chairwoman of the Board of Directors, owns 82.3% of the equity interest in Zhong Yang
Holdings (BVI) Limited and is the sole director of Zhong Yang Holdings (BVI) Limited. Ms. Junli Yang may be deemed the beneficial owner
of all Ordinary Shares held by Zhong Yang Holdings (BVI) Limited. This concentration of ownership may also discourage, delay or prevent
a change in control of our company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part
of a sale of our company and might reduce the price of our Ordinary Shares. These actions may be taken even if they are opposed by our
other shareholders.</p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our businesses
depend on key management executives and professional staff, and our business may suffer if we are unable to recruit and retain them.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our businesses depend
on the skills, reputation, and professional experience of our key management executives, the network of resources and relationships they
generate during the normal course of their activities, and the synergies among the diverse fields of expertise and knowledge held by our
senior professionals. Therefore, the success of our business depends on the continued services of these individuals. If we lose their
services, we may not be able to execute our existing business strategy effectively, and we may have to change our current business direction.
These disruptions to our business may take up significant energy and resources of our company, and materially and adversely affect our
future prospects.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Moreover, our business
operations depend on our professional staff, our most valuable asset. Their skills, reputation, professional experience, and client relationships
are critical elements in obtaining and executing client engagements. We devote considerable resources and incentives to recruiting and
retaining these personnel. However, the market for quality professional staff is increasingly competitive. We expect to face significant
competition in hiring such personnel. Additionally, as we mature, current compensations scheme to attract employees may not be as effective
as in the past. The intense competition may require us to offer more competitive compensation and other incentives to our talent, which
could materially and adversely affect our financial condition and results of operations. As a result, we may find it difficult to retain
and motivate these employees, and this could affect their decisions about whether or not they continue to work for us. If we do not succeed
in attracting, hiring and integrating quality professional staff, or retaining and motivating existing personnel, we may be unable to
grow effectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We are subject
to extensive and evolving regulatory requirements, the non-compliance with which may result in penalties, limitations, and prohibitions
on our future business activities or suspension or revocation of our licenses, and consequently may materially and adversely affect our
business, financial condition, and results of operations. In addition, we may, from time to time, be subject to regulatory inquiries and
investigations by relevant regulatory authorities or government agencies in Hong Kong or other applicable jurisdictions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Hong Kong financial
market in which we primarily operate is highly regulated. Our business operations are subject to applicable laws, regulations, guidelines,
circulars, and other regulatory guidance, and many aspects of our businesses depend on obtaining and maintaining approvals, licenses,
permits, or qualifications from the relevant regulators. Serious non-compliance with regulatory requirements could result in investigations
and regulatory actions, which may lead to penalties, including reprimands, fines, limitations, or prohibitions on our future business
activities or, if significant, suspension or revocation of our licenses. Failure to comply with these regulatory requirements could limit
the scope of businesses in which we are permitted to engage. Furthermore, additional regulatory approvals, licenses, permits, or qualifications
may be required by relevant regulators in the future, and some of our current approvals, licenses, permits, or qualifications are subject
to periodic renewal. Although we have not been found by any relevant regulators to be in material non-compliance with any regulatory requirements
since we commenced our current businesses in 2015, any such finding or other negative outcome may affect our ability to conduct business,
harm our reputation and, consequently, materially and adversely affect our business, financial condition, results of operations, and prospects.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Two of our Operating
Subsidiaries, ZYSL and ZYCL, are HKSFC-licensed companies subject to various requirements, such as remaining fit and proper at all times,
minimum liquid and paid-up capital requirements, notification requirements, submission of audited accounts, submission of financial resources
returns and annual returns, continuous professional training, under the Securities and Futures Ordinance (Cap. 571) of Hong Kong and its
subsidiary legislation and the codes and the guidelines issued by the HKSFC. If any of these HKSFC licensed companies fails to meet the
regulatory capital requirements in Hong Kong, the local regulatory authorities may impose penalties on us or limit the scope of our business,
which could, in turn, have a material adverse effect on our financial condition and results of operations. Moreover, the relevant capital
requirements may be changed over time or subject to different interpretations by relevant governmental authorities, all of which are out
of our control. Any increase of the relevant capital requirements or stricter enforcement or interpretation of the same may adversely
affect our business activities. Any non-compliance with applicable regulatory requirements by our company or any of our subsidiaries may
result in penalties, limitations, and prohibitions on our future business activities and thus may materially and adversely affect our
business, financial condition, and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">From time to time, ZYSL
and ZYCL may be subject to or required to assist in inquiries or investigations by relevant regulatory authorities or government agencies
in Hong Kong or other jurisdictions, including the HKSFC and the SEC, relating to its own activities or activities of third parties such
as its clients. The HKSFC conducts on- site reviews and off-site monitoring to ascertain and supervise our business conduct and compliance
with relevant regulatory requirements and to assess and monitor, among other things, our financial soundness. We, our directors, or our
employees, may be subject to such regulatory inquiries and investigations from time to time, regardless of whether we are the target of
such regulatory inquiries and investigations. If any misconduct is identified as a result of inquiries, reviews or investigations, the
HKSFC may take disciplinary actions that would lead to revocation or suspension of licenses, public or private reprimand or imposition
of pecuniary penalties against us, our responsible officers, licensed representatives, directors, or other officers. Any such disciplinary
actions taken against us, our responsible officers, licensed representatives, directors, or other officers may have a material and adverse
impact on our business operations and financial results. In addition, we are subject to statutory secrecy obligations under the Securities
and Futures Ordinance (Cap. 571) of Hong Kong whereby we may not be permitted to disclose details on any HKSFC inquiries, reviews or investigations
without the consent of the HKSFC. For further details, see &#8220;Regulation&#8212;Disciplinary Power of the HKSFC&#8221;.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our revenues and
profits are highly volatile, and fluctuate significantly from quarter to quarter, which may result in volatility of the price of our Ordinary
Shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our revenues and profits
are highly volatile and could fluctuate significantly. For example, the revenues generated from our businesses are highly dependent on
market conditions, regulatory environment and policies, and the decisions and actions of our clients and interested third parties. Almost
all of our revenues were derived from brokerage fees generated from customers who traded futures on our platform, therefore our revenues
are highly influenced by the futures trading volume of our customers and the commission rates we charge. Futures brokerage commission
is likely to remain our main source of revenues in the near future, until we start to generate revenue from margin financing and CFD products.
The willingness of our customers to trade futures on our platform can be affected by a number of factors which are difficult to predict,
for example, general economic and political conditions in Hong Kong, the PRC and fluctuations in interest rates, and changes in investor
confidence in the market. Where our customers decide to reduce their trading volume in future contracts or to not trade at all, our revenues
will be reduced. As a result, our results of operations will likely fluctuate from quarter to quarter based on the timing of when those
fees are earned. It may be difficult for us to achieve steady earnings growth on a quarterly basis, which could, in turn, lead to large
adverse movements in the price of our Ordinary Shares or increasing volatility in our Ordinary Share price generally.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We face additional
risks as we offer new products and services, transact with a broader array of clients and counterparties and expose ourselves to new geographical
markets.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our Operating Subsidiaries
are committed to providing new products and services in order to strengthen our market position in the financial services industry and
client relationships. We expect to expand our product and service offerings as permitted by relevant regulatory authorities, transact
with new clients not in our traditional client base and enter into new markets. These activities expose us to new and increasingly challenging
risks, including, but not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If we are unable to achieve
the expected results with respect to our offering of new products and services, our business, financial condition, and results of operations
could be materially and adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, engaging
in business internationally may expose us to additional risks and uncertainties. As we have limited experience in operating our business
outside of Hong Kong, we may be unable to attract a sufficient number of clients, fail to anticipate competitive conditions, or face difficulties
in operating effectively in overseas markets. We may also fail to adapt our business models to local markets due to various legal requirements
and market conditions. Compliance with applicable foreign laws and regulations, especially financial regulations, increases the costs
and risk exposure of doing business in foreign jurisdictions. In addition, in some cases, compliance with the laws and regulations of
one country could nevertheless cause violation of the laws and regulations of another country. Violations of these laws and regulations
could materially and adversely affect our brand, international growth efforts, and business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may undertake
acquisitions, investments, joint ventures, or other strategic alliances, which could present unforeseen integration difficulties or costs
and may not enhance our business as we expect.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our strategy includes
plans to grow both organically and through possible acquisitions, joint ventures, or other strategic alliances. Joint ventures and strategic
alliances may expose us to new operational, regulatory, and market risks, as well as risks associated with additional capital requirements.
We may not be able, however, to identify suitable future acquisition targets or alliance partners. Even if we identify suitable targets
or partners, the evaluation, negotiation, and monitoring of the transactions could require significant management attention and internal
resources and we may be unable to complete an acquisition or alliance on terms commercially acceptable to us. The costs of completing
an acquisition or alliance may be costly and we may not be able to access funding sources on terms commercially acceptable to us. Even
when acquisitions are completed, we may encounter difficulties in integrating the acquired entities and businesses, such as difficulties
in retention of clients and personnel, challenge of integration and effective deployment of operations or technologies, and assumption
of unforeseen or hidden material liabilities or regulatory non-compliance issues. Any of these events could disrupt our business plans
and strategies, which in turn could have a material adverse effect on our financial condition and results of operations. Such risks could
also result in our failure to derive the intended benefits of the acquisitions, strategic investments, joint ventures, or strategic alliances,
and we may be unable to recover our investment in such initiatives. We cannot assure you that we could successfully mitigate or overcome
these risks.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Any negative publicity
with respect to the Company, our directors, officers, employees, shareholders, or other beneficial owners, our peers, business partners,
or our industry in general, may materially and adversely affect our reputation, business, and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our reputation and brand
recognition play an important role in earning and maintaining the trust and confidence of our existing and prospective clients. Our reputation
and brand are vulnerable to many threats that can be difficult or impossible to control, and costly or impossible to remediate. Negative
publicity about us, such as alleged misconduct, other improper activities, or negative rumors relating to our business, shareholders,
or other beneficial owners, affiliates, directors, officers, or other employees, can harm our reputation, business, and results of operations,
even if they are baseless or satisfactorily addressed. These allegations, even if unproven or meritless, may lead to inquiries, investigations,
or other legal actions against us by any regulatory or government authorities. Any regulatory inquiries or investigations and lawsuits
against us, and perceptions of conflicts of interest, inappropriate business conduct by us or perceived wrongdoing by any key member of
our management team, among other things, could substantially damage our reputation regardless of their merits, and cause us to incur significant
costs to defend ourselves. As we reinforce our ecosystem and stay close to our clients and other stakeholders, any negative market perception
or publicity on our business partners that we closely cooperate with, or any regulatory inquiries or investigations and lawsuits initiated
against them, may also have an impact on our brand and reputation, or subject us to regulatory inquiries or investigations or lawsuits.
Moreover, any negative media publicity about the financial services industry in general or product or service quality problems of other
firms in the industry in which we operate, including our competitors, may also negatively impact our reputation and brand. If we are unable
to maintain a good reputation or further enhance our brand recognition, our ability to attract and retain clients, third-party partners,
and key employees could be harmed and, as a result, our business, financial position, and results of operations would be materially and
adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our operations
may be subject to transfer pricing adjustments by competent authorities.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We may use transfer pricing
arrangements to account for business activities between us and our Controlling Shareholder, the different entities within our consolidated
group, or other related parties. We cannot assure you that the tax authorities in the jurisdictions where we operate would not subsequently
challenge the appropriateness of our transfer pricing arrangements or that the relevant regulations or standards governing such arrangements
will not be subject to future changes. If a competent tax authority later finds that the transfer prices and the terms that we have applied
are not appropriate, such authority may require us or our subsidiaries to re-assess the transfer prices and re-allocate the income or
adjust the taxable income. Any such reallocation or adjustment could result in a higher overall tax liability for us and may adversely
affect our business, financial condition, and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our risk management
and internal control systems, as well as the risk management tools available to us, may not fully protect us against various risks inherent
in our business.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We follow our comprehensive
internal risk management framework and procedures to manage our risks, including, but not limited to, reputational, legal, regulatory,
compliance, operational, market, liquidity, and credit risks. However, our risk management policies, procedures, and internal controls
may not be adequate or effective in mitigating our risks or protecting us against unidentified or unanticipated risks. In particular,
some methods of managing risks are based upon observed historical market behavior and our experience in the financial industry. These
methods may fail to predict future risk exposures, which could be significantly greater than those indicated by our historical measures.
Other risk management methods depend upon an evaluation of available information regarding operating and market conditions and other matters,
which may not be accurate, complete, up-to-date, or properly evaluated. In addition, the capital markets are constantly developing, the
information and experience that we rely on for our risk management methods may become quickly outdated as capital markets and regulatory
environment continue to evolve. Any deficiencies or failures in our risk management and internal control systems and procedures may adversely
affect our ability to identify or report our deficiencies or non-compliance. For a discussion of risks relating to the material weakness
in our internal control over financial reporting, see &#8220;Risks Relating to Our Business and Industry&#8212;<i>We have identified certain
material weakness in our internal control over financial reporting. If we fail to implement and maintain an effective system of internal
control to remediate our material weakness over financial reporting, we may be unable to accurately report our results of operations,
meet our reporting obligations, or prevent fraud</i>.&#8221; In addition, failure of our employees to effectively enforce such risk management
and internal controls procedures, or any of the foregoing risks, may have a material and adverse effect on our business, financial condition
and operating results.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our business is
subject to various cyber-security and other operational risks.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We face various cyber-security
and other operational risks relating to our businesses on a daily basis. We rely heavily on financial, accounting, communication and other
data processing systems as well as the people who operate them to securely process, transmit, and store sensitive and confidential client
information, and communicate globally with our staff, clients, partners, and third-party vendors. We also depend on various third-party
software and cloud-based storage platforms as well as other information technology systems in our business operations. These systems,
including third-party systems, may fail to operate properly or become disabled as a result of tampering or a breach of our network security
systems or otherwise, including for reasons beyond our control.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our clients typically
provide us with sensitive and confidential information as part of our business arrangements. We are susceptible of attempts to obtain
unauthorized access of such sensitive and confidential client information. We also may be subject to cyber-attacks involving leak and
destruction of sensitive and confidential client information and our proprietary information, which could result from an employee&#8217;s
or agent&#8217;s failure to follow data security procedures or as a result of actions by third parties, including actions by government
authorities. Although cyber-attacks have not had a material impact on our operations to date, breaches of our or third-party network security
systems on which we rely could involve attacks that are intended to obtain unauthorized access to and disclose sensitive and confidential
client information and our proprietary information, destroy data or disable, degrade, or sabotage our systems, often through the introduction
of computer viruses and other means, and could originate from a wide variety of sources, including state actors or other unknown third
parties. The increase in using mobile technologies can heighten these and other operational risks.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We cannot assure you
that we or the third parties on which we rely will be able to anticipate, detect, or implement effective preventative measures against
frequently changing cyber-attacks. We may incur significant costs in maintaining and enhancing appropriate protections to keep pace with
increasingly sophisticated methods of attack. In addition to the implementation of data security measures, we require our employees to
maintain the confidentiality of the proprietary information that we hold. If an employee&#8217;s failure to follow proper data security
procedures results in the improper release of confidential information, or our systems are otherwise compromised, malfunctioning or disabled,
we could suffer a disruption of our business, financial losses, liability to clients, regulatory sanctions, and damage to our reputation.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We operate in businesses
that are highly dependent on proper processing of financial transactions. We have to reliably obtain securities and other pricing information,
properly execute and process client transactions, and provide reports and other customer service to our clients. The occurrence of trade
or other operational errors or the failure to keep accurate books and records can render us liable to disciplinary action by regulatory
authorities, as well as to claims by our clients. We also rely on third-party service providers for certain aspects of our business. Any
interruption or deterioration in the performance of these third parties or failures of their information systems and technology could
impair our operations, affect our reputation, and adversely affect our businesses.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Fraud or misconduct
by our directors, officers, employees, agents, clients, or other third parties could harm our reputation and business and may be difficult
to detect and deter.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">It is not always possible
to detect and deter fraud or misconduct by our directors, officers, employees, agents, clients, business partners, or other third parties.
The precautions that we take to detect and prevent such activity may not be effective in all cases. Fraud or misconduct by any of these
persons or entities may cause us to suffer significant reputational harm and financial loss or result in regulatory disciplinary actions.
The potential harm to our reputation and to our business caused by such fraud or misconduct is impossible to quantify.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are subject to a number
of obligations and standards arising from our businesses. The violation of these obligations and standards by any of our directors, officers,
employees, agents, clients, or other third parties could materially and adversely affect us and our investors. For example, our businesses
require that we properly handle confidential information. If our directors, officers, employees, agents, clients, or other third parties
were to improperly use or disclose confidential information, we could suffer serious harm to our reputation, financial position, and existing
and future business relationships. Although we have not identified any material fraud or misconduct by our directors, officers, employees,
agents, clients, or other third parties since we commenced our current businesses in 2015, if any of these persons or entities were to
engage in fraud or misconduct or were to be accused of such fraud or misconduct, our business and reputation could be materially and adversely
affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may be subject
to litigation and regulatory investigations and proceedings and may not always be successful in defending ourselves against such claims
or proceedings.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Although we have not
been subject to any lawsuits and arbitration claims in relation to our current business since the commencement in 2015, operating in the
financial services industry may subject us to significant risks, including the risk of lawsuits and other legal actions relating to compliance
with regulatory requirements in areas such as information disclosure, sales or underwriting practices, product design, fraud and misconduct,
and protection of sensitive and confidential client information. From time to time, we may be subject to lawsuits and arbitration claims
in the ordinary course of our business brought by external parties or disgruntled current or former employees, inquiries, investigations,
and proceedings by regulatory and other governmental agencies. Any such claims brought against us, with or without merits, may result
in administrative measures, settlements, injunctions, fines, penalties, negative publicities, or other results adverse to us that could
have material adverse effect on our reputation, business, financial condition, results of operations, and prospects even if we are successful
in defending ourselves against.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In market downturns,
the number of legal claims and the amount of damages sought in litigation and regulatory proceedings may increase. In addition, our affiliates
may also encounter litigation, regulatory investigations, and proceedings for the practices in their business operations. Our clients
may also be involved in litigation, investigation, or other legal proceedings, some of which may relate to transactions that we have advised,
whether or not there has been any fault on our part.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may not be able
to fully detect money laundering and other illegal or improper activities in our business operations on a timely basis or at all, which
could subject us to liabilities and penalties.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are required to comply
with applicable anti-money laundering and anti-terrorism laws and other regulations in the jurisdictions where we operate. Although we
have adopted policies and procedures aimed at detecting, and preventing being used for, money-laundering activities by criminals or terrorist-related
organizations and individuals or improper activities (including but not limited to market manipulation and aiding and abetting tax evasion),
such policies and procedures may not completely eliminate instances where our networks may be used by other parties to engage in money
laundering and other illegal or improper activities. Furthermore, we primarily comply with applicable anti-money laundering laws and regulations
in Hong Kong and we may not fully detect violations of anti-money laundering regulations in other jurisdictions or be fully compliant
with the anti-money laundering laws and regulations in other jurisdictions to which we are required. After we become a publicly listed
company in the United States, we will also be subject to the U.S. Foreign Corrupt Practices Act of 1977 and other laws and regulations
in the United States, including regulations administered by the U.S. Department of Treasury&#8217;s Office of Foreign Asset Control. Although
we have not identified any failure to detect material money laundering activities since we commenced our current businesses in 2015, if
we fail to fully comply with applicable laws and regulations, the relevant government agencies may impose fines and other penalties on
us, which may adversely affect our business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We regularly encounter
potential conflicts of interest, and failure to identify and address such conflicts of interest could adversely affect our business.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We face the possibility
of actual, potential, or perceived conflicts of interest in the ordinary course of our business operations. Conflicts of interest may
exist between (i) our different businesses; (ii) us and our clients; (iii) our clients; (iv) us and our employees; (v) our clients and
our employees, or (vi) us and our Controlling Shareholder and other beneficial owners. As our Operating Subsidiaries expand the scope
of our business and our client base, it is critical for us to be able to timely address potential conflicts of interest, including situations
where two or more interests within our businesses naturally exist but are in competition or conflict. We have put in place extensive internal
control and risk management procedures that are designed to identify and address conflicts of interest. However, appropriately identifying
and managing actual, potential, or perceived conflicts of interest is complex and difficult, and our reputation and our clients&#8217;
confidence in us could be damaged if we fail, or appear to fail, to deal appropriately with one or more actual, potential, or perceived
conflicts of interest. It is possible that actual, potential, or perceived conflicts of interest could also give rise to client dissatisfaction,
litigation, or regulatory enforcement actions. Regulatory scrutiny of, or litigation in connection with, conflicts of interest could have
a material adverse effect on our reputation, which could materially and adversely affect our business in a number of ways, including a
reluctance of some potential clients and counterparties to do business with us. Any of the foregoing could materially and adversely affect
our reputation, business, financial condition, and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The current tensions
in international economic relations may negatively affect the demand for our services, and our results of operations and financial condition
may be materially and adversely affected.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Recently there have been
heightened tensions in international economic relations, such as the one between the United States and China. The U.S. government has
imposed, and has continued to propose to impose additional, new, or higher tariffs on certain products imported from China to penalize
China for what it characterizes as unfair trade practices. China has responded by imposing, and proposing to impose additional, new, or
higher tariffs on certain products imported from the United States.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Amid these tensions,
the U.S. government has imposed and may impose additional measures on entities in China, including sanctions. As a financial services
firm based in Hong Kong, our businesses are materially affected by the financial markets and economic conditions in Hong Kong, China,
and elsewhere in the world. Escalations of the tensions that affect trade relations may lead to slower growth in the global economy in
general, which in turn could negatively affect our clients&#8217; businesses and materially reduce demand for our services, thus potentially
negatively affect our business, financial condition, and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may need additional
funding but may not be able to obtain it on favorable terms or at all.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We may require additional
funding for further growth and development of our business, including any investments or acquisitions we may decide to pursue. If our
existing resources are insufficient to satisfy our requirements, we may seek to issue additional equity or debt securities or obtain new
or expanded credit facilities. Our ability to obtain external financing in the future is subject to a variety of uncertainties, including
our future financial condition, results of operations, cash flows, share price performance, liquidity of international capital and lending
markets, and the Hong Kong financial industry. Pursuant to the terms of the medium term notes issued by our Controlling Shareholder, so
long as the notes remain outstanding, our Controlling Shareholder will not and will ensure that none of its subsidiaries, including us,
create or have outstanding any mortgage, charge, lien, pledge, or other security interest, upon the whole or any part of its present or
future undertaking, assets, or revenues to secure any indebtedness in the form of bonds, notes, debentures, loan stock, or other securities
that are, or are intended to be, listed or traded on any stock exchange or over-the-counter or other securities market. This provision
may affect our ability to obtain external financing through the issuance of debt securities in the public market. In addition, incurring
indebtedness would subject us to increased debt service obligations and could result in operating and financing covenants that would restrict
our operations. We cannot assure you that we will be able to secure financing in a timely manner or in amounts or on terms favorable to
us, or at all. Any failure to raise needed funds on terms favorable to us, or at all, could severely restrict our liquidity as well as
have a material adverse effect on our business, financial condition, and results of operations. Moreover, any issuance of equity or equity-linked
securities could result in significant dilution to our existing shareholders.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may be exposed
to legal or regulatory liabilities if we are unable to protect the personal and sensitive data and confidential information of our clients.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our Operating Subsidiaries
collect, store, and process certain personal and sensitive data from our clients. We are required to protect the personal and sensitive
data and confidential information of our clients under applicable laws, rules, and regulations. While we have taken steps to protect the
personal and sensitive data and confidential information of clients that we have access to, our security measures could be breached. The
relevant authorities may impose sanctions or issue orders against us if we fail to protect the personal and sensitive data and confidential
information of our clients, and we may have to compensate our clients if we fail to do so. We routinely transmit and receive personal
and sensitive data and confidential information of our clients through the internet and other electronic means. Any misuse or mishandling
of such personal and sensitive data and confidential information could result in legal liabilities, regulatory actions, reputational damage
to us, which could in turn materially and adversely affect our business prospects and results of operation.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>If our insurance
coverage is insufficient, we may be subject to significant costs and business disruption.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have limited business
insurance coverage. We currently carry limited insurance in connection with our brokerage business covered by the Type 1 license from
HK SFC against certain risks in accordance with the requirements under the Securities and Futures (Insurance) Rules of Hong Kong. We are
not required to and do not carry insurance for futures brokerage business because we are not a participant of the Hong Kong Futures Exchange.
Our futures brokers who are a participant of the Hong Kong Futures Exchange are required to have insurant coverage for their business.
However, we do not carry business interruption insurance to compensate for losses that could occur to the extent not required. We do not
currently carry insurance that covers the other aspects of our business operations. Nor do we currently maintain key man insurance covering
our key personnel. We consider our insurance coverage to be reasonable in light of the nature of our business, but we cannot assure you
that our insurance coverage is sufficient to prevent us from any loss or that we will be able to successfully claim our losses under our
current insurance policies on a timely basis, or at all. If we incur any loss that is not covered by our insurance policies, or the compensated
amount is significantly less than our actual loss, our business, financial condition, and results of operations could be materially and
adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We have
identified a material weakness in our internal control over financial reporting. If we fail to implement and maintain an
effective system of internal control to remediate our material weakness over financial reporting, we may be unable to accurately
report our results of operations, meet our reporting obligations, or prevent fraud.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are a public company
in the United States subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002 and the rules and regulations
of Nasdaq Capital Market. Section 404 of the Sarbanes-Oxley Act, or Section 404, require us to include a report from management on the
effectiveness of our internal control over financial reporting in our annual report on Form 20-F. In addition, once we cease to be an
&#8220;emerging growth company&#8221; as such term is defined in the JOBS Act, our independent registered public accounting firm must
attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal
control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial
reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue an
adverse report if it is not satisfied with our internal control or the level at which our control is documented, designed, operated, or
reviewed, or if it interprets relevant requirements differently from us.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, our internal
control over financial reporting will not prevent or detect all errors and all fraud. A control system, no matter how well designed and
operated, can provide only reasonable, not absolute, assurance that the control system&#8217;s objectives will be met. Because of the
inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error
or fraud will not occur or that all control issues and instances of fraud will be detected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">During the course of
documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify other weaknesses
and deficiencies in our internal control over financial reporting. In addition, if we fail to maintain proper and effective of our internal
control over financial reporting, as these standards are modified, supplemented, or amended from time to time, we may not be able to conclude
on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404. If we fail to achieve
and maintain an effective internal control environment, we could suffer material misstatements in our financial statements and fail to
meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could
in turn limit our access to capital markets, harm our results of operations, and lead to a decline in the trading price of our Ordinary
Shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate
assets and subject us to potential delisting from the stock exchange on which we list, regulatory investigations, and civil or criminal
sanctions. We may also be required to restate our financial statements from prior periods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our management has
completed an assessment of the effectiveness of our internal control over financial reporting. In the course of preparing our
consolidated financial statements as of and for each of the three years ended March 31, 2023, 2022 and 2021, we identified a
material weakness in our internal control over financial reporting. As defined in the standards established by the PCAOB, a
&#8220;material weakness&#8221; is a deficiency, or a combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of our company&#8217;s annual or interim financial
statements will not be prevented or detected on a timely basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The material weakness
identified relates to the lack of sufficient competent financial reporting and accounting personnel with appropriate understanding of
US GAAP and SEC rules and regulations to address complex technical accounting issues and SEC reporting requirements.&#160;To remedy the
identified material weaknesses, we have implemented and will continue to implement several measures to improve our internal control over
financial reporting, including: (i) that we engaged experienced financial consultant who worked closely with our internal finance team
to assist us in preparing our financial statements and related disclosures in accordance with U.S. GAAP; (ii) that our Chief Financial
Officer received additional training in U.S. GAAP through self-study and webinar courses, and began to periodically review major accounting
literature updates provided by a major accounting firm which provide an overview of recent U.S. accounting pronouncements. (iii) conducting
regular and continuous U.S. GAAP training programs and webinars for our financial reporting and accounting personnel; (iv) improving financial
oversight function for handling complex accounting issues under U.S. GAAP. However, we cannot assure you that these measures may fully
address the material weakness in our internal control over financial reporting or that we may not identify additional material weaknesses
or significant deficiencies in the future. See also &#8220;Item 15. Controls and Procedures&#8221; of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may face intellectual
property infringement claims, which could be time-consuming and costly to defend and may result in the loss of significant rights by us.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Although we have not
been subject to any litigation, pending or threatened, alleging infringement of third parties&#8217; intellectual property rights, we
cannot assure you that such infringement claims will not be asserted against us in the future. Third parties may own copyrights, trademarks,
trade secrets, ticker symbols, internet content, and other intellectual properties that are similar to ours in jurisdictions where we
currently have no active operations. If we expand our business to or engage in other commercial activities in those jurisdictions using
our own copyrights, trademarks, trade secrets, and internet content, we may not be able to use these intellectual properties or face potential
lawsuits from those third parties and incur substantial losses if we fail to defend ourselves in those lawsuits. We have policies and
procedures in place to reduce the likelihood that we or our employees may use, develop, or make available any content or applications
without the proper licenses or necessary third-party consents. However, these policies and procedures may not be effective in completely
preventing the unauthorized posting or use of copyrighted material or the infringement of other rights of third parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Intellectual property
litigation is expensive and time-consuming and could divert resources and management attention from the operation of our business. If
there is a successful claim of infringement, we may be required to alter our services, cease certain activities, pay substantial royalties
and damages to, and obtain one or more licenses from third parties. We may not be able to obtain those licenses on commercially acceptable
terms, or at all. Any of those consequences could cause us to lose revenues, impair our client relationships and harm our reputation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Any failure to
protect our intellectual property could harm our business and competitive position.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our Operating Subsidiaries
own and maintain a number of registered domain names (including our website <i>www.ZYFGL.com</i>) and, although we do not currently own
any registered trademarks other than our company logo, registered in Hong Kong, we may in the future acquire new intellectual property
such as trademarks, copyrights, domain names, and know-how. We will rely on a combination of intellectual property laws and contractual
arrangements to protect our intellectual property rights. It is possible that third parties may copy or otherwise obtain and use our trademarks
without authorization or otherwise infringe on our rights. We may not be able to successfully pursue claims for infringement that interfere
with our ability to use our trademarks, website, or other relevant intellectual property or have adverse impact on our brand. We cannot
assure you that any of our intellectual property rights would not be challenged, invalidated, or circumvented, or such intellectual property
will be sufficient to provide us with competitive advantages. In addition, other parties may misappropriate our intellectual property
rights, which would cause us to suffer economic or reputational damages.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Fluctuations in
the value of Renminbi and regulatory controls on the convertibility and offshore remittance of Renminbi may adversely affect our results
of operations and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Many of our clients are
Chinese nationals, institutions, or corporates, and they are subject to the relevant controls of the PRC government as well as risks relating
to foreign currency exchange rate fluctuations. The change in value of Renminbi against Hong Kong dollars and other currencies is affected
by various factors, such as changes in political and economic conditions in China. Any significant revaluation of Renminbi may materially
and adversely affect the cash flows, revenues, earnings, and financial position of our Chinese clients. In addition, the PRC government
imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, currency remittance out of China. Since
2016, the PRC government has tightened its foreign exchange policies and stepped up its scrutiny of outbound capital movement. In addition,
under the existing regulations on offshore investment, approval from or registration with appropriate government authorities is required
when Renminbi is to be converted into foreign currency for the purpose of offshore investment. Revaluation of the Renminbi and PRC laws
and regulations in connection with the convertibility of the Renminbi into foreign currencies or offshore remittance of the Renminbi may
limit the ability of our Chinese clients to engage our services, especially in our asset management business, which may in turn have a
material adverse effect on our results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may be affected
by the currency peg system in Hong Kong.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Since 1983, Hong Kong
dollars have been pegged to the U.S. dollars at the rate of approximately HK$7.80 to US$1.00. We cannot assure you that this policy will
not be changed in the future. If the pegging system collapses and Hong Kong dollars suffer devaluation, the Hong Kong dollar cost of our
expenditures denominated in foreign currency may increase. This would in turn adversely affect the operations and profitability of our
business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Increases in labor
costs may adversely affect our business and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The economy in Hong Kong
and globally has experienced general increases in inflation and labor costs in recent years. As a result, average wages in Hong Kong and
certain other regions are expected to continue to increase. In addition, we are required by Hong Kong laws and regulations to pay various
statutory employee benefits, including mandatory provident fund to designated government agencies for the benefit of our employees. The
relevant government agencies may examine whether an employer has made adequate payments to the statutory employee benefits, and those
employers who fail to make adequate payments may be subject to fines and other penalties. We expect that our labor costs, including wages
and employee benefits, will continue to increase. Unless we are able to control our labor costs or pass on these increasing labor costs,
our financial condition and results of operations may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may incur losses
or experience disruption of our operations as a result of unforeseen or catastrophic events, including pandemics, terrorist attacks, or
natural disasters.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our business could be
materially and adversely affected by catastrophic events or other business continuity problems, such as natural or man-made disasters,
pandemics such as COVID-19, war, riots, terrorist attacks, or other public safety concerns. If we were to experience a natural or man-
made disaster, disruption due to political unrest, or disruption involving electronic communications or other services used by us or third
parties with which we conduct business, our operations will partially depend on the availability of our people and office facilities and
the proper functioning of our computer, software, telecommunications, transaction processing, and other related systems. A disaster or
a disruption in the infrastructure that supports our businesses, a disruption involving electronic communications or other services used
by us or third parties with whom we conduct business, or a disruption that directly affects our headquarters, could have a material adverse
impact on our ability to continue to operate our business without interruption. Our business could also be adversely affected if our employees
are affected by pandemics. In addition, our results of operations could be adversely affected to the extent that any pandemic harms the
Chinese or Hong Kong economy in general. The incidence and severity of disasters or other business continuity problems are unpredictable,
and our inability to timely and successfully recover could materially disrupt our businesses and cause material financial loss, regulatory
actions, reputational harm, or legal liability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Aggressive competition
could reduce our market share, revenues and profits.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The market for online
securities brokerage services directed towards Chinese investors or Asian investors in general is continually evolving and is intensely
competitive. The securities brokerage industry, in general, has experienced significant consolidation, which may continue in the future,
likely increasing competitive pressures in the industry. Consolidation could enable other firms to offer a broader range of products and
services than we do, or offer them on better terms, such as higher interest rates paid on cash held in client accounts. We expect this
intensely competitive environment to continue in the future. We face direct competition from numerous securities brokerage firms geared
towards Chinese investors, including UP Fintech Holding Limited and Futu Holdings Limited. We also encounter competition from the broker-dealer
affiliates of established full-commission brokerage firms as well as from banks, mutual fund sponsors, online wealth management services
(including so-called &#8220;robo-advisors&#8221;) and other financial institutions and organizations, some of which provide online brokerage
services. Some of our competitors have greater financial, technical, marketing and other resources, offer a wider range of services and
financial products, and have greater name recognition and a more extensive client base than we do. Others offer a narrower range of products
and services but benefit from a lower cost structure than we have. We believe that the general financial success of companies within the
securities brokerage industry will continue to attract new competitors to the industry, such as software development companies, insurance
companies, providers of online financial information and others. These companies may provide a more comprehensive suite of services than
we do or offer services at lower prices. Increased competition could have adverse effects on our business such as reducing our market
share, revenues and profits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our ability to compete
successfully in the securities brokerage industry depends on a number of factors, such as:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">maintaining and expanding our market position;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">retaining existing customers and attracting and retaining new customers;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">providing easy to use and innovative financial products and services;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">our reputation and the market perception of our brand and overall value;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">maintaining competitive pricing;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">competing in a concentrated competitive landscape;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">optimizing our costs of doing business;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the effectiveness of our technology (including cybersecurity defenses), products and services;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">deploying a secure and scalable technology and back office platform;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">complying with the differences in regulatory oversight regimes;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">attracting new employees and retaining our existing employees; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">general economic and industry trends, including customer demand for financial products and services.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our competitive position
within the industry could be adversely affected if we were unable to address these factors adequately.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Failure to protect
client data or prevent breaches of our information systems could expose us to liability or reputational damage.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are dependent on information
technology networks and systems to securely process, transmit and store electronic information and to communicate among our locations
and with our clients and vendors. As the breadth and complexity of this infrastructure continue to grow, the potential risk of security
breaches and cyber-attacks increases. Developing and enhancing new products and services, which is necessary for us to remain competitive,
may involve the use or creation of new technologies, exposes us to cybersecurity and privacy risks that cannot be completely anticipated
and increases the risk of security breaches and cyber-attacks. As a financial services company, we are continuously subject to cyber-attacks,
distributed denial of service attacks and ransomware attacks, malicious code and computer viruses by activists, hackers, organized crime,
foreign state actors and other third parties. Such breaches could lead to shutdowns or disruptions of our systems, account takeovers and
unauthorized gathering, monitoring, misuse, loss, total destruction and disclosure of data and confidential information of ours, our clients,
our employees or other third parties, or otherwise materially disrupt our or our clients&#8217; or other third parties&#8217; network
access or business operations. In addition, vulnerabilities of our external service providers and other third parties could pose security
risks to client information. The secure transmission of confidential information over public networks is also a critical element of our
operations. Despite our efforts to assure the integrity of our systems, we may not be able to anticipate or to implement effective preventive
measures against all security breaches, especially because the techniques that are used change frequently or are not recognized until
launched and because security attacks can originate from a wide variety of sources. Data security breaches may also result from non-technical
means (such as employee misconduct).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Although we have taken
steps to reduce the risk of such threats, our risk and exposure to a cyber-attack or related breach remains heightened due to the evolving
nature of these threats, our plans to continue to implement mobile access solutions to serve our clients, our routine transmission of
sensitive information to third parties, the current global economic and political environment, external extremist parties and other developing
factors. If a cyber-attack or similar breach were to occur, we could suffer damage to our reputation and incur significant remediation
costs and losses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In providing services
to clients, we manage, utilize and store sensitive and confidential client data, including personal data. As a result, we are subject
to numerous laws and regulations designed to protect this information. These laws and regulations are increasing in complexity and number,
change frequently and sometimes conflict. If any person, including any of our employees, negligently disregards or intentionally breaches
our established controls with respect to client data, or otherwise mismanages or misappropriates that data, we could be subject to significant
monetary damages, regulatory enforcement actions, fines and/or criminal prosecution.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Unauthorized disclosure
of sensitive or confidential client data, whether through systems failure, employee negligence, fraud or misappropriation, could damage
our reputation and cause us to lose clients. Similarly, unauthorized access to or through our information systems, whether by our employees
or third parties, including a cyber-attack by third parties who may deploy viruses, worms or other malicious software programs, could
result in negative publicity, significant remediation costs, legal liability, regulatory fines, financial responsibility under our asset
protection guarantee to reimburse clients for losses in their accounts resulting from unauthorized activity in their accounts (through
no fault of the client) and damage to our reputation and could have adverse effects on our results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Any actual or perceived
breach of the security of our technology, or media reports of perceived security vulnerabilities of our systems or the systems of our
third-party service providers, could damage our reputation, expose us to the risk of litigation and liability, disrupt our operations,
increase our costs with respect to investigations and remediation, reduce our revenues as a result of the theft of intellectual property,
and otherwise adversely affect our business. Further, any actual or perceived security breach or cyber-attack directed at other financial
institutions or financial services companies, whether or not we are impacted, could lead to a general loss of customer confidence in the
use of technology to conduct financial transactions, which could negatively impact us. The occurrence of any of these events could have
adverse effects on our business and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If any person, including
any of our employees, negligently disregards or intentionally breaches our established controls with respect to client or employee data,
or otherwise mismanages or misappropriates that data, we could be subject to significant monetary damages, regulatory enforcement actions,
fines and criminal prosecutions.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Although we maintain
insurance coverage that we believe is reasonable, prudent and adequate for the purpose of our business, it might be insufficient in type
or amount to protect us against all losses and costs stemming from security breaches, cyber-attacks and other types of unlawful activity
or any resulting disruptions from such events.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We also face risk related
to external fraud involving the misappropriation and use of clients&#8217; user-names, passwords or other personal information to gain
access to their accounts. This could occur from the compromise of clients&#8217; personal electronic devices or as a result of a data
security breach at an unrelated company where clients&#8217; personal information is taken and then made available to fraudsters. This
risk has grown in recent years due to the increased sophistication and activities of organized crime and other external parties. Losses
in client accounts reimbursed under our asset protection guarantee against unauthorized account activity (through no fault of the client)
could have adverse effects on our business, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Attrition of customer
accounts and failure to attract new accounts could have a material adverse effect on our business, financial condition and results of
operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our customer base is
mainly comprised of individual customers. Although our Operating Subsidiaries offer services designed to educate, support and retain our
customers, our efforts to attract new customers or reduce the attrition rate of our existing customers may not be successful. If we were
unable to maintain or increase our customer retention rates or generate new customers in a cost-effective manner, our business, financial
condition and results of operations would likely be adversely affected. Although we have spent significant financial resources on marketing
expenses and plan to continue doing so, these efforts may not be cost-effective to attract new customers. We cannot assure you that we
will be able to maintain or grow our customer base in a cost-effective way. If we are unable to maintain high quality services, or maintain
or reduce our service fee rate, or introduce new products and services, we may fail to attract new customers or lose our existing customers,
which could adversely affect our growth and profitability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>A failure in our
information technology, or IT, systems could cause interruptions in our services, undermine the responsiveness of our services, disrupt
our business, damage our reputation and cause losses.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our IT systems support
all phases of our operations, including marketing, customer development and the provision of customer support services, and are an essential
part of our technology infrastructure. If our systems fail to perform, we could experience disruptions in operations, slower response
time or decreased customer satisfaction. We must process, record and monitor a large number of transactions and our operations are highly
dependent on the integrity of our technology systems and our ability to make timely enhancements and additions to our systems. System
interruptions, errors or downtime can result from a variety of causes, including changes in customer usage patterns, technological failures,
changes to our systems, linkages with third-party systems and power failures. Our systems are vulnerable to disruptions from human error,
execution errors, errors in models such as those used for risk management and compliance, employee misconduct, unauthorized trading, external
fraud, computer viruses, distributed denial of service attacks, computer viruses or cyberattacks, terrorist attacks, natural disaster,
power outage, capacity constraints, software flaws, events impacting key business partners and vendors, and similar events.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">It could take an extended
period of time to restore full functionality to our technology or other operating systems in the event of an unforeseen occurrence, which
could affect our ability to process and settle customer transactions. Moreover, instances of fraud or other misconduct might also negatively
impact our reputation and customer confidence in us, in addition to any direct losses that might result from such instances. Despite our
efforts to identify areas of risk, oversee operational areas involving risks, and implement policies and procedures designed to manage
these risks, there can be no assurance that we will not suffer unexpected losses, reputational damage or regulatory actions due to technology
or other operational failures or errors, including those of our vendors or other third parties.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">While we devote substantial
attention and resources to the reliability, capacity and scalability of our systems, extraordinary trading volume could cause our computer
systems to operate at unacceptably slow speeds or even fail, affecting our ability to process customer transactions and potentially resulting
in some customers&#8217; orders being executed at prices they did not anticipate. Disruptions in service and slower system response time
could result in substantial losses and decreased customer satisfaction. We are also dependent on the integrity and performance of securities
exchanges, clearinghouses and other intermediaries to which customer orders are routed for execution and clearing. System failures and
constraints and transaction errors at such intermediaries could result in delays and erroneous or unanticipated execution prices, cause
substantial losses for our customers and for us, and subject us to claims from our customers for damages.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Failure of third-party
systems upon which we rely could adversely affect our business operation.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our Operating Subsidiaries
conduct brokerage business through two trading platforms licensed from third parties. Our proposed CFD trading business will also be conducted
through a trading platform licensed from a third party. Any interruption in the third parties&#8217; services, or deterioration in the
third parties&#8217; performance or quality could adversely affect our business operation. Moreover, we may not be able to obtain or continue
to obtain licenses and technologies from these third parties on reasonable terms, or at all, which could materially impact our business
and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our brokerage operations
have exposure to liquidity risk.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our brokerage operations
have exposure to liquidity risk. Maintaining adequate liquidity is crucial to our brokerage operations, including key functions such as
transaction settlement. We are subject to liquidity and capital adequacy requirements in various jurisdictions. Our liquidity needs are
primarily met by equity contribution and revenues generation. A reduction of funds available from these sources may require us to seek
other potentially more expensive forms of financing, such as potential borrowings on revolving credit facilities. Our liquidity could
be constrained if we are unable to obtain financing on acceptable terms, or at all, due to a variety of unforeseen market disruptions.
Inability to meet our funding needs in a timely manner would have a material adverse effect on our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our management
team lacks experience in managing a U.S. public company and complying with laws applicable to such company, the failure of which may adversely
affect our business, financial condition and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our current management
team lacks experience in managing a U.S. publicly traded company, interacting with public company investors and complying with the increasingly
complex laws pertaining to U.S. public companies. As a public company, we are subject to significant regulatory oversight and reporting
obligations under the federal securities laws and the scrutiny of securities analysts and investors, and our management currently has
no experience in complying with such laws, regulations and obligations. Our management team may not successfully or efficiently manage
our transition to becoming a U.S. public company. These new obligations and constituents will require significant attention from our senior
management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business,
financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may fail to
update our risk management policies and procedures as needed and such policies and procedures may otherwise be ineffective, which may
expose us to unidentified or unexpected risks.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Although we adopt an
integrated risk management system, we may fail to update our risk management system as needed and the system may fail to effectively function,
thus exposing us to unidentified or unexpected risks. We are dependent on our risk management policies and procedures and the adherence
to such policies and procedures by our risk management and other staff to manage the risks inherent in our business. Our policies, procedures
and practices used to identify, monitor and control a variety of risks are carried out by the corresponding departments. However, some
of our methods for managing risks are discretionary by nature and are based on internally developed controls and observed historical market
behavior, and also involve reliance on standard industry practices. These methods may not adequately prevent losses, particularly as they
relate to extreme market movements, which may be significantly greater than historical fluctuations in the market. In addition, we may
fail to update our risk management system as needed or as fast as the industry evolves, weakening our ability to identify, monitor and
control new risks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>New lines of business
or new services may subject us to additional risks.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">From time to time, we
may implement new lines of business or offer new services within existing lines of business. There are substantial risks and uncertainties
associated with these efforts, particularly in instances where the markets are not fully developed. In developing and marketing new lines
of business and/or new services, we may invest significant time and resources. Initial timetables for the introduction and development
of new lines of business and/or new services may not be achieved and profitability targets may not prove feasible. External factors, such
as compliance with regulations, competition and shifting market preferences, may also impact the successful implementation of a new line
of business or a new service. Our personnel and technology systems may fail to adapt to the changes in such new areas or we may fail to
effectively integrate new services into our existing operations and we may lack experience in managing new lines of business or new services.
In addition, we may be unable to proceed with our operations as planned or compete effectively due to different competitive landscapes
in these new areas. Even if we expand our businesses into new jurisdictions or areas, the expansion may not yield intended profitable
results. Furthermore, any new line of business and/or new service could have a significant impact on the effectiveness of our internal
control system. Failure to successfully manage these risks in the development and implementation of new lines of business or new services
could have a material adverse effect on our business, results of operations and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may not be able
to obtain additional capital when desired, on favorable terms or at all. If we fail to meet the capital requirement pursuant to the Securities
and Futures (Financial Resources) Rules, our business operations and performance will be adversely affected.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We anticipate that our
current cash, and cash provided by operating activities, will be sufficient to meet our current and anticipated needs for general corporate
purposes for at least the next 12 months. However, we need to make continued investments in facilities, hardware, software, technological
systems and to retain talented personnel to remain competitive. Due to the unpredictable nature of the capital markets and our industry,
we cannot assure you that we will be able to raise additional capital on terms favorable to us, or at all, if and when required, especially
if we experience disappointing operating results. If adequate capital is not available to us as required, our ability to fund our operations,
take advantage of unanticipated opportunities, develop or enhance our infrastructure or respond to competitive pressures could be significantly
limited, which would adversely affect our business, financial condition and results of operations. If we do raise additional funds through
the issuance of equity or convertible debt securities, the ownership interests of our shareholders could be significantly diluted. These
newly issued securities may have rights, preferences or privileges senior to those of existing shareholders. In addition, our HKSFC licensed
subsidiaries, ZYSL and ZYCL are required under the Securities and Futures (Financial Resources) Rules to maintain certain levels of liquid
capital. If they fail to maintain the required levels of liquid capital, the HKSFC may take actions against us and our business will be
adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Internet-related
issues may reduce or slow the growth in the use of our services in the future. In particular, our future growth depends on the further
acceptance of the internet and particularly the mobile internet as an effective platform for assessing trading and other financial services
and content.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Critical issues concerning
the commercial use of the internet, such as ease of access, security, privacy, reliability, cost, and quality of service, remain unresolved
and may adversely impact the growth of internet use. If internet usage continues to increase rapidly, the internet infrastructure may
not be able to support the demands placed on it by this growth, and its performance and reliability may decline. Continuous rapid growth
in internet traffic may cause decreased performance, outages and delays. Our ability to increase the speed with which we provide services
to users and clients and to increase the scope and quality of such services is limited by and dependent upon the speed and reliability
of our users&#8217; and clients&#8217; access to the internet, which is beyond our control. If periods of decreased performance, outages
or delays on the internet occur frequently or other critical issues concerning the internet are not resolved, overall internet usage or
usage of our web-based services could increase more slowly or decline, which would cause our business, results of operations and financial
condition to be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Furthermore, while the
internet and the mobile internet have gained increased popularity in Hong Kong and China as platforms for financial products and content
in recent years, many investors have limited experience in trading and using other financial services online. For example, investors may
not find online content to be reliable sources of financial product information. If we fail to educate investors about the value of our
platform and our services, our growth will be limited and our business, financial performance and prospects may be materially and adversely
affected. The further acceptance of the internet and particularly the mobile internet as an effective and efficient platform for trading
and other financial services and content is also affected by factors beyond our control, including negative publicity around online and
mobile brokerage services. If online and mobile networks do not achieve adequate acceptance in the market, our growth prospects, results
of operations and financial condition could be harmed.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our Operating Subsidiaries
currently conduct our futures and stock brokerage business through trading platforms licensed from third parties. Our reputation, business,
financial position, results of operations and cash flows may be harmed if these parties do not perform their obligations or if they suffer
interruptions to their own operations, or if alternative are unavailable or if cost of such alternatives are unfavorable.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries currently conduct our
futures and stock brokerage business through two trading platforms, Esunny for futures trading and 2GoTrade for stock trading, both of
which were licensed from third parties. The cost, quality and accessibility of the two trading platforms are essential to our services.
We are subject to the risk of our licensors discontinue or modify the licensing agreements or increase the price thereof. If any such
licensors were to go out of business, alternative trading platforms or service providers may not be available on acceptable terms or at
all. Further, any increase in fees for such licenses and services may harm our ability to provide our services on a cost-effective basis.
Reliable and cost-effective replacement sources may not be available on short notice or at all, and this may force us to increase prices
and face a corresponding decrease in demand for our services. This would harm our ability to market our services in order to meet market
demand and could materially and adversely affect our reputation, business, financial position, results of operations and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have limited control
over these parties on which our business depends. If any of these parties fails to perform its obligations, or breaches or ends its relationship
with us, finding alternate service providers would be time consuming, difficult and costly and we may be unable to satisfy demand for
our services. Delays, inaccessibility and other problems could impair our operation and brand image and make it difficult for us to attract
new customers. Accordingly, a loss or interruption in the service of any key party could adversely impact our reputation, business, financial
position, results of operations and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
4. Information&#160;on&#160;the&#160;Company</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>4.A. History and Development of the Company
</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Corporate Structure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following diagram illustrates the corporate structure of TOP Financial
Group Limited and its subsidiaries as of the date of this annual report:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><img alt="" src="image_002.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Our Subsidiaries
and Business Functions</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYSL (BVI) was formed as the investment holding
company of ZYSL under the laws of the British Virgin Islands on August 29, 2019 as part of the reorganization. It does not engage in any
material operation. It is a direct subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYCL (BVI) was formed as the investment holding
company of ZYCL under the laws of the British Virgin Islands on August 29, 2019 as part of the reorganization. It does not engage in any
material operation. It is a direct subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYAL (BVI) was formed under the laws of the British
Virgin Islands on January 7, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYTL (BVI) was formed under the laws of the British
Virgin Islands on January 12, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYNL (BVI) was formed under the laws of the British
Virgin Islands on January 20, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYPL (BVI) and ZYXL (BVI) were formed under the
laws of the British Virgin Islands on July 14, 2022. Each of ZYXL (BVI) and ZYPL (BVI) is a holding company and does not engage in any
material operation and each is a direct subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYFL (BVI) and ZYIL (BVI) were formed under the
laws of the British Virgin Islands on November 11, 2022. Each of ZYFL (BVI) and ZYIL (BVI) is a holding company and does not engage in
any material operation and each is a direct subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYSL was formed in accordance with laws and regulations
of Hong Kong on April 22, 2015 with a registered capital of HKD 18,000,000 (approximately US$2.3 million). ZYSL is a limited liability
corporation licensed with HKSFC to carry out regulated activities including Type 1 Dealing in Securities and Type 2 Dealing in Futures
Contracts. It is a direct subsidiary of ZYSL (BVI) and an indirect subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYCL was established in accordance with laws and
regulations of Hong Kong on September 29, 2016 with a registered capital of HKD 5,000,000 (approximately US$0.6 million). ZYCL is a limited
liability corporation licensed with the HKSFC to carry out regulated activities Type 4 Advising on Securities, Type 5 Advising on Futures
Contracts and Type 9 Asset Management. It is a direct subsidiary of ZYCL (BVI) and an indirect subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WIN100 TECH was formed under the laws of the British
Virgin Islands on May 14, 2021. WIN100 TECH is a Fintech development and IT support company. It provides&#160;trading solutions for&#160;clients&#160;trading
on the world&#8217;s major derivatives and stock exchanges. It is a direct subsidiary of ZYTL (BVI) and an indirect subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WIN100 WEALTH was formed under the laws of the
British Virgin Islands on July 21, 2021. WIN100 WEALTH borrowed $6 million from TGFL in the form of intra-company
loans and invest such amount in financial products. It is a direct subsidiary
of ZYIL (BVI) and an indirect subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Winrich was formed under the laws of Hong Kong
on February 24, 2023. It does not engage in any material operation. We plan to apply the Money Lenders License in Hong Kong through Winrich.
It is a direct subsidiary of ZYFL (BVI) and an indirect subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TOP 500 was formed under the laws of Australia
on October 22, 2008. TOP 500 owns an Australian Financial Services License (AFSL: 328866). It does not have any material operation as
of the date of this annual report. We plan to provide financial services in Australia that includes arranging or providing financial advice
on financial products such as derivatives, foreign exchange contracts, stock and bond issuance etc. through TOP 500. It is a direct subsidiary
of ZYAL (BVI) and an indirect subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TOP ASSET MANAGEMENT was formed under the laws
of Singapore on November 28, 2022. It does not engage in any material operation. We plan to register with the Monetary Authority of Singapore
as a Registered Fund Management Company to carry out Fund Management services. It is a direct subsidiary of ZYXL (BVI) and an indirect
subsidiary of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TOP FINANCIAL was formed under the laws of Singapore
on November 28, 2022. It does not engage in any material operation. We plan to acquire the CMS license from the Monetary Authority of
Singapore to carry out regulated activities in Dealing in Capital Market. It is a direct subsidiary of ZYPL (BVI) and an indirect subsidiary
of TFGL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Corporate History </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We established ZYSL as a company with limited
liability under the laws of Hong Kong and commenced our securities and futures brokerage business after obtaining licenses from the HKSFC
on March 4, 2016 and October 18, 2016, respectively. To expand our services into asset management services, we obtained the relevant HKSFC
licenses on in February 2018 through our subsidiary, ZYCL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 26, 2020, we carried out a series of
transactions to reorganize the legal structure of the Company. As part of the reorganization, Zhong Yang Financial Group Limited (&#8220;TFGL&#8221;)
was formed under the laws of the Cayman Islands and two wholly-owned British Virgin Islands subsidiaries of TFGL, ZYSL (BVI) Limited (&#8220;ZYSL
(BVI)&#8221;) and ZYCL (BVI) Limited (&#8220;ZYCL (BVI)&#8221;), were then incorporated on August 29, 2019. With the approval obtained
from HKSFC, the ownership interests in ZYSL and ZYCL were transferred from Zhong Yang Holdings Limited to ZYSL (BVI) and ZYCL (BVI), respectively
on March 26, 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In support of our plan to expand our securities
and futures brokerage services to additional foreign exchanges, two new investment holding companies, namely ZYAL (BVI) Limited (&#8220;ZYAL
(BVI)&#8221;) and ZYNL (BVI) Limited (&#8220;ZYNL (BVI)&#8221;), were established, under the laws of the British Virgin Islands on January
7, 2021 and January 20, 2021, respectively. ZYNL (BVI) aims at providing financial service in New Zealand and accordingly, intends to
register as a Financial Service Provider (&#8220;FSP&#8221;) on the Financial Service Providers Register (&#8220;FSPR&#8221;) governed
by the New Zealand Companies Office through acquisition of or merger with local licensed entities. ZYNL (BVI) is actively seeking suitable
acquisition targets in order to obtain the relevant licenses. As of the date of this prospectus, ZYNL (BVI) has not entered into any agreement
with any targets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, on January 12, 2021, we incorporated
an IT company, namely ZYTL (BVI) Limited (&#8220;ZYTL (BVI)&#8221;), under the laws of the British Virgin Islands for the purpose of strengthening
our online trading platform by either the potential acquisition of a software development company or by independent development. ZYTL
(BVI) does not engage in any material operation as of the date of this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 14, 2021, we incorporated WIN100 TECH under
the laws of the British Virgin Islands. WIN100 TECH is a Fintech development and IT support company. It provides&#160;trading solutions
for&#160;clients&#160;trading on the world&#8217;s major derivatives and stock exchanges.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September&#160;9, 2021, the sole shareholder
of the Company surrendered 20,000,000 ordinary shares of US$0.001 par value each for no consideration. In addition, on September 9, 2021,
the sole shareholder of the Company approved and effected an increase of the Company&#8217;s authorized share capital from US$50,000,
divided into 50,000,000 ordinary shares of a par value of US$0.001 per share, to US$150,000, divided into 150,000,000 ordinary shares
of a par value of US$0.001 per share. All references to Ordinary Shares, share data, per share data, and related information have been
retroactively adjusted, where applicable, in this prospectus to reflect the surrender of Ordinary Shares by the sole shareholder and the
increase of our authorized Ordinary Shares as if these events had occurred at the beginning of the earliest period presented.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 3, 2022, the Company completed its initial
public offering on the <span style="background-color: white">National Association of Securities Dealers Automated Quotations</span> (&#8220;NASDAQ&#8221;).
In this offering, 5,000,000 Ordinary Shares were issued at a price of US$5.00 per share. The gross proceeds received from the initial
public offering totaled US$25 million. The Offering closed on June 3, 2022 and the Ordinary Shares began trading on June 1, 2022 on The
Nasdaq Capital Market under the ticker symbol &#8220;TOP.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In June 2022, the Company
completed its initial public offering of 5,000,000 Ordinary Shares at a price of $5.00 per share. The gross proceeds received from the
initial public offering totaled USD 25 million. The Ordinary Shares began trading on June 1, 2022 on The Nasdaq Capital Market under the
ticker symbol &#8220;TOP.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective July 13, 2022, the Company changed its
name from &#8220;Zhong Yang Financial Group Limited&#8221; to &#8220;TOP Financial Group Limited&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 14, 2022, we incorporated ZYXL (BVI) Limited
(&#8220;ZYXL (BVI)&#8221;) and ZYPL (BVI) Limited (&#8220;ZYPL (BVI)&#8221;) under the laws of the British Virgin Islands. Each of ZYXL
(BVI) and ZYPL (BVI) is a holding company and does not engage in any material operation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 11, 2022, we incorporated ZYFL (BVI)
Limited (&#8220;ZYFL (BVI)&#8221;) and ZYIL (BVI) Limited (&#8220;ZYIL (BVI)&#8221;) under the laws of the British Virgin Islands. Each
of ZYFL (BVI) and ZYIL (BVI) is a holding company and does not engage in any material operation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 28, 2022, ZYPL (BVI) incorporated
TOP Financial Pte. Ltd. under the laws of Singapore.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 28, 2022, ZYXL (BVI) incorporated
TOP Asset Management Pte. Ltd. under the laws of Singapore.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 9, 2023, ZYIL(BVI) completed an acquisition
of WIN100 WEALTH a company formed under the laws of the British Virgin Islands, at a purchase price of $10,000 in exchange for 100% of
the equity interest in WIN100 WEALTH, pursuant to a Share Purchase Agreement dated February 9, 2023 by and among the Company, ZYIL(BVI),
WIN100 WEALTH and the sole shareholder of WIN100 WEALTH. The sole shareholder of WIN100 WEALTH is Junli Yang, the Chairwoman of the Board
of Directors of the Company. The Agreement was negotiated at arm&#8217;s length and was approved by the Board of Directors of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 12, 2023, ZYAL (BVI) completed an acquisition
of TOP 500 SEC PTY LTD (&#8220;TOP 500&#8221;), a company formed under the laws of Australia that owns an Australian Financial Services
License (AFSL: 328866), at a purchase price of $700,000 in exchange for 100% of the equity interest in TOP 500, pursuant to a Share Purchase
Agreement dated August 31, 2022 by and among the Company, ZYAL (BVI), TOP 500 and the sole shareholder of TOP 500. The sole shareholder
of TOP 500 is a company controlled by Junli Yang, the Chairwoman of the Board of Directors of the Company. The Agreement was negotiated
at arm&#8217;s length and was approved by the Board of Directors of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Corporate Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal executive offices are located at
Flat 1101, 118 Connaught Road West, Hong Kong. Our telephone number at this address is +852 3107 0731. Our registered office in the Cayman
Islands is located at the offices of Vistra (Cayman) Limited, P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman,
KY1 - 1205 Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc. located at 122 <sup>Ea</sup>st
42nd Str<sup>ee</sup>t, 18th Floor, New York, NY 10168.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors should contact us for any inquiries
through the address and telephone number of our principal executive offices. Our website is <i>www. ZYFGL.com</i>. The information contained
on our website is not a part of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Implication of the Holding Foreign Companies
Accountable Act (the &#8220;HFCA Act&#8221;)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s
shares from being traded on a national securities exchange or in the over the counter trading market in the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;non-inspection&#8221; 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, and on December 29, 2022, legislation entitled &#8220;Consolidated Appropriations Act, 2023&#8221;
(the &#8220;Consolidated Appropriations Act&#8221;) 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&#8217;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.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 2, 2021, the SEC issued amendments
to finalize rules implementing the submission and disclosure requirements in the HFCA Act, which took effect on January 10, 2022. The
rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position
taken by an authority in foreign jurisdictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 16, 2021, PCAOB announced the PCAOB
HFCA Act determinations (the &#8220;PCAOB determinations&#8221;) relating to the PCAOB&#8217;s inability to inspect or investigate completely
registered public accounting firms headquartered in mainland China of the PRC or Hong Kong, a Special Administrative Region and dependency
of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&#160;26, 2022, the PCAOB announced that
it had signed a Statement of Protocol (the &#8220;SOP&#8221;) with the China Securities Regulatory Commission and the Ministry of Finance
of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the &#8220;SOP Agreement&#8221;),
establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based
in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation
and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion
to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit
documentation without redaction. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to
inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous
determinations to the contrary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">YCM CPA Inc., the independent registered public
accounting firm that issues the audit report for the fiscal year ended March 31, 2023 and 2022 included in this annual report, is currently
subject to PCAOB inspections and the PCAOB is thus able to inspect YCM CPA Inc. YCM CPA Inc. is headquartered in Irvine, California and
has not been inspected by the PCAOB, but according to YCM CPA Inc., it will be inspected by the PCAOB on a regular basis.&#160;Our former
auditor, Friedman LLP (&#8220;Friedman&#8221;), the independent registered public accounting firm that issued the audit report for the
fiscal year ended March 31, 2021 included in this annual report, as an auditor of companies that are traded publicly in the United States
and a firm registered with the PCAOB, was subject to laws in the United States pursuant to which the PCAOB conducts regular inspections
to assess Friedman&#8217;s compliance with applicable professional standards. Friedman was headquartered in Manhattan, New York with no
branches or offices outside the United States and had been inspected by the PCAOB on a regular basis, with the last inspection in October
2020. Friedman LLP was merged with Marcum LLP on September 1, 2022 and filed its application to withdraw the PCAOB registration on December
30, 2022. Notwithstanding the foregoing, in the future, if there is any regulatory change or step taken by PRC regulators or the SEC or
Nasdaq applies additional and more stringent criteria, and if PCAOB determines that it is not able to inspect YCM CPA Inc. at such future
time, Nasdaq may delist our Ordinary Shares and the value of our Ordinary Shares may significantly decline or become worthless. See &#8220;<span style="background-color: white">Item
3. Key&#160;</span>Information &#8212; 3.D. Risk Factors &#8212; Risks Relating to Our Ordinary Shares&#8212; <i>Our Ordinary Shares may
be prohibited from being traded on a national exchange under the Holding Foreign Companies Accountable Act (the &#8220;HFCA Act&#8221;),
if the Public Company Accounting Oversight Board (the &#8220;PCAOB&#8221;) is unable to inspect our auditors for two consecutive years
beginning in 2021. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the
value of your investment.</i>&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Permission Required from the Hong Kong Authorities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Due to the licensing
requirements of the HKSFC, ZYSL and ZYCL are required to obtain necessary licenses to conduct their business in Hong Kong and their business
and responsible personnel are subject to the relevant laws and regulations and the respective rules of the HKSFC. ZYSL currently holds
a Type 1 license for dealing in securities and a Type 2 license for dealing in futures contracts. ZYCL currently holds a Type 4 license
for advising on securities, a Type 5 license for advising on futures contracts and a Type 9 license for asset management. See &#8220;<span style="background-color: white">Item
4. Information on the Company&#8212;4.B. Business Overview&#8212;</span>Regulation&#8212;Licensing Regime Under the HKSFO.&#8221; These
licenses have no expiration date and will remain valid unless they are suspended, revoked or cancelled by the HKSFC. We pay standard governmental
annual fees to the HKSFC and are subject to continued regulatory obligations and requirements, including the maintenance of minimum paid-up
share capital and liquid capital, maintenance of segregated accounts, and submission of audited accounts and other required documents,
among others. See &#8220;<span style="background-color: white">Item 4. Information on the Company&#8212;4.B. Business Overview&#8212;</span>Regulation&#8212;Licensing
Regime Under the HKSFO.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Neither we nor any of
our subsidiaries are required to obtain any permission or approval from Hong Kong authorities to offer the securities of TFGL to foreign
investors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Regulatory Development in the PRC</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are aware that, recently, the PRC government
initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance
notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed
overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding
the efforts in anti-monopoly enforcement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, on June 10, 2021, the Standing Committee
of the National People&#8217;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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July&#160;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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 20, 2021, the 30th meeting of the Standing
Committee of the 13th National People&#8217;s Congress voted and passed the &#8220;Personal Information Protection Law of the People&#8217;s
Republic of China&#8221;, or &#8220;PRC Personal Information Protection Law&#8221;, 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;Operators&#8221;) 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&#8217;
personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, the China Securities Regulatory
Commission (&#8220;CSRC&#8221;) promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic
Companies, or the &#8220;Trial Measures,&#8221; 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 complete filing
procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission of initial
public offerings or listing application. If a domestic company fails to complete required filing procedures or conceals any material
fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as
an order to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly
liable persons may also be subject to administrative penalties, such as warnings and fines.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with our issuance of securities
to foreign investors, under current PRC laws, regulations and regulatory rules, as of the date of this annual report, we do not believe
we are currently required to obtain permissions from or complete any filing with the CSRC, or required to go through cybersecurity review
by the CAC, given that (1) our Operating Subsidiaries are incorporated in Hong Kong or the British Virgin Islands and are located in Hong
Kong, (2) we have no subsidiary, VIE structure nor any direct operations in mainland China, and (3) pursuant to the Basic Law of the Hong
Kong Special Administrative Region (the &#8220;Basic Law&#8221;), which is a national law of the PRC and the constitutional document for
Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is
confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong). In addition, we
have not been asked to obtain such permissions or to complete any filing by any PRC authority or received any denial to do so. However,
the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or
foreign investment by issuers like us. There remains significant uncertainty as to the enactment, interpretation and implementation of
regulatory requirements related to overseas securities offerings and other capital markets activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If (i)&#160;we inadvertently conclude that certain
regulatory permissions and approvals are not required or (ii)&#160;applicable laws, regulations, or interpretations change in a way that
requires us to complete such filings or obtain such approvals in the future, and (iii)&#160;we are required to obtain such permissions
or approvals in the future, but fail to receive or maintain such permissions or approvals, we may face sanctions by the CSRC, the CAC
or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on us, limit our operations, limit our ability
to pay dividends outside of China, limit our ability to list on stock exchanges outside of China or offer our securities to foreign investors
or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects,
may hinder our ability to offer Ordinary Shares to investors in the future and may cause the value of our Ordinary Shares to significantly
decline or be worthless.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should the Chinese government choose to exercise
significant oversight and discretion over the conduct of our business, they may intervene in or influence our operations. Such governmental
actions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679; </span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">could result in a material change in our operations; </span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679; </span></td>
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  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679; </span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">4.B. Business Overview</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries
operate an online brokerage firm in Hong Kong specializing in the trading of local and overseas equities, futures, and options products.
Our clients primarily reside in Asia and we are currently focusing on expanding our customer base to Southeast Asian investors. Our trading
platforms, which our Operating Subsidiaries license from third parties, enable investors to trade approximately more than 100 futures
products on multiple exchanges around the world including the member exchanges of Chicago Mercantile Exchange (CME), Hong Kong Futures
Exchange (HKFE), The New York Mercantile Exchange (NYMEX), The Chicago Board of Trade (CBOT), The Commodity Exchange (COMEX), Eurex Exchange
(EUREX), ICE Clear Europe Limited (ICEU), Singapore Exchange (SGX), Australia Securities Exchange (ASX), Bursa Malaysia Derivatives Berhad
(BMD), and Osaka Exchange (OSE). Our continuous efforts focusing on offering value-added services and access to exchanges around the globe,
compounded with user friendly experience, have enabled us to become one of the fast-growing online trading platforms for our clients.
Our trading volume of futures contracts was 9.61 million trades in fiscal year 2021, 2.64 million trades in fiscal year 2022 and 2.97
million trades in fiscal year 2023. Our total registered customer number increased from 247 as of March 31, 2021 to 292 as of March 31,
2022 and further increased to 296 as of March 31, 2023. In fiscal year 2021, we had 49 revenue-generating accounts in total, including
33 accounts for futures trading and 16 accounts for securities trading. In fiscal year 2022, we had 74 revenue-generating accounts in
total, including 16 accounts for futures trading, 15 accounts for securities trading, 34 accounts for structured notes subscriber services
and 9 accounts for trading solution service. In fiscal year 2023, we had 34 revenue-generating accounts in total, including 12 accounts
for futures trading, 12 accounts for securities trading, no account for structured notes subscriber services and 10 accounts for trading
solution service.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries conduct the futures
and stock brokerage business through two trading platforms, Esunny for futures trading and 2Go for stock trading, both of which were licensed
from third parties and can be easily accessed through our application, or APP, software, and websites. The two platforms are designed
to empower our clients to enjoy a seamless, efficient, and secure trading platform. We offer our customers comprehensive brokerage and
value-added services, including trade order placement and execution, account management, and customer support. Given the importance of
trading systems in our services, we strive to continuously enhance our IT infrastructure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended March 31, 2023, 2022 and
2021, our Operating Subsidiaries provided futures brokerage services and other services (including stock brokerage, options brokerage,
consulting services, currency exchange services, structured note subscriber services, margin financing services). We generate revenues
primarily from brokerage fees we charge clients for executing and/or arranging the trades and transactions for them. Our revenues for
the years ended March 31, 2023, 2022 and 2021 were US$9.7 million, US$7.8 million and US$16.9 million, respectively. The commissions on
futures brokerage accounted for 44.6%, 54.9% and 95.1% of the total revenues for the years ended March 31, 2023, 2022 and 2021, respectively.
During the fiscal year ended March 31, 2022, our Operating Subsidiaries commenced trading solution services. Revenues from the trading
solution services accounted for 45.3% and 42.3% of the total revenues for the fiscal year ended March 31, 2023 and 2022. Revenues from
the structure note subscription fees accounted for 0%, 9.4% and 0.5% of the total revenues for the fiscal year ended March 31, 2023, 2022
and 2021, respectively. Our Operating Subsidiaries also provide other financial services including stock brokerage, options brokerage,
consulting services, currency exchange services, and margin financing services to our clients. Revenues generated from stock brokerage,
consulting services, and currency exchange services accounted for 3.0%, 3.6% and 1.6% of total revenues, during the fiscal years ended
March 31, 2023, 2022 and 2021, respectively. We did not generate revenue from options trading services or margin financing services for
the fiscal years 2023, 2022 and 2021. Our top five customers accounted for 43%, 77% and 92% of our total revenues for the years ended
March 31, 2023, 2022 and 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries have achieved substantial
growth since the launch of our operation of online brokerage services, as illustrated by the chart below which sets forth the number of
future contracts we have executed from April 1, 2020 to March 31, 2023, organized by calendar quarter.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_004.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of futures contracts executed in each period depends on
factors including, but not limited to, economic and political conditions, market conditions, pricing of futures contracts, and the clients&#8217;
risk appetite. By the end of 2019 to the first half of 2020, the Southeast Asian financial market faced a number of uncertainties such
as the COVID-19 pandemic. Trading activities dropped which impacted our fiscal quarters ended December 31, 2019 and March 31, 2020. The
trading activities recover and remain moderately stable from the fiscal quarter ended on June 30, 2020 to the fiscal quarter ended March
31, 2021. However, the travel restrictions in Hong Kong from time to time and the economic and financial impact brought about by the COVID-19
pandemic had caused a decrease in our customers&#8217; disposable income and in their willingness to trade and make investments, and therefore
had negatively affected our results of operation since the fiscal quarter ended June 30, 2021. Given the uncertainties surrounding the
duration and the impact of the COVID-19 pandemic, we continue to closely monitor the impact and navigate the significant challenges created
by the COVID-19 pandemic.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to leverage our competitive strengths
to sustain and grow our business, namely, to provide our clients with fast and reliable access to the financial market through our personalized
client services and efficient organizational structure. In particular, we plan to expand our services offering and continue integrating
value-added services, including CFD products and services and asset management services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Revenues Model and Core Services</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Overview</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended March 31, 2023, 2022 and 2021, our Operating
Subsidiaries provided futures brokerage services and other services (including stock brokerage, options brokerage, consulting services,
currency exchange services, structured note subscriber services, margin financing services). Our revenues were US$9.7 million, US$7.8
million and US$16.9 million for the years ended March 31, 2023, 2022 and 2021, respectively. The commissions on futures brokerage accounted
for 44.6%, 54.9% and 95.1% of total revenues for the years ended March 31, 2023, 2022 and 2021, respectively. Trading solution services
fees accounted for 45.3% and 42.3% of total revenues during fiscal year ended March 31, 2023 and 2022. Revenues from the structure note
subscriber services accounted for 0%, 9.4% and 0.5% of the total revenues for the fiscal year ended March 31, 2023, 2022 and 2021, respectively.
Our Operating Subsidiaries also provide other financial services including stock brokerage, options brokerage, consulting services, currency
exchange services and margin financing services to our clients. Revenues generated from stock brokerage, consulting services, and currency
exchange services accounted for 3.0%, 3.6% and 1.6% of total revenues, during the fiscal years ended March 31, 2023, 2022 and 2021, respectively.
We did not generate revenue from options trading services or margin financing services for the fiscal years 2023, 2022 and 2021. Our top
five customers accounted for 43%, 77% and 92% of our total revenues for the years ended March 31, 2023, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Futures Brokerage Services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries deliver a comprehensive
and user-friendly online trading experience for investors through our platform that can be accessed through our APP, software, or website.
We commenced online trading operations and made our services accessible in May 2016. Our trading platforms enable our customers to execute
trades in a secure, reliable, and cost-efficient environment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our platform licensed by Esunny allows investors
to trade options and futures contracts on our trading platform in 11 member exchanges of CME, HKEX, CBOT, COMEX, NYMEX, EUREX, ICEU, ASX,
BMD, OSE, and SGX. Our futures/options brokering services are our main service and our Operating Subsidiaries provide the services to
our clients in respect of futures and options products traded on the aforementioned exchanges globally. Investors can also trade stocks
listed on the major stock exchanges around the world, including Nasdaq Stock Market, New York Stock Exchange, and Hong Kong Stock Exchange
through our platform licensed by 2GoTrade.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries have obtained various
licenses to conduct our operation and have also obtained stock exchange trading rights to supplement our service offerings. The table
below sets forth the licenses obtained by us under the jurisdiction of Hong Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">HKSFC Type 1 License &#8211; Dealing in securities</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">ZYSL</span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">HKSFC Type 2 License &#8211; Dealing in futures contracts</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">ZYSL</span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">HKSFC Type 4 License &#8211; Advising on securities</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">ZYCL</span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">HKSFC Type 5 License &#8211; Advising on futures contracts</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">ZYCL</span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">HKSFC Type 9 License &#8211; Asset management</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">ZYCL</span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">SEHK Participants (Participant ID: 02011)</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">ZYSL</span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">HKSCC Participants (Participant ID: B02011)</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">ZYSL</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conduct our operation through our wholly owned
subsidiaries, ZYSL and ZYCL. ZYSL is licensed with the SFC of Hong Kong to carry out type 1 (dealing in securities) and type 2 (dealing
in futures contracts) regulated activities. ZYCL is licensed with the SFC of Hong Kong to carry out type 4 (advising on securities),
type 5 (advising on futures contracts), and type 9 (asset management) regulated activities in Hong Kong.&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021, we had 247 registered customer
accounts. As of March 31, 2022, we had 292 registered customer accounts. As of March 31, 2023, we had 296 registered customer accounts.
Below is the table of the registered customer accounts and active clients segmented by account types as of the dates or for the periods
from April 1, 2020 to March 31, 2023, organized by calendar quarter. Active clients are clients for whom we are required to prepare and
deliver monthly statement of accounts in respect of the relevant reporting month in accordance with Securities and Futures (Contract Notes,
Statements of Account and Receipts) Rules.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="text-align: center; width: 50%"><img alt="" src="image_005.jpg"/></td>
  <td style="text-align: center; width: 50%"><img alt="" src="image_006.jpg"/></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&#160;</td>
  <td>&#160;</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td style="text-align: center">&#160;<img alt="" src="image_007.jpg"/></td>
  <td style="text-align: center"><img alt="" src="image_008.jpg"/>&#160;</td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from futures brokerage accounted for
44.6%, 54.9% and 95.1% of the total revenues for the fiscal years ended March 31, 2023, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For options trading, we have the capacity to offer
options trading services and they are available to our clients. However, there was no revenue generated from options trading services
for fiscal years 2023, 2022 and 2021.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Types of Accounts</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries offer three types of
customer accounts, individual account, corporate account, and omnibus account, depending on the nature of the account owner.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the individual and corporate accounts, we
are responsible for the &#8220;know your client&#8221;, or KYC, and anti-money laundering, or AML, procedures including customer identity
verification, account approval and disapproval, record keeping, monitoring and supervision of the accounts and other compliance functions.
We would activate the accounts only after all necessary procedures have been performed and completed with proper sign-off by the Responsible
Officer of the Company. We believe that with our well-established IT infrastructure and streamlined organizational structure, the account
opening process for individual and corporate accounts is smooth and efficient.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the omnibus accounts, we also perform our
KYC procedures to the futures commission merchants by obtaining supporting documents including, among others, Identity credentials and
address Proof of Significant Controllers and Directors, Addendum to Agreement for Financial Intermediary, Certificate of Incorporation,
Licensing Information, Board Minutes, Company Search Result and Annual Return / Certificate of Incumbency. Omnibus accounts enable the
managements of trades by more than one person and offer anonymity of the persons in the account. Omnibus accounts are used by futures
commission merchants. Transactions within the account are carried out in the name of the broker, protecting the individual identities
of the two or more people invested in the omnibus account. The broker managing the omnibus account typically can execute trades on behalf
of investors with funds inside the omnibus account. Trades are made in the name of the broker, although trade confirmations and statements
are provided to customers within the account.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Product Offering and Services</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Description of futures contracts</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We offer our clients a wide variety of futures
products traded on the futures exchanges. These products include, (i) index futures, (ii) Forex futures, (iii) agricultural product futures,
(iv) energy futures, and (v) precious metal futures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Futures products are standardized contracts traded
on futures exchanges. They are a leveraged investment and in general, the futures contracts traded in our platform are settled in cash
rather than physically settled.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the non-exhaustive
description of futures projects we have made available to our clients.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-size: 10pt">(i)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Index futures</i></b>: cash-settled futures contracts on a stock or financial index whereby buyers and sellers agree to pay or receive payment in the future for the cash value of an underlying stock index; these allow investors to speculate on the entire or substantial part of a stock market&#8217;s performance as well as to hedge the downside price risk of the broader market. We provide our clients access to a wide variety of index futures including, without limitation, the Hang Sang Index futures, Nikkei 225 Index futures, or the FTSE China index.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-size: 10pt">(ii)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Forex futures</i></b>: futures contracts to exchange a currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date. We provide access to a wide variety of forex futures including USD to CNH futures, Euro to USD futures, and British Pound futures.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-size: 10pt">(iii)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Agricultural product futures</i></b>: futures contracts for the delivery of agricultural products futures such as sugar, cotton, corn, soybean, wheat, cocoa, oat, coffee and rough rice at a specified future date based on a price fixed on the purchase date. We offer our clients access to agricultural product futures, for instance, the US soybean futures, the US corn futures, and the US wheat futures.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-size: 10pt">(iv)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Energy futures</i></b>: futures contracts for the delivery of crude oil, unleaded gas, heating oil, or natural gas at a specified future date based on a price fixed on the purchase date. The major energy futures to which we provide access encompass the natural gas futures, unleaded gasoline futures, and crude oil futures.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-size: 10pt">(v)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Precious metal futures</i></b>: futures contracts for the delivery of selected precious metals such as gold, silver, nickel, platinum, and palladium at a specified future date based on a price fixed on the purchase date. The precious metal futures we provided access to include platinum futures, palladium futures, or gold futures.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When our clients buy or sell futures contracts,
they have to deposit with us as an initial margin. At the end of every trading day, the client&#8217;s position is marked-to-market. If
the contract prices move against the view of the client and as a result, the initial margin deposit falls below the maintenance margin
level, we will make a margin call, which means that the client will have to deposit additional money to restore the initial margin level.
Failure to maintain the margin level may result in the liquidation of the client&#8217;s positions at the market in our discretion to
limit our risk exposure. The clients will have to bear the loss arising from such liquidation caused by the failure to restore to the
maintenance margin level.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The requirements of the aforementioned initial
margin level and maintenance margin levels for each type of futures contract are established by the relevant futures exchanges on which
the relevant futures contracts are traded.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the range of margin
requirement as of March 31, 2023 for major futures products that are traded by our clients (currencies other than US$ are converted into
US$ for reference purpose):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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    <td style="font-size: 10pt; font-weight: bold">Index futures</td><td style="font-size: 10pt">&#160;</td>
    <td colspan="2" style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td colspan="2" style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenue Models</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our revenues from future brokerage commissions
are generated by customer trades and are largely determined by trading volume and commission rates. We charge commission fees based on
the lots or contracts of futures in each order.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We adopt diversified pricing terms to better serve
our customers with individualized needs. The cost we charge generally varies in accordance with the type of products or services discussed
above. Moreover, our directors will review customers&#8217; transactions, transaction volume, and trading behaviors each week and offer
volume rebates on service charges to specific customers with large volume transactions by month. Below is a summary of the currently effective
pricing terms for certain of our products and services, which are subject to change from time to time. The actual executed pricing may
differ from this official pricing terms, depending on various factors such as customer tiers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
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    <td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>Futures contracts in COMEX, CBOT, ASX</b></span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt"><b>Transaction fees</b>: US$20.0 per contract</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
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    <td><span style="font-size: 10pt"><b>Futures contracts in CME, NYMEX, SGX</b></span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt"><b>Transaction fees</b>: US$15.0 to 20.0 per contract</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>Futures contracts in HKEX</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
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    <td style="padding-left: 9pt"><span style="font-size: 10pt">US Gold, CNH to USD</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt"><b>Transaction fees</b>: US$10.0 per contract</span></td></tr>
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    <td>&#160;</td>
    <td><span style="font-size: 10pt"><b>Transaction fees</b>: HK$50.0 to 100.0 per contract</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9pt"><span style="font-size: 10pt">USD to CNH</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt"><b>Transaction fees</b>: US$20.0 per contract</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td>&#160;</td></tr>
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    <td style="padding-left: 9pt"><span style="font-size: 10pt">DAX Performance Index, Mini DAX Performance Index</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt"><b>Transaction fees</b>: EUR20.0 per contract</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9pt"><span style="font-size: 10pt">Cocoa, Cotton, Coffee, Sugar</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt"><b>Transaction fees</b>: US$20.0 per contract</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Trading Solution Services </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal year ended March 31, 2022, we
commenced trading solution services to customers (including individuals, proprietary trading companies or brokerage companies) for their
trading on derivatives, equity, CFD and financial products, through our internally developed proprietary investment management software.
We provide a variety of functions suitable for front-end transaction executions and back-office settlement operations. We charge each
customer a fixed amount of initial installation fee and the monthly service fee based on a fixed rate per transaction executed on the
platform with a minimum monthly fee. Trading solution services fees accounted for 45.3% and 42.3% of total revenues during the fiscal
year ended March 31, 2023 and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Structured Note Subscriber Services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries provide subscriber
services to structured note products issued by investment holdings companies. Our Operating Subsidiaries enter into distributions agreements
with fund houses or asset management companies and are responsible for providing subscriber services for structured note products to our
clients who are professional investors. The subscriber services we provide include but are not limited to subscription and switching redemption
services. We generally receive subscription fee calculated with reference to the amount of the structured note products subscribed by
our clients and the management fee rebate as subscription fee. Structured note subscriber services accounted for 0%, 9.4% and 0.5% of
total revenues during the fiscal year ended March 31, 2023, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Consulting Services&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries provide consultancy
services and act as an escrow agent in transactions relating to securities sales and transfers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Currency Exchange Services</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries provide currency exchange
services to clients every time when they need to convert one currency to another when they trade futures contacts in different currencies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from stock brokerage, consulting services,
and currency exchanges services accounted for 3.0%, 3.6% and 1.6% of total revenues for the fiscal years ended March 31, 2023, 2022 and
2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Margin Financing Services</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our Operating Subsidiaries
launched the margin financing services in 2019. The margin financing services did not generate any revenue as during the years ended March
31, 2023, 2022 and 2021. Clients can trade on margin through our trading platform licensed by 2GoTrade. The minimum deposit that customers
must have to open and maintain a margin account so as to conduct margin trading is currently set at US$2,000. The margin loan or funding
is offered by our platform for consolidated account clients. We generate interest income arising from margin financing offered by us to
consolidated account clients and earn financing service fees related to the margin financing provided to our customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Agreements between
ZYSL and Vision Financial Markets LLC and between ZYSL and Zinvest Global Limited</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have entered into
agreements with Vision Financial Markets LLC (&#8220;Vision&#8221;) and Zinvest Global Limited (&#8220;Zinvest&#8221;) for our margin
financing business. Below is the summary of the material terms of the agreements with:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">(i) Vision Financial
Markets LLC</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 26, 2018, ZYSL, our indirect subsidiary,
signed an agreement with Vision. Pursuant to the agreement, the annual rate of interest the Company will be charged for a margin loan
may vary from a minimum of the current broker&#8217;s call loan rate (&#8220;BCL&#8221;) to a maximum of 2.00% above the BCL, depending
upon the amount of the Company&#8217;s average debit balance. The BCL is published daily in the Wall Street Journal. Since January 2022,
we have not used Vision for margin financing business.&#160;&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) Zinvest Global Limited</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 14, 2020, ZYSL signed an agreement with
Zinvest. The agreement has an initial term of 12 months. Either party may terminate the agreement at the end of such initial term by giving
30 days prior written notification of termination. If no written notification is given, the agreement will be deemed to have been renewed
for a subsequent and recurring twelve-month period, subject to termination by either party at any time by giving 30 days prior written
notification of termination. ZYSL may terminate the agreement at any time by giving 30 days prior written notification if Zinvest (i)
fails to comply with the agreement and fails to cure such breach within 10 days, or (ii) is prohibited from engaging in securities business
for a period of more than 30 days as a result of an administrative or judicial proceeding. Zinvest may terminate the agreement at any
time by giving 30 days prior written notification if ZYSL (i) fails to comply with the agreement and fails to cure such breach within
10 days, (ii) is prohibited from engaging in securities business for a period of more than 30 days as a result of an administrative or
judicial proceeding or (iii) conducts or participates in any activity, transaction, or conduct which, in Zinvest&#8217;s reasonable business
judgment, may present a material adverse impact upon Zinvest&#8217;s reputation. Pursuant to the agreement, the Company agrees to pay
commission fee ranging from 0 to 0.02%. Zinvest also charges the Company for the clearing services and other transaction fees which derived
from different products and features. The interest rate for any credit balance is the federal interest rate less 50 basis points or Zinvest&#8217;s
interest rate (whichever is lower). The interest rate for any debit balance is the federal interest rate plus 100 basis points or Zinvest&#8217;s
interest rate (whichever is high). The interest rate for liquidity and value at risk (VAR) charges is 8%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our Operating Subsidiaries
currently derive substantially all our revenues from our futures and securities brokerage services through commission fees we charge our
clients and other financial services including consulting services. currency exchange services and structured note subscriber services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our revenues from commission
fees are generated by client trades and are largely determined by trading volume and commission rates. We charge commission fees based
on the amount of transaction, or the number of shares, lots or contracts in each order. We from time-to-time award rebates to new and
existing clients for large volume transactions as part of our marketing scheme to attract more clients and boost client retention.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the agreement with third parties clearing
agents, we receive a portion of commission fees paid by our clients every time third-party clearing agents execute and clear a trade order.
For consolidated accounts, we receive commission and pay a pre-determined portion to third parties clearing agents as execution and clearing
fees</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>License Agreement between Junli Yang and
WIN100 TECH</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 11, 2022, WIN100 Tech entered into a
license agreement with Ms. Junli Yang, the Chairwoman of the Board of the Company, to document a non-exclusive, non-sublicensable, and
non-transferable license granted by Ms. Yang on May 14, 2021 and for an initial term of 10 years to use a software that supports algorithm
trading, order analytics, risk control and technical monitoring which can be integrated with different vendors&#8217; API. WIN100 Tech
uses such software to provides&#160;trading solutions for&#160;clients&#160;trading on the world&#8217;s major derivatives and stock exchanges.
The license agreement will automatically renew for up to 10 additional successive 5-year terms unless earlier termination. Either party
may give the other party written notice of non-renewal at least 30 days prior to the expiration of the then-current term. In addition,
either party may terminate the license agreement effective on written notice to the other party, if the other party materially breaches
the license agreement, and such breach is incapable of cure or being capable of cure, remains uncured 30 days after the non-breaching
party provides the breaching party with written notice of such breach. Furthermore, either party may terminate the license agreement effective
immediately upon written notice to the other party, if the other party: (A) becomes insolvent or is generally unable to pay, or fails
to pay, its debts as they become due; (B) files or has filed against it, a petition for voluntary or involuntary bankruptcy or otherwise
becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law; (C) makes
or seeks to make a general assignment for the benefit of its creditors; or (D) applies for or has appointed a receiver, trustee, custodian,
or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion of its property
or business. In consideration for such license, WIN100 Tech agreed to pay Ms. Yang $100 in license fee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Proposed Products and Services </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Contract for difference (&#8220;CFD&#8221;)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our Operating Subsidiaries
are preparing the launch of CFD products and services and expect to generate CFD trading revenues from (i) commissions, (ii) bid/offer
spreads, (iii) difference in interest rates. In particular, our Operating Subsidiaries plan to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">i.</td><td style="text-align: justify">charge commissions for all CFD transactions. The amount of
commissions we charge is largely based on the trading volume, with commission rates varying between US$2.25 to US$50 per lot, based on
the per-lot value and the type of product traded, as well as discounts offered to different clients.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">ii.</td><td style="text-align: justify">mark up the bid/offer spreads for CFD products on top of
the prices offered by our clients, exchanges or third-party market makers, as the case may be. Our price mark-ups over the price offered
by an exchange vary depending on the underlying product.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">iii.</td><td style="text-align: justify">automatically roll-over currency positions each day and provide
either a credit or debit for the interest rate difference between the two currencies in the pairs being held. The clients&#8217; debits
are our gains.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">Asset Management Services</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">To respond to the various
needs of our clients, our Operating Subsidiaries plan to provide personalized investment strategies to optimize their asset allocations.
Our clients can purchase a wide variety of investment portfolios, which include assets such as stocks, bonds, ETFs, investment funds and
derivatives. We charge management fees based on their assets under management as well as commissions for certain transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Customers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We classify those who have opened accounts to
trade on our platform as customers. Our customers can open and activate trading accounts in person, via mail, or through a combination
of electronic signature and registering with us a bank account in Hong Kong designated by the customers. The account opening documents
can be downloaded for free from our website. After filling in personal information online, our customers are required to complete a series
of questions and upload various documents to verify their identity and assess potential risks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had a concentration of revenues of
43%, 77% and 92% from the top five customers for the years ended March 31, 2023, 2022 and 2021, respectively. The following table outlines
the concentration of each of the top five customers comparing to the Company&#8217;s total revenues:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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 March 31,<br/>
 2023<br/>
 Concentration<br/>
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 Year Ended<br/>
 March 31,<br/>
 2022<br/>
 Concentration<br/>
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 March 31,<br/>
 2021<br/>
 Concentration<br/>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries charge fees and commissions
from futures brokerage services based on a fixed rate for each transaction. Such rate is the same among all customers. We also offer trading
incentives such as volume rebates from time to time as a promotion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have experienced significant growth in both
the number of customers and trading volume due to our reliable and secure trading platform, comprehensive brokerage and value-added services,
and superior user experience. Our total registered customer number increased from 247 as of March 31, 2021 to 292 as of March 31, 2022,
and further increased to 296 as of March 31, 2023. In fiscal year 2021, we had 49 revenue-generating accounts in total, including 33 accounts
for futures trading and 16 accounts for securities trading. In fiscal year 2022, we had 74 revenue-generating accounts in total, including
16 accounts for futures trading, 15 accounts for securities trading, 34 accounts for structured notes subscriber services and 9 accounts
for trading solution service. In fiscal year 2023, we had 34 revenue-generating accounts in total, including 12 accounts for futures trading,
12 accounts for securities trading, 0 accounts for structured notes subscriber services and 10 accounts for trading solution service.
Our trading volume of futures contracts was 9.61 million trades in fiscal year 2021, 2.64 million trades in fiscal year 2022 and 2.97
million trades in fiscal year 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Marketing, Branding, Customer Development,
and Customer Support</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiaries attract and retain
customers to use our trading platform through marketing and branding, customer development, and customer support.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Marketing and Branding</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We did not launch any marketing campaign in the
past, but we are planning to carry out our marketing campaign through online marketing channels. Our major online marketing initiatives
will be centered around our expansion of CFD trading services including optimization of Internet search results, advertisement on financial-related
websites, and the Company&#8217;s website.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To facilitate the development of CFD trading services,
our marketing strategies aim to attract new and existing customers to use our CFD trading services. Therefore, we will leverage two channels
of customer acquisition to promote our services:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">(i)</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to employ a combination of traditional
marketing campaigns, such as online and offline advertisement, optimization of Internet search results, email marketing, and participation
in industry trade exhibitions. Specifically, we plan to increase our brand awareness by putting advertisements on TV and the national
commercial broadcast network, and we believe that such marketing efforts will significantly improve the brand&#8217;s recognition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the best marketing strategy is inviting
our prospective customers to experience the services we can offer. Hence, we plan to provide our prospective customers with access to
free-trial demo trading accounts for a 30-day period. During the trial period, our customer service team can offer help and training to
prospective customers. We have confidence that this will be a simple but effective approach to attract new customers. First, it can serve
as a promotion tool that educates potential customers on how CFD functions and operates in a risk-free environment without incurring actual
costs. Secondly, it allows potential clients to experience the functions of our trading platforms, tools, and services. The demo trading
account features the same functions as the regular accounts used by our existing customers, including the availability of real-time streaming
quotes. We consider this free CFD demo trading account to be a successful strategy in converting trial accounts into active trading accounts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On top of the online marketing activities, we
also engaged with a well-known martial arts movie star in Hong Kong, Mr. Yuen Piu, to be the Company&#8217;s brand ambassador. We believe
we can enhance our brand image and awareness by engaging with Mr. Yuen as our brand ambassador to embody our Company&#8217;s identity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Customer Development</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our current and potential customers can initiative
contact with us by means of phone calls, online messages, and email. To enhance the relationship with our customers, we generally have
a team dedicated to following up with customers to handle their questions about our platforms and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, our member of the management team
review customers&#8217; transactions and trading behaviors each week to ensure that we continue to provide personalized and quality services
and maintain good relationships with our existing clients. We offer volume rebates to customers for large volume transactions. We believe
this cultivates our customers&#8217; loyalties to our Company and encourage customers to use our Company&#8217;s services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Existing Technology and Infrastructure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our technology and infrastructure are critical
to our goal of providing the most user-friendly trading experience to our customers. Since the Company&#8217;s inception, we have leveraged
two third-party trading platforms &#8211; Esunny Morning Star Futures and Options as well as 2Go Trade &#8211; to create an efficient
conduit for the global flow of capital across exchanges around the world, while at the same time maintaining competitive fees. We strongly
believe in enhancing the technology to adapt to the constantly evolving environment and to increase customer satisfaction by improving
customers&#8217; experience and providing smooth transactions. Esunny Morning Star Futures and Options System and 2Go Trade have agreed
to provide application services, support, and hosting services to us at a fixed charge over a period of time. The fees charged are independent
from the trading volume or our revenues. The contract terms are reviewed and renegotiated annually. See &#8220;<span style="background-color: white">Item
3. Key&#160;</span>Information &#8212; 3.D. Risk Factors &#8211; Risks Relating to Our Business and Industry &#8211; <i>Our Operating
Subsidiaries currently conduct our futures and stock brokerage business through trading platforms licensed from third parties. Our reputation,
business, financial position, results of operations and cash flows may be harmed if these parties do not perform their obligations or
if they suffer interruptions to their own operations, or if alternative are unavailable or if cost of such alternatives are unfavorable.</i>&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Esunny Morning Star Futures and Options</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Esunny Morning Star Futures and Options System
is developed by Zhengzhou Esunny Information Technology Co., Ltd., which was solely owned by Zhengzhou Commodity Exchange, an exchange
in China regulated by China Securities Regulatory Commission (CSRC). It is specialized in mobile application, software development, and
internet technical support in the financial industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Esunny Morningstar Futures &amp; Options Trading
System is a leading system designed for futures and derivatives trading. It employs the latest architecture and advanced technologies
to ensure system stability while maintaining flexibilities for sophisticated investors in their investment management under different
situations. The trading system supports trades with major global futures and derivative exchanges including CME, LME, HKEX, SGX, and EUREX
while covering more than 1,000 derivatives, namely commodities, currency, stock futures, or stock options.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trading system bundles with powerful client
software that contains a set of functions to assist investors in trading. These functions include market analysis, fast trading, stop-loss
orders, and arbitrage transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Main features of the client software</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Timely market information.</i> The client software
can provide timely market information to investors stably and quickly as the system sources data from high-end data providers in the industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Indicator analysis.</i> The client software
offers tools and indicators to help investors to do their trading. These indicators and tools encompass trend analysis, trading volume
analysis, volatility analysis, among others.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Multiple-accounts.</i> The trading system supports
investors to register with multiple accounts logged in simultaneously, providing flexibility to investors to carry out arbitrage transactions
and large-volume transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Practical trading functions.</i> The client
software supports various types of trading instructions and ordering tools, saving investors troubles and time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Open-source platform.</i> The client software
supports investors to build their functions via an open-source platform, offering great flexibilities to high-end investors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also, the mobile application and desktop application
of Esunny Morning Star Futures and Options are supported and interacted with a back-end system that is able to support a variety of functions
including account management, market real-time information, trading execution, order routing, and toolkit for technical analysis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Material Agreements with Esunny Morning Star
Futures and Options</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Below is the summary of the material agreements
in connection with the Esunny Morning Star Futures and Options:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Esunny International Financial Derivatives
Trading Analysis System Sales Contract</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 13, 2016, ZYSL, our indirect subsidiary,
entered into a Esunny International Financial Derivatives Trading Analysis System Sales Contract with Zhengzhou Esunny Information Technology
Co., Ltd. (&#8220;Esunny&#8221;) in connection with the Esunny International Financial Derivatives Trading Analysis Platform V3.0 (&#8220;Esunny
International 3.0&#8221; or &#8220;Software&#8221;). This contract has a term of two years and has been automatically renewed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the sales contract, we purchased a
copy of the Software from Esunny and we agreed to pay an annual maintenance service fee in the amount of HK$900,000 per year (approximately
US$115,138). We also agreed to (i) prepare the hardware equipment, system, and network environment in accordance with Esunny&#8217;s requirements
for installation and maintenance of the Software, (ii) avoid transferring, selling, or disclosing of product designs, system structure
and technical documents to third parties, and (iii) protect the commercial pricing policies, financial invoices, and contracts of Esunny.
Esunny agreed to (i) provide remote maintenance service and technical support and (ii) protect our commercial information and trade secrets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>System Operation Service Contract</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Esunny International Financial
Derivatives Trading Analysis System Sales Contract as described above, on December 13, 2016, ZYSL entered into a System Operation Service
Contract with Esunny pursuant to which the Software will be installed at a location operated by Esunny. This contract has a term of two
years and has been automatically renewed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the agreement, we agreed to pay the
annual operation service charge in the amount of HK$450,000 per year (approximately US$57,600). We agreed to (i) prepare the hardware
equipment, system, and network environment in accordance with Esunny&#8217;s requirements for operation of the Software and (ii) to operate
and run the Software abide by relevant laws, regulations, and Esunny&#8217;s system operation requirements. Esunny agrees to (i) provide
remote system operation services and technical support and (ii) provide safe and applicable storage space for our hardware equipment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Epolestar Intelligent Platform V9.0 Licensing
Service Contract</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 23, 2017, ZYSL entered into a Licensing
Service Contract with Esunny in connection with the use of Epolestar Intelligent Platform V9.0 (&#8220;Epolestar&#8221;). The term of
this contract is two years starting and has been automatically renewed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the agreement, we agreed to pay the
annual licensing fee in the amount of HK$180,000 per year (approximately US$23,000). All copyright of Epolestar is owned by Esunny.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the contract, we agreed to (i) contact
Esunny in time and accurately describe the current failure phenomenon so that Esunny can make a timely diagnosis; (ii) designate a specific
person to cooperate with Esunny regarding software maintenance and technical support; and (iii) avoid transferring, selling, or disclosing
of product designs, system structure and technical documents to third parties. Esunny agreed to (i) provide remote maintenance service
and technical support and (ii) protect our commercial information and trade secrets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>2Go Trade</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We leveraged 2GoTrade to provide access to our
clients for security trading. 2GoTrade is developed by 2Go Trade Limited, a Hong Kong company. It is specialized in providing solutions
for complex trading in the HK/China financial market with a simple, yet all-inclusive proposition. The key advantage of the system lies
in the manner of low latency, mission-critical technology, and brokerage applications are developed, managed, and operated using an innovative,
cloud-centric, proactive service model. Being a leading innovator in front- and back-office applications since 2001, 2GoTrade delivers
mission-critical trading and processing IT service to a growing mix of institutional and retail brokers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Mobile application</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2Go Trade provides a user-friendly customer
experience. The user interface of 2Go Trade contains five major tabs, &#8220;List&#8221;, &#8220;Quote&#8221;, &#8220;Trading&#8221;,
&#8220;Me&#8221; and &#8220;Others&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>List</i>. The list tab contains a list of securities
that are marked by the client, and the list allows clients to get quick access to the marked securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Quote</i>. The quote tab provides the real-time
market information of the stock, including the sticker, current bid and ask price, trading volume, and historical prices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Trading</i>. The trading tab contains the functions
which empower the clients to trade stocks conveniently. The client can choose various means to place orders, including market order, limited
price order, and conditional order, among others.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Me</i>. The &#8220;me&#8221; tab stores information
of profit and loss, order history, account statement, and account balance, allowing the clients to effectively manage their funds.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other</i>. The other tab contains functions
allowing clients to customize the system settings and search for legal statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Desktop application</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The desktop application has the same functions
as that of the mobile version. The desktop application allows clients to get access to market information and engage in trading on a larger
screen.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Material Agreements with 2Go Trade</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Below is the summary of the material agreements
in connection with 2Go Trade:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Service Level Agreement</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 12, 2017, ZYSL entered into a Licensing
Agreement with 2GoTrade Limited in connection with the real-time brokerage systems &#8220;Go.Exchange&#8221; and an application service
platform &#8220;Go.ExchangeVS&#8221;. This agreement has an initial term of 24 months and has been automatically renewed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the agreement, we have paid a one-time set up fee in the
amount of HK$50,000 (approximately US$6,400) and agreed to pay a monthly fee of HK$20,300 (approximately US$2,600).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Either party may terminate the agreement if the
other party breaches any terms of the agreement and does not cure the breach within 30 days after receiving written notice from the non-breaching
party. If this agreement is terminated due to a breach of ZYSL, ZYSL shall be liable to pay within 30 days of termination an early termination
fee to 2GoTrade Limited which is equal to 100% of all then service charges.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2GoTrade Limited granted us a non-transferable
and a non-exclusive license to use the systems and services. All intellectual property rights therein and in all improvements or enhancements
to the equipment, software and materials shall remain the property of 2GoTrade Limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Business continuity measures</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also maintain formal business continuity policies
and practices that are designed for rapid recovery should any business disruption or disaster occurs in the middle of our business operation.
We regularly review and test our recovery plans and controls to ensure the effectiveness of such plans and controls in meeting our business
needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Insurance</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As per the Securities and Futures Ordinance, we,
as the Participants of The Stock Exchange of Hong Kong Limited and carry out Type 1 regulated activities (dealing with securities), are
required to take out and maintain insurance in relation to fidelity and crime risks in the manner prescribed by the Securities and Futures
(Insurance) Rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYSL has in place the License Holders Insurance
Scheme (LHI). The LHI does not cover professional indemnity or pure unauthorized trading where there is no intent or direct fund. The
LHI, however, covers fidelity and crime risks, such as loss of client assets due to theft of employees or other fraudulent acts. The LHI
has the expiring Policy Limit of HK$15,000,000 with an Excess of HK$ 3,000,000 for every claim/loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the LHI, we also maintain property
insurance which covers risks of Office Content, Business Interruption, Money Protection, Personal Accident, Public Liability, and Employee&#8217;s
Compensation. Our Directors consider that our company currently maintains adequate insurance policies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aside from the insurance coverage described above,
we do not currently maintain nor plan to purchase directors and officers liability insurance in the future. Our directors consider the
existing insurances that we have in place are adequate for our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compliance</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our comprehensive compliance framework
covering regulatory compliance and AML procedures protects the assets and interests of our customers. Our Compliance Committee along with
our three Responsible Officers carry out routine day-to-day compliance tasks and transaction reporting, business monitoring, and customer
due diligence to ensure compliance with all applicable laws and regulations. Besides, they monitor complaints and compile responses to
these complaints. The Compliance Committee also oversees general compliance with all applicable KYC rules and AML procedures, carries
out the compliance policies, and prepares reports to any regulatory agencies if needed. Lastly, all compliance employees are required
to undergo continuous intensive on-the-job training to become familiar with the latest regulatory environment developments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Data Privacy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the course of our operation, we will collect
personal data from our customers in connection with the account opening and our business operations and this information may be subject
to data privacy laws in the jurisdiction of Hong Kong. According to the relevant law in relation to data privacy, it is necessary for
customers, or data owners, to provide consent to the data collector for his/her agreement to its usage. Our data privacy statement states
that the personal data being collected can be used for purposes of data analysis and supporting us to develop and to improve our products.
We believe that we are in compliance with all relevant laws and regulations in all material respects with respect to data privacy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risk Management</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our business activities
expose us to various risks. Identifying and measuring our risks is critical to our ability to manage risk within acceptable tolerance
levels in order to minimize the effect on our business, results of operations and financial condition. Our management team is responsible
for managing risk. It is overseen by our board of directors. We use risk management processes and have policies and procedures for identifying,
measuring and managing risks, including establishing threshold levels for our most significant risks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our business exposes
us to the following broad categories of risk:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Operational Risk&#160;&#8212;&#160;</i>Operational
risk is the risk of loss resulting from inadequate or failed internal processes or controls, human error or misconduct, systems and technology
problems or from external events. It also involves compliance with regulatory and legal requirements. Operational risk is the most prevalent
form of risk in our risk profile. We manage operational risk by establishing policies and procedures to accomplish timely and efficient
processing, obtaining periodic internal control attestations from management and conducting internal audit reviews to evaluate the effectiveness
of internal controls.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Cybersecurity Risk</i>&#160;<i>&#8212;</i>&#160;Cybersecurity
risk is the risk of a malicious technological attack intended to impact the confidentiality, availability, or integrity of our systems
and data, including, but not limited to, sensitive client data. Our technology and security teams rely on a layered system of preventive
and detective technologies, practices, and policies to detect, mitigate, and neutralize cybersecurity threats. Cyber-attacks can also
result in financial and reputational risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Market Risk</i>&#160;&#8212;&#160;Market
risk is the risk of loss resulting from adverse movements in market factors, such as asset prices, foreign exchange rates and interest
rates. Our market risk related to asset prices is mitigated by us routing client trades for execution, primarily on an agency rather than
on a principal basis, and our maintenance of fixed-income securities to meet client requirements. Interest rate risk is our most prevalent
form of market risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Credit Risk</i>&#160;&#8212;&#160;Credit
risk is the risk of loss resulting from failure of obligors to honor their payment obligations. Our exposure to credit risk mainly arises
from client margin lending and leverage activities, securities lending activities and other counterparty credit risks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Liquidity Risk</i>&#160;&#8212;
Liquidity risk is the risk of loss resulting from the inability to meet current and future cash flow needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Strategic Risk</i>&#160;&#8212;&#160;Strategic
risk is the risk of loss arising from ineffective business strategies, improper implementation of business strategies, or lack of responsiveness
to changes in the business and competitive environment. Our executive management is responsible for establishing an appropriate corporate
strategy intended to create value for shareholders, clients and employees, with oversight by our board of directors. Our management is
responsible for defining the priorities, initiatives and resources necessary to execute the strategic plan, the success of which is regularly
evaluated by the board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Reputational Risk</i>&#160;&#8212;&#160;Reputational
risk is the risk arising from possible negative perceptions, whether true or not, of the Company among our clients, counterparties, shareholders,
suppliers, employees and regulators. The potential for either enhancing or damaging our reputation is inherent in almost all aspects of
business activity. We manage this risk through our commitment to a set of core values that emphasize and reward high standards of ethical
behavior, maintaining a culture of compliance and by being responsive to client and regulatory requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Risk is inherent in our
business, and therefore, despite our efforts to manage risk, there can be no assurance that we will not sustain unexpected losses. For
a discussion of the factors that could materially affect our business, financial condition or future results of operations, see &#8220;<span style="background-color: white">Item
3. Key&#160;</span>Information &#8212; 3.D. Risk Factors.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Competition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We believe that the principal
determinants of success in the retail brokerage market are brand recognition, size of client base and client assets, ability to attract
new clients and client assets, client trading activity, efficiency of operations, technology infrastructure and advancements and access
to financial resources. We also believe that the principal factors considered by clients in choosing a brokerage firm are reputation,
client service quality, price, convenience, product offerings, quality of trade execution, platform capabilities, innovation and overall
value. Based on our experience and the success we have enjoyed to date, we believe that we presently compete successfully in each of these
categories. The market for brokerage services, particularly electronic brokerage services, continues to evolve and is highly competitive.
We experience significant competition and expect this competitive environment to continue. We encounter direct competition from numerous
other brokerage firms, many of which provide online brokerage services. These competitors include UP Fintech Holding Limited and Futu
Holdings Limited. We also encounter competition from the broker-dealer affiliates of established full-commission brokerage firms as well
as from banks, mutual fund sponsors, online wealth management services (including so-called &#8220;robo-advisors&#8221;) and other financial
institutions and organizations, some of which provide online brokerage services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Technology and Information
Systems </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our technological capabilities
and systems are central to our business and are critical to our goal of providing the best execution at the best value for our clients.
Our operations require reliable, scalable systems that can handle complex financial transactions for our clients with speed and accuracy.
Our third-party licensed sophisticated technology automates securities transactions. Our ability to effectively leverage and adopt new
technology to improve our services is a key component of our success.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We continue to make investments
in technology and information systems. We have spent a significant amount of resources to increase capacity and improve speed, reliability
and security. To provide for system continuity during potential power outages, we have equipped our data centers with uninterruptible
power supply units and back-up generators. We invest annually in our cybersecurity capabilities and utilize leading risk mitigation approaches
to benchmark ourselves and to continually enhance client and systems protection.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Clearing Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Futures Clearing</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to gain access to futures and options
traded on global futures exchanges in which we are not a clearing member and/or which we are not admitted as a trading participant, we
have entered into arrangements with various execution brokerage firms who have requisite trading rights with the relevant global futures
exchanges. We maintain an omnibus client account with each of these execution brokerage firms through which our clients may place their
trade orders in respect of futures products traded on global futures exchanges through our online trading platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As with our clearing operations, these execution
brokers carry out similar &#8220;mark-to-market&#8221; valuations and assessments, reviews of account equity positions and evaluate the
necessity to make margin calls prior to executing trades through the omnibus account we maintain with them. Although trades are carried
out through an omnibus account with each execution broker, the margin requirements are to be met individually by each of our clients placing
a trade order and we would take steps to ensure that the failure of a single client, or clients, to meet margin requirements would not
affect the trades of other clients.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a trade which is carried out through an execution
broker, the execution broker will charge: (i) a brokerage fee; and (ii) disbursements including the trading exchange fee charged by the
relevant futures exchange for executing the relevant trade order. The fee which we will charge our client for an executed trade will include
the total amount of fees charged by the execution broker, together with a brokerage fee which we will charge for arranging the trade through
the execution broker.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Securities Clearing</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As we are a licensed broker in Hong Kong with
integration into the trading systems of the Hong Kong Stock Exchange and the CCASS clearing system, we manage all steps involved in processing
securities transactions independently for securities listed on the Hong Kong Stock Exchange or qualified under the Hong Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For securities traded on the major stock exchanges
in the U.S., we aggregate trade instructions from clients and, without disclosing underlying client names or fund details, collaborate
with qualified execution broker for execution and settlement. From the client&#8217;s perspective, the process is seamless as we handle
all client communications and touchpoints, including delivery and receipt of funds.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Licenses </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Due to the licensing
requirements of the HKSFC, ZYSL and ZYCL are required to obtain necessary licenses to conduct their business in Hong Kong and their business
and responsible personnel are subject to the relevant laws and regulations and the respective rules of the HKSFC. ZYSL currently holds
a Type 1 license for dealing in securities and a Type 2 license for dealing in futures contracts. ZYCL currently holds a Type 4 license
for advising on securities, a Type 5 license for advising on futures contracts and a Type 9 license for asset management. See &#8220;<span style="background-color: white">Item
4. Information on the Company&#8212;4.B. Business Overview&#8212;</span>Regulation&#8212;Licensing Regime Under the HKSFO.&#8221; These
licenses have no expiry date and will remain valid unless they are suspended, revoked or cancelled by the HKSFC. We pay standard governmental
annual fees to the HKSFC and are subject to continued regulatory obligations and requirements, including the maintenance of minimum paid-up
share capital and liquid capital, maintenance of segregated accounts, and submission of audited accounts and other required documents,
among others. See &#8220;<span style="background-color: white">Item 4. Information on the Company&#8212;4.B. Business Overview&#8212;</span>Regulation&#8212;Licensing
Regime Under the HKSFO.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our business operations
are conducted in Hong Kong and are subject to Hong Kong laws and regulations. This section summarizes the most significant rules and regulations
that affect our business activities in Hong Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Securities and Futures
Ordinance (Cap. 571) of Hong Kong, or the HKSFO, including its subsidiary legislation, is the principal legislation regulating the securities
and futures industry in Hong Kong, including the regulation of securities and futures markets and leveraged foreign exchange trading,
the offering of investments to the public in Hong Kong, and intermediaries and their conduct of regulated activities. In particular, Part
V of the HKSFO and the relevant guidelines and codes issued by the HKSFC deal with licensing and registration matter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The HKSFO is administered
by the HKSFC, which is the statutory regulatory body that governs the securities and futures markets and non-bank retail leveraged foreign
exchange market in Hong Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, the Companies
(Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong including its subsidiary legislation also provides that the
HKSFC is responsible for authorizing the registration of prospectuses for offerings of shares and debentures in Hong Kong and/or granting
exemptions from strict compliance with the provisions in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of
Hong Kong. The HKSFO provides that the HKSFC is also responsible for authorizing certain securities (including the relevant offering documents)
that are not shares or debentures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Hong Kong securities
and futures market (with respect to listed instruments) is also governed by the rules and regulations introduced and administered by the
Stock Exchange of Hong Kong Limited, or SEHK, and the Hong Kong Futures Exchange Limited, or HKFE.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">The HKSFC</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The HKSFC is an independent
statutory body which administers the HKSFO and is responsible for regulating the securities and the futures industry in Hong Kong. The
HKSFC works to strengthen and protect the integrity and soundness of Hong Kong&#8217;s securities and futures markets for the benefit
of investors and the industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As set out in the HKSFO,
HKSFC&#8217;s regulatory objectives are:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">to maintain and promote the fairness, efficiency, competitiveness, transparency, and orderliness of the securities and futures industry;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">to promote understanding by the public of financial services including the operation and functioning of the securities and futures industry;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">to minimize crime and misconduct in the securities and futures industry;</span></td></tr>
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">to reduce systemic risks in the securities and futures industry; and</span></td></tr>
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The HKSFC has five operational
divisions, which are corporate finance, enforcement, intermediaries (including licensing and intermediaries supervision), investment products,
and supervision of markets. The HKSFC is also supported by the corporate affairs and legal services divisions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Below are some of the
participants in the securities and futures market that HKSFC regulates in achieving the regulatory objectives under the HKSFO:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
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  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">Licensing Regime Under
the HKSFO</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The functions of the
HKSFC, as a gatekeeper of standards for individuals and corporations seeking approval to enter into the securities and futures markets
of Hong Kong, include the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">grant licenses to those who are appropriately qualified and can demonstrate their fitness and properness to be licensed under the HKSFO;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">maintain online a public register of licensed persons and registered corporations;</span></td></tr>
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">monitor the ongoing compliance of licensing requirements by licensees, substantial shareholders of licensed corporations, and directors of licensed corporations; and</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">initiate policies on licensing issues.</span></td></tr>
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The HKSFC operates a system of authorizing corporations and individuals (through licenses) to act as financial intermediaries. Under the HKSFO, a corporation that is not an authorized financial institution (as defined in section 2(1) of the Banking Ordinance (Cap. 155) of Hong Kong) and is:</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">carrying on a business in a regulated activity (or holding out as carrying on a regulated activity), or</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">actively marketing, whether in Hong Kong or from a place outside Hong Kong, to the public such services it provides, would constitute a regulatory activity if provided in Hong Kong, must be licensed by the HKSFC to carry out that regulatory activity, unless one of the exemptions under the HKSFO applies.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 70; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition to the licensing
requirements on corporations, any individual who: (i) performs any regulated function in relation to a regulated activity carried on as
a business, or (ii) holds himself out as performing such regulated activity, must be licensed separately under the HKSFO as a Licensed
Representative accredited to his principal.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Types of Regulated
Activities</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The HKSFO provides a
licensing regime under which a person needs a license to carry on different types of regulated activities as specified in Schedule 5 of
the HKSFO. The different types of regulated activities are set out as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; background-color: white">Type 1: dealing
in securities;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; background-color: white">Type 2: dealing
in futures contracts;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; background-color: white">Type 3: leveraged
foreign exchange trading;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; background-color: white">Type 4: advising
on securities;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; background-color: white">Type 5: advising
on futures contracts;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; background-color: white">Type 6: advising
on corporate finance;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; background-color: white">Type 7: providing
automated trading services;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; background-color: white">Type 8: securities
margin financing;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; background-color: white">Type 9: asset
management;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; background-color: white">Type 10: providing
credit rating services;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; background-color: white">Type 11: Dealing
in OTC derivative products or advising on OTC derivative products; and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; background-color: white">Type 12: Providing
client clearing services for OTC derivative transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The amendments to the
HKSFO in relation to Type 11 regulated activity is, as of the date of this annual report, not yet in operation. The day on which the Type
11 regulated activity will come into operation will be appointed by the Hong Kong Secretary for Financial Services and the Treasury by
notice published in the Gazette.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Type 12 regulated
activity came into operation on September 1, 2016 pursuant to the Securities and Futures (Amendment) Ordinance 2014 (Commencement) Notice
2016 (L.N. 27 of 2016), in so far as it relates to paragraph (c) of the new definition of &#8220;excluded services&#8221; in Part 2 of
Schedule 5 to the HKSFO. The licensing requirement with respect to Type 12 regulated activity is, as of the date of this annual report,
not yet in operation and the effective date will be appointed by the Hong Kong Secretary for Financial Services and the Treasury by notice
published in the Gazette.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of the date of this
annual report, we and our subsidiaries were licensed under the HKSFO to conduct the following regulated activities:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 50%; border-bottom: black 1.5pt solid"><span style="font-size: 10pt"><b>Company</b></span></td>
    <td style="width: 1%; padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td style="width: 49%; border-bottom: black 1.5pt solid"><span style="font-size: 10pt"><b>Type of Regulated Activities</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ZYSL</span></td>
    <td>&#160;</td>
    <td style="padding-left: 9pt"><span style="font-size: 10pt">Type 1 and 2</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt">ZYCL</span></td>
    <td>&#160;</td>
    <td style="padding-left: 9pt"><span style="font-size: 10pt">Type 4, 5 and 9</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt"><span style="text-decoration:underline">Minimum Amount of Paid-Up Share Capital</span></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt">ZYSL</span></td>
    <td>&#160;</td>
    <td style="padding-left: 9pt"><span style="font-size: 10pt">HK$10,000,000</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ZYCL</span></td>
    <td>&#160;</td>
    <td style="padding-left: 9pt"><span style="font-size: 10pt">HK$5,000,000</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt"><span style="text-decoration:underline">Minimum Amount of Required Liquid Capital</span></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ZYSL</span></td>
    <td>&#160;</td>
    <td style="padding-left: 9pt"><span style="font-size: 10pt">Higher of HK$3,000,000 or<sup>(1)</sup></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt">ZYCL</span></td>
    <td>&#160;</td>
    <td style="padding-left: 9pt"><span style="font-size: 10pt">Higher of HK$3,000,000 or<sup>(1)</sup></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Subject to certain exemptions
specified under the Securities and Futures (Financial Resources) Rules of Hong Kong (the &#8220;FRR&#8221;), ZYSL and ZYCL, as securities
dealers and asset management companies registered with the HKSFC, are required to maintain minimum paid-up share capital and to maintain
minimum amounts of liquid capital in accordance with the FRR.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">In the case of a corporation licensed for any regulated activities other than Type 3 regulated activities, its variable required liquid capital which means 5% of the aggregate of (i) its adjusted liabilities, (ii) the aggregate of the initial margin requirements in respect of outstanding futures contracts and outstanding options contracts held by it on behalf of its clients, and (iii) the aggregate of the amounts of margin required to be deposited in respect of outstanding futures contracts and outstanding options contracts held by it on behalf of its clients, to the extent that such contracts are not subject to the requirement of payment of initial margin requirements.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><!-- Field: Page; Sequence: 71; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Use of proceeds to
fulfill requirements under the Financial Resources Rules </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white">Currently,
neither of ZYSL or ZYCL needs to rely on any of the IPO proceeds to fulfill the requirements under the Financial Resources Rules Nevertheless,
ZYSL and ZYCL may use part of the IPO proceeds for its future business development, and its liquidity position under the Financial Resources
rules will be strengthened as a result.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There is no condition
on the HKSFC license of ZYSL. The following conditions are currently imposed on the HKSFC license of ZYCL:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The licensee shall only
provide services to professional investors. The term &#8220;professional investor&#8221; is as defined in the Securities and Futures Ordinance
and its subsidiary legislation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For Type 9 regulated
activity, prior to March 22, 2022, the licensee shall not conduct business involving the discretionary management of any collective investment
scheme. The term &#8220;collective investment scheme&#8221; is as defined under the Securities and Futures Ordinance.&#160;&#160; On March
22, 2022, ZYCL successfully removed this condition on the license.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Licensed Corporation</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For application as a
licensed corporation, the applicant has to be incorporated in Hong Kong or an overseas company registered with the Companies Registry
of Hong Kong. The licensed corporation has to satisfy the HKSFC that it has proper business structure, good internal control systems and
qualified personnel to ensure the proper management of risks that it will encounter in carrying on the proposed regulated activities as
detailed in its business plan submitted to the HKSFC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Detailed guidelines to
meet the requirements and expectations of the HKSFC are contained in the following publications of the HKSFC:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Responsible Officers</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For each regulated activity
conducted by a licensed corporation, it must appoint no less than two responsible officers, at least one of them must be an executive
director, to directly supervise the business of such regulated activity. A responsible officer is an individual approved by the HKSFC
to supervise the regulated activity or activities of the licensed corporation to which he or she is accredited. For each regulated activity
of a licensed corporation, it should have at least one responsible officer available at all times to supervise the business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Qualification and
Experience Required for Being a Responsible Officer</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A person who intends
to apply to be a responsible officer must demonstrate that he or she fulfils the requirements on both competence and sufficient authority.
An applicant should possess appropriate ability, skills, knowledge, and experience to properly manage and supervise the corporation&#8217;s
regulated activity or activities. Accordingly, the applicant has to fulfil certain requirements on academic and industry qualifications,
relevant industry experience, management experience, and local regulatory framework paper as stipulated by the HKSFC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 72; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Managers-in-Charge
of Core Functions, or MICs</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A licensed corporation
is required to designate certain individuals as MICs and provide to the HKSFC information about its MICs and their reporting lines. MICs
are individuals appointed by a licensed corporation to be principally responsible, either alone or with others, for managing each of the
following eight core functions of the licensed corporation:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.35in"><span style="font-size: 10pt">(iii)</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.35in"><span style="font-size: 10pt">(iv)</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
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    <td style="width: 0.25in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The management structure
of a licensed corporation (including its appointment of MICs) should be approved by the board of the licensed corporation. The board should
ensure that each of the licensed corporation&#8217;s MICs has acknowledged his or her appointment as MIC and the particular core function(s)
for which he or she is principally responsible.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Fit and Proper
Requirement</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Persons who apply for
licenses under the HKSFO must satisfy and continue to satisfy after the grant of such licenses by the HKSFC that they are fit and proper
persons to be so licensed. Generally, a fit and proper person means one who is financially sound, competent, honest, reputable, and reliable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Section 129(1) of the
HKSFO sets out a number of matters that the HKSFC shall have regard to in assessing the fitness and properness of a person, an individual,
corporation, or institution, which includes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The above fit and proper
criteria serve as the fundamental basis when the HKSFC considers each license or registration application. Detailed guidelines are contained
in &#8220;the Fit and Proper Guidelines,&#8221; &#8220;the Licensing Information Booklet,&#8221; and &#8220;the Guidelines on Competence&#8221;
published by the HKSFC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><!-- Field: Page; Sequence: 73; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>


</div><!-- Field: Split-Segment; Name: 002 --><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Fit and Proper Guidelines
apply to a number of persons including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Section 129(2) of the HKSFO empowers the HKSFC to take into consideration any of the following in considering whether a person is fit and proper:</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">o</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">o</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The HKSFC is obliged
to refuse an application to be licensed if the applicant fails to satisfy the HKSFC that the applicant is a fit and proper person to be
licensed. The onus is on the applicant to make out a case that the applicant is fit and proper to be licensed for the regulated activity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 74; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Continuing Obligations
of Licensed Corporations</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Licensed corporations,
licensed representatives, and responsible officers must remain fit and proper as defined under the HKSFO at all times. They are required
to comply with all applicable provisions of the HKSFO and its subsidiary rules and regulations as well as the codes and guidelines issued
by the HKSFC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Outlined below are some
of the key continuing obligations of our licensed corporations under the HKSFO:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">maintenance of segregated account(s), and custody and handling of client securities in accordance with the requirements under the Securities and Futures (Client Securities) Rules (Chapter 571H of the Laws of Hong Kong);</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">maintenance of segregated account(s), and holding and payment of client money in accordance with the requirements under the Securities and Futures (Client Money) Rules (Chapter 571I of the Laws of Hong Kong);</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">maintenance of proper records in accordance with the requirements prescribed under the Securities and Futures (Keeping of Records) Rules (Chapter 571O of the Laws of Hong Kong);</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">maintenance of insurance against specific risks for specified amounts in accordance with the requirements under the Securities and Futures (Insurance) Rules (Chapter 571AI of the Laws of Hong Kong);</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">payment of annual fees and submission of annual returns to the HKSFC within one month after each anniversary date of the license; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">implementation of appropriate policies and procedures relating to client acceptance, client due diligence, record keeping, identification, and reporting of suspicious transactions and staff screening, education, and training in accordance with the requirements under the Guideline on Anti-Money Laundering and Counter-Terrorist Financing issued by the HKSFC;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Obligation for
substantial shareholders</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A person shall, in relation
to a corporation, be regarded as a substantial shareholder of the corporation if he, either alone or with any of his associates&#8212;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">(i)</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">(a)</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">(b)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">which entitles the person, either alone or with any of his associates and either directly or indirectly, to exercise or control the exercise of more than 10% of the voting power at general meetings of the corporation; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">(i)</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A person shall be regarded
as being entitled to exercise or control the exercise of 35% or more of the voting power at general meetings of a corporation indirectly
if he, either alone or with any of his associates, has an interest in shares in a further corporation which entitles him, either alone
or with any of his associates, to exercise or control the exercise of 35% or more of the voting power at general meetings of the further
corporation which is itself entitled, either alone or with any of its associates, to exercise or control the exercise of 35% or more of
the voting power at general meetings of the first-mentioned corporation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under section 132 of
the HKSFO, a person (including a corporation) has to apply for HKSFC&#8217;s approval prior to becoming or continuing to be, as the case
may be, a substantial shareholder of a corporation licensed under section 116 of the HKSFO. A person who has become aware that he has
become a substantial shareholder of a licensed corporation without HKSFC&#8217;s prior approval should, as soon as reasonably practicable
and in any event within three business days after he becomes so aware, apply to the HKSFC for approval to continue to be a substantial
shareholder of the licensed corporation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Supervision by
the HKSFC</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">HKSFC supervises licensed
corporations and intermediaries operating in the market. HKSFC conducts on-site inspections and off-site monitoring to ascertain and supervise
intermediaries&#8217; business conduct and compliance with relevant regulatory requirements and to assess and monitor the financial soundness
of intermediaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Disciplinary Power
of the HKSFC</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under Part IX of the
HKSFO and subject to the due process for exercising disciplinary powers laid down in section 198 of the HKSFO, the HKSFC may exercise
any of the following disciplinary actions against a regulated person (including a licensed person or a registered institution) if that
person is found to be guilty of misconduct or the HKSFC is of the opinion that a regulated person is not fit and proper to be or remain
the same type of regulated person (sections 194 and 196 of the HKSFO).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">revocation or suspension of a license or a registration; revocation or suspension of part of a license or registration in relation to any of the regulated activities for which a regulated person is licensed or registered;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">revocation or suspension of the approval granted to a responsible officer;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">public or private reprimand on a regulated person;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">prohibition of a regulated person from applying to be licensed or registered or to be approved as a responsible officer;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">prohibition of a regulated person from applying to be given consent to act or continue to act as an executive officer of a registered institution;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">prohibition of a regulated person from re-entry to be licensed or registered; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">pecuniary penalty of not exceeding the amount of HK$10 million or three times the amount of the profit gained or loss avoided as a result of the misconduct.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">Exchange and Clearing
Participantship</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of the date of this
annual report, ZYSL is a participant of the following exchanges or clearing houses:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">SEHK</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Type 1 Participants (Participant ID: 02011)</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt">HKSCC</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Type 1 Participants (Participant ID: B02011)</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">Trading Rights</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition to the licensing
requirements under the HKSFO, the rules promulgated by the SEHK and the HKFE require any person who wishes to trade on or through their
respective facilities to hold a trading right, or Trading Right. The Trading Right confers on its holder the eligibility to trade on or
through the relevant exchange. However, the holding of a Trading Right does not, of itself, permit the holder to actually trade on or
through the relevant exchange. In order to do this, it is also necessary for the person to be registered as a participant of the relevant
exchange in accordance with its rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Stock Exchange Trading
Rights and Futures Exchange Trading Rights are issued by the SEHK and HKFE at a fee and in accordance with the procedures set out in their
respective rules. Alternatively, Stock Exchange Trading Rights and Futures Exchange Trading Rights can be acquired from existing Trading
Right holders subject to the rules of the respective exchanges.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of the date of this
annual report, we only hold a Stock Exchange Trading Right.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">Exchange Participantship</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The table below sets
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr>
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Participant</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Being a licensed corporation qualified to carry out Type 2 regulated activity under the SFO</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">Clearing Participantship</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">An entity must be an
exchange participant of the relevant exchange before it can become a clearing participant of the following clearing houses, namely the
HKSCC, HKFE Clearing Corporation Limited, and The SEHK Options Clearing House Limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of the date of this
annual report, we are an SEHK participant (Participant ID: 02011).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 77; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">HKSCC</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">HKSCC has, among others,
two categories of participantship: (i) the Direct Clearing Participant; and (ii) the General Clearing Participant. The requirements of
Direct Clearing Participantship are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of the date of this
annual report, we are an HKSCC participant (Participant ID: B02011).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">Mandatory Provident
Fund Scheme</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Mandatory Provident
Fund Schemes Ordinance (Cap. 485) of Hong Kong, or MPFSO, including its subsidiary legislation, is the principal legislation to provide
the framework for the establishment of a system of privately managed, employment-related mandatory provident fund, or MPF, schemes to
accrue MPF benefits for members of the workforce of Hong Kong when they retire.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of the date of this
annual report, we are in compliance with the MPFSO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">Anti-Money Laundering
and Counter-Terrorist Financing</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Licensed corporations
are required to comply with the applicable anti-money laundering and counter-terrorist financing laws and regulations in Hong Kong (including
Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinary Chapter 615 of the Laws of Hong Kong) as well
as the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations), or Anti-Money Laundering Guideline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Anti-Money Laundering
Guideline provides practical guidance to assist licensed corporations and their senior management in designing and implementing their
own anti-money laundering and counter-terrorist financing policies, procedures and controls in order to meet the relevant legal and regulatory
requirements in Hong Kong. Under the Anti-Money Laundering Guideline, licensed corporations should, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this annual report, our operations
are run in compliance with the Anti-Money Laundering Guideline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>4.C. Organizational structure. </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The following
is a list of our subsidiaries as of the date of this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
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  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td><span style="font-size: 10pt">British Virgin Islands</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td><span style="font-size: 10pt">British Virgin Islands</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td><span style="font-size: 10pt">British Virgin Islands</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td><span style="font-size: 10pt">British Virgin Islands</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ZYSL (BVI) Limited</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">British Virgin Islands</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td><span style="font-size: 10pt">British Virgin Islands</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ZYXL (BVI) Limited</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">British Virgin Islands</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Zhong Yang Securities Limited</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Hong Kong</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Zhong Yang Capital Limited</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Hong Kong</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">WIN100 TECH Limited</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">British Virgin Islands</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">WIN100 WEALTH LIMITED</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">British Virgin Islands</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>Winrich Finance Limited</td>
    <td>&#160;</td>
    <td>Hong Kong</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">TOP ASSET MANAGEMENT PTE.LTD.</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Singapore</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">TOP FINANCIAL PTE.LTD.</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Singapore</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">TOP 500 SEC PTY LTD </span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Australia</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following diagram illustrates the corporate
structure of TOP Financial Group Limited and its subsidiaries as of the date of this annual report:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_003.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>4.D. Property, Plant and Equipment</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Facilities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal executive office is located at
Flat 1101, 118 Connaught Road West in Hong Kong, where ZYSL, our subsidiary, leased approximately 189 square meters of office space.
We pay an annual rent in the amount of HK$831,600 (approximately US$106,800). Our leased premises are leased from Zhong Yang
Securities Limited which has proper authorization from the titleholder to sublease the property. We believe that we will be able to
obtain adequate facilities on reasonable terms principally through leasing, to accommodate our future expansion plans.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this annual report, we had registered
one trademark under the jurisdiction of Hong Kong. The trademark application was filed on October 29, 2016 and we received the trademark
approval on December 23, 2016.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our trademark is important to us as it distinguishes
our brand and services from other competitors in the market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
4A. Unresolved Staff Comments</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-variant: small-caps"><b>Item 5. Operating and Financial
Review and Prospects</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>You should read the following discussion and
analysis of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the
related notes included elsewhere in this annual report. This discussion contains forward-looking statements that involve risks and uncertainties.
Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements
as a result of various factors, including those set forth under &#8220;<span style="background-color: white">Item 3. Key&#160;</span>Information
&#8212; 3.D. Risk Factors&#8221; and elsewhere in this annual report.</i>&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We, through our Operating
Subsidiaries, are an online provider of securities and futures trading services founded in Hong Kong by a group of experienced professionals
and talents. Our goal is to become the preferred trading platform for Asian investors worldwide. We enable our customers to trade on renowned
stock and futures exchanges around the world, including the Chicago Mercantile Exchange (&#8220;CME&#8221;), Hong Kong Futures Exchange
(&#8220;HKFE&#8221;), The New York Mercantile Exchange (&#8220;NYMEX&#8221;), The Chicago Board of Trade (&#8220;CBOT&#8221;), The Commodity
Exchange (&#8220;COMEX&#8221;), Eurex Exchange (&#8220;EUREX&#8221;), ICE Clear Europe Limited (&#8220;ICEU&#8221;), Singapore Exchange
(&#8220;SGX&#8221;), Australia Securities Exchange (&#8220;ASX&#8221;), Bursa Malaysia Derivatives Berhad (&#8220;BMD&#8221;), and Osaka
Exchange (OSE). We create value for our customers by providing reliable trading platforms, user-friendly web and app interface, and 24-hour
seamless customer support. Our Operating Subsidiaries generate revenues primarily by charging commission fees on futures transactions
at a flat rate for each futures transaction contract, and trading solution services fees charged at a fixed rate per transaction with
a minimum monthly fee. Currently our customers are mainly high volume and frequency trading institutional and individual investors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 25pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our revenues were US$9.7 million, US$7.8 million
and US$16.9 million for the years ended March 31, 2023, 2022 and 2021, respectively. We, through our Operating Subsidiaries, generated
net income of US$3.4 million, US$3.5 million and US$5.0 million for the years ended March 31, 2023, 2022 and 2021, respectively. We plan
to keep our business growing by expanding our customer base to include retail investors of a wider range of wealth within the Asian communities
across the globe, by increasing the products we offer to include securities and futures from a larger number of stock exchanges, and offering
services such as asset management, and CFD products. In addition, we also planned to initiate over-the-counter (OTC) derivatives business
in the year ended March 31, 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Developments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 3, 2022, we completed its initial public
offering on the National Association of Securities Dealers Automated Quotations (&#8220;NASDAQ&#8221;). In this offering, 5,000,000 Ordinary
Shares were issued at a price of US$5.00 per share. The gross proceeds received from the initial public offering totaled US$25 million.
The Offering closed on June 3, 2022 and the Ordinary Shares began trading on June 1, 2022 on The Nasdaq Capital Market under the ticker
symbol &#8220;TOP.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 24, 2022, we entered into a partnership
agreement to invest $256,420 (HKD 2,000,000) for 20% partnership interest in a limited partnership. The funds raised by the limited partnership
are to be invested in biological entities. As of March 31, 2023, the limited partnership has not commenced operation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective July 13, 2022, we changed our name from
&#8220;Zhong Yang Financial Group Limited&#8221; to &#8220;TOP Financial Group Limited&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, we entered into a warrant
termination agreement with Univest Securities, LLC, the lead underwriter of the Company&#8217;s initial public offering. On June 3, 2022,
we issued a warrant to purchase up to 300,000 ordinary shares to Univest Securities, LLC as part of the underwriting compensation. Pursuant
to the warrant termination agreement, the warrant was cancelled. In exchange, the Company agreed to pay a total of $300,000 to Univest
Securities, LLC, $150,000 was paid on February 22, 2023 and the remaining $150,000 shall be paid on or prior to the six-month anniversary of the
date of the warrant termination agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
April 12, 2023, we, through ZYAL, closed an acquisition of 100% equity interest in TOP 500 Sec Pty Ltd (&#8220;Top 500&#8221;) from the
sole shareholder of Top 500 (the &#8220;Seller&#8221;). The Seller is a company controlled by Junli Yang, our Chairwoman of the Board
of Directors. Top 500 is a brokerage firm in Australia that owns an Australian Financial Services License (AFSL: 328866). Top 500 provides
financial services in Australia that includes arranging or providing financial advice on financial products such as derivatives, foreign
exchange contracts, stock and bond issuance etc.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5.A. <i>Operating Results</i>.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Factors Affecting Our Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our business and operating
results are influenced by general factors that affect the online securities and futures brokerage industry focusing on Southeast Asian
investors, including economic and political conditions, the evolving needs of investors, changes in trading volume, changes in demand
for online trading, changes in wealth and availability of funds of our target customers, and regulatory changes governing the online brokerage
industry. In addition, the following company specific factors can directly affect our results of operations materially:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Our ability to retain existing customers and
attract new customers in a cost-effective manner</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">We
consider customer churn rate to be an important indicator of our attractiveness to customers. Our total registered customer number increased
from 247 as of March 31, 2021 to 292 as of March 31, 2022, and further increased to 296 as of March 31, 2023.
In the year ended March 31, 2021, we had 49 revenue-generating accounts in total, including 33 accounts for futures trading and 16 accounts
for securities trading. In the year ended March 31, 2022, we had 74 revenue-generating accounts in total, including 16 accounts for futures
trading, 15 accounts for securities trading, 34 accounts for structured notes subscriber services and 9 accounts for trading solution
services. In the year ended March 31, 2023, we had 24 revenue-generating accounts in total, including 12 accounts for futures trading,
12 accounts for securities trading, and 10 accounts for trading solution services. Our top five customers accounted for 42%, 22%, and
92% of our total revenues for the years ended March 31, 2023, 2022 and 2021, respectively. Our customers are mainly sourced by referral
through our shareholders&#8217; expansive and expanding social and professional networks of high-net-worth individuals. Currently, we
have not incurred significant spending on marketing activities. To expand our business, we aim to diversify our customer base by attracting
smaller retail customers, whom we can charge higher commission rates. We expect to incur expenses in our promotional efforts through different
online and offline media/ channels to increase the number of customer accounts, which can potentially lead to trading volume and revenues.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently pursue a niche market strategy in
Hong Kong. We have established two subsidiaries in Singapore during the year of 2023 and planned to expand to Southeast Asia as the first
step in achieving the final goal of becoming the preferred online trading platforms for Asian investors worldwide, including the United
States. As a relatively young firm new to the market, although we face competition from bigger, better capitalized, and well established
companies including other trading firms and banking institutions, our ability to understand and meet our target customers&#8217; needs,
coupled with our strong client relationships, allow us to rise to the challenge. Our ability to continuously provide our customers with
low-latency trading platforms and high quality services at competitive prices, and the outcome of our advertising and marketing activities,
will affect whether we can retain our existing customers and attract new customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Our ability to earn commissions from brokerage services </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We charge commission
fees for the brokerage services we offer. Our ability to earn commission fees, interest income largely depends on the number of customers
on our trading platforms and their trading volume, and the commission rates we charge.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">It has become increasingly
common for online trading platforms to offer free brokerage services. As a provider of brokerage services on chargeable only trading platforms,
we are confident that we can differentiate ourselves from our competitors, as we offer low-latency trading platforms, a wide range of
products from multiple exchanges, quality customer services and maintain a good relationship with our customers. Most of our customers
are professional customers seeking for quality trading platforms to execute their orders timely and accurately rather than cost saving.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We anticipate a future
possibility of having to lower our commission rates in order to remain competitive, but we believe that a larger trading volume would
make up for the effects of lowered commission rates on our revenues. We also plan to develop new sources of income from asset management,
and CFD products and services, as we have seen the demand for these services by our customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Our ability to effectively improve technology
infrastructure</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our technology infrastructure
and compliance capabilities are critical for us to offer high quality products and services as well as to retain and attract users and
customers. They also enable us to facilitate secure, fast and cost-efficient financial transactions on our platform. We must continue
to upgrade and expand our technology infrastructure and to strengthen our compliance system to keep pace with the growth of our business
and to develop new features and services for our users and customers. With the continuous improvement of our technology infrastructure
and compliance capabilities, we are able to serve more consolidated accounts. We also expect cash segregated for regulatory purposes and
payables due to customers on our balance sheet to increase significantly as a result of such growth. We intend to invest more resources
on customer verification, record keeping, compliance and trading-related functions for consolidated accounts. Our ability to serve more
consolidated accounts, depends on, among other things, our ability to support all aspects of customer verification, record keeping and
compliance functions using our technology and human resources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Our ability to develop a diverse customer base
and offer new and innovative products and services </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Historically, we have
generated a significant portion of our revenues through the provision of online brokerage services including commissions for execution
of trades and interest income. Key success factors of the online brokerage industry include expansion of products and services that add
value to customers, acquisition of licenses in different jurisdictions and enhancement of user experience. To this end, we intend to continue
strengthening the innovation, security, efficiency and effectiveness of our brokerage services, including our user-friendly interface,
comprehensive functionalities and customer service capabilities. Particularly, we intend to expand our service offerings to contract for
difference (&#8220;CFD&#8221;) trading and increase the proportion of revenues generated from them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We also plan to continue
integrating value-added services, including asset management services to increase revenues streams. Our ability to maintain and attract
new customers principally depends on the quality of our products and services as well as our brand equity. We expect our operating cost
and expenses to continue to increase as we provide more innovative and effective products and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Contract for Difference (&#8220;CFD&#8221;)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are preparing the
launch of CFD products and services in the year of 2024. We expect to generate CFD trading revenues from (i) commissions, (ii) bid/offer
spreads, (iii) difference in interest rates. In particular, we plan to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">i). <span style="background-color: white">charge
commissions for all CFD transactions. The amount of commissions we charge is largely based on the trading volume, with commission rates
varying between US$2.25 to US$50 per lot, based on the per-lot value and the type of product traded, as well as discounts offered to different
clients.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">ii). mark up
the bid/offer spreads for CFD products on top of the prices offered by our clients, exchanges or third-party market makers, as the case
may be. Our price mark-ups over the price offered by an exchange vary depending on the underlying product.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">iii). automatically
roll-over currency positions each day and provide either a credit or debit for the interest rate difference between the two currencies
in the pairs being held. The clients&#8217; debits are our gains.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">Asset Management Services</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Based on our clients&#8217;
different needs, we plan to provide personalized investment strategies to optimize their asset allocations. Our clients can purchase a
wide variety of investment portfolios, which include assets such as stocks, bonds, ETFs, investment funds and derivatives. We charge management
fees based on their assets under management as well as commissions for certain transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Our ability to provide stable and low-latency
trading platforms to our customers</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an online brokerage service provider, we attract
new customers and retain our existing customers by providing them with stable and low-latency trading platforms. Especially when the market
is volatile and high trade volume is expected, we are able to avoid delays in execution of customers&#8217; trading orders and assist
the customers to accomplish their investment plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our plan to maintain our quality trading platform
involves keeping our system hardware and software up to date, conducting regular stress tests, and providing IT training to our staff.
We also plan to have regular meetings with our network provider to ensure the stability of internet services in support of our trading
platform. We have implemented emergency backup plan in case of system failure. Our backup system is able to support our customers&#8217;
trading activities until the core system is fixed. Our stable and low-latency trading platforms are a core part of our strength, and we
are committed to continue our efforts in maintaining the reliability and efficiency of our trading platforms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Our ability to meet the regulatory requirements
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brokerage services, margin financing and asset
management are highly regulated in Hong Kong. While our operations are mainly located in Hong Kong, we are inevitably subject to the relevant
laws and regulations, in particular, the Securities and Futures Ordinance (Cap. 571) (&#8220;SFO&#8221;), under the supervision of the
Securities and Futures Commission of Hong Kong (&#8220;HKSFC&#8221;). Pursuant to the SFO, we have to comply with all application provisions
concerning statutory obligations such as maintenance of minimum capital adequacy, specific regulatory reporting, and availability of responsible
officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We monitor our capital level on daily basis so
as to fulfill the statutory requirements. Before making a significant movement of our cash, we will estimate the effect of sub activity
on our capital level and make sure to remain compliant with the regulations. Accordingly, we also have statutory obligations to report
to the authority on monthly basis about our capital level maintained at the end of the month and if any significant fluctuations occurred
that we shall notify the authority.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Besides, as required by the SFO, there must be
at least two responsible officers per regulated activity, who will supervise our regulated business and assume greater responsibilities
over the SFO compliance. To maintain compliance, we have always maintained two to three experienced responsible officers for each regulated
activity. To retain our responsible officers and stay compliant with the availability of responsible officer, we offer attractive remuneration
packages and align their interests with the Company&#8217;s interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 84; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Key Components of Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenues</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Futures brokerage commissions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Futures brokerage commissions represent commission
income on futures broking that are charged at a fixed rate for each transaction our customers executed through our online trading platforms,
all of which are under the consolidated accounts where the customer information is not disclosed to the third party brokers. We receive
commissions from customers and pay the execution and clearing fees to our clearing brokers. The fixed rates applied to the customers vary
depending on the type of customer, the type of transaction, the trading method, and the trade volume from the particular customer. Commissions
from futures broking make up for most of our revenues, at 44.6%, 54.9% and 95.1% of the total revenues for the years ended March 31, 2023,
2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Trading solution services fees</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commencing in the year of 2021, we provided trading
solution services to customers (including individuals, proprietary trading companies or brokerage companies) for their trading on derivatives,
equity, CFD and financial products, through our internally developed proprietary investment management software. We provide a variety
of functions suitable for front-end transaction executions and back-office settlement operations. We charge each customer a fixed amount
of initial installation fee and the monthly service fee based on a fixed rate per transaction executed on the platform with a minimum
monthly fee. Trading solution services fees accounted for 45.3% and 42.3%, respectively, of total revenues during the year ended March
31, 2023 and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Structure
note subscription fees </i></span>&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since December 2020, we have entered into the structured products business
with fund houses and asset management companies and are responsible for providing subscriber services. We assist customers to identify
and subscribe for structured note products. The subscription fees are charged at a fixed percentage of investment amount. Subscription
fee income is recognized when the customers successfully subscribe for the structured note products and underlying contract between the
customer and financial institution becomes non-cancellable. We have entered into the structured products business with fund houses and
asset management companies and are responsible for providing subscriber services. Structured note subscription fees accounted for 0.0%,
9.4% and 0.5% of total revenues during the year ended March 31, 2023, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other service revenues</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other service revenues represent the revenues
generated from rendering other financial services including securities brokerage, consulting services, and currency exchange services.
We generally receive subscription fees calculated with reference to the amount subscribed by our clients of the structured products. For
the years ended March 31, 2023, 2022 and 2021, other service revenues accounted for 3.0%, 3.6%, and 1.6% of total revenues, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The margin financing services did not generate
any revenue for the years ended March 31, 2023, 2022, and 2021. For options trading, we have the capacity to offer options trading services
and they are available to our clients. However, there was no revenue generated from options trading services for the relevant periods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Trading
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
began proprietary trading in US stocks since March 2020, and trading in HK stocks since January 2021. The trading gains (losses)
mainly consist of realized and unrealized gains and losses from investment in US stocks, which are included in Securities owned, at
fair value. Trading gains make up for 2.0%, negative 10.2%, and 2.3% of total revenues for the year ended March 31, 2023, 2022 and
2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest income and others</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

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income was comprised of interest income of $0.2 million charged on loans made to a third party, interest income of $0.3 million charged
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2022 and 2021,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our operating cost
and expenses, both in absolute amount and as a percentage of total revenues, for the years indicated:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Commission expenses</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commission expenses represent the fees we paid
to our broker partners, when we place a client order to an exchange market through these partners. We expect that our commission expenses
will increase in absolute amount as we expand our brokerage business and offer more products from securities and futures exchanges around
the world. We place orders through broker partners except for orders to the Hong Kong Stock Exchange. Commission expenses accounted for
29.1%, 34.9% and 60.7% of our revenues for the years ended March 31, 2023, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Compensation and benefits</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compensation and benefits represent the salaries, performance based
discretionary bonuses and contribution to retirement fund, and share-based compensation expenses to non-executive directors. Compensation
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Communications and technology expenses represent
fees we paid for the use of third party electronic trading systems, including an online stock trading system, an online futures trading
system, and another futures trading system that was a one-time incidental cost pursuant to a customer&#8217;s special request, as well
as the outsourced trading solution support services. Communications and technology expenses accounted for 8.0%, 5.5% and 1.2% of our revenues
for the years ended March 31, 2023, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Occupancy</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Occupancy expenses are the rental expenses we
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Travel and business development, Professional
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Travel and business development expenses include
overseas and local travelling, and the entertainment expenses. Professional fees are mainly the service fees for auditing, consulting,
legal, and other professional services which are needed during the ordinary course of our business operation. Other administrative expenses
primarily consist of fees paid to the Stock Exchange of Hong Kong and Chicago Mercantile Exchange, business entertainment expenses, exchange
difference, depreciation expense, finance costs and other miscellaneous expenses such as utilities. All of these expenses accounted for
15.9%, 5.1% and 3.0% of our revenues for the years ended March 31, 2023, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Taxation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the current laws of the Cayman Islands and
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tax will be imposed upon payments of dividends to our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Hong Kong</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ZYSL and ZYCL are incorporated in Hong Kong and
is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with
relevant Hong Kong tax laws. For the years ended March 31, 2023, 2022 and 2021, Hong Kong profits tax is calculated in accordance with
the two-tiered profits tax rates regime. The applicable tax rate for the first HKD 2 million of assessable profits is 8.25% and assessable
profits above HKD 2 million will continue to be subject to the rate of 16.5% for corporations in Hong Kong, effective from the year of
assessment 2018/2019. Before that, the applicable tax rate was 16.5% for corporations in Hong Kong. Under Hong Kong tax laws, ZYSL and
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Singapore</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance
with relevant Singapore tax laws. Top Fin and Top AM are subject to a flat rate of 17%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Year ended March 31, 2023 compared with year ended March 31, 2022</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth a summary of our
consolidated results of operations for the years ended March 31, 2023 and 2022 as indicated, and provides information regarding the dollar
and percentage increase or (decrease) during such periods. This information should be read together with our unaudited condensed consolidated
financial statements and related notes included elsewhere in this prospectus. The operating results in any period are not necessarily
indicative of the results that may be expected for any future trends.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,818,124</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,728,389</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,010,460</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(428,445</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(124,792</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(188,963</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,207,552</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total revenues increased by 24.0% from US$7.8
million in the year ended March 31, 2022 to US$9.7 million in year ended March 31, 2023. The increase was mainly driven by an increase
of US$1.0 million in trading solution service revenues, an increase of US$1.0 million in trading gains, and an increase of US$0.5 million
in interest income and others, net off against a decrease of US$0.7 million in structure note subscription fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Futures brokerage commissions &#8211; </i>Futures
brokerage commissions kept stable for the year ended March 31, 2023 and 2022. As compared with the futures brokerage commissions for the
year of 2022, the futures brokerage commissions increased by 0.6% for the year ended March 31, 2023. The stable future brokerage commission
was caused by an increase in futures contract volume on our platform from 2.64 million for the year ended March 31, 2022 to 2.97 million
for the year ended March 31, 2023, partially net off against the decrease in average commission rate over trading volumes from US$1.62
in the year ended March 31, 2022 to US$1.46 for the same period of 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Trading solution services fees &#8211;</i>
The Company commenced trading solution services to customers since May 2021. Trading solution service fees increased by 32.8% from US$3.3
million for the year ended March 31, 2022 to US$4.4 million for the year ended March 31, 2023. The increase was mainly because of our
promotion in the new service in the year of 2023, leading to an increase in customer base. For the year ended March 31, 2023 and 2022,
the Company generated revenues of US$4.4 million and US$3.3 million, respectively, from provision of trading solution services to 10 and
9 customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Structured note subscription fees &#8211; </i>Since
December 2020, we have entered into the structured products business with fund houses and asset management companies and are responsible
for providing subscriber services. For the year ended March 31, 2023, we did not earn revenues from structured products as such products
were not popular among our customers. For the years ended March 31, 2023 and 2022, the Company generated revenues of US$0.0 million and
US$0.7 million from structure note subscription fees, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other service revenues &#8211; </i>Other service
revenues were stable at US$0.3 million and US$0.3 million in the years ended March 31, 2023 and 2022, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Trading gains (losses) &#8211;</i> Trading
gains/losses were firstly recognized as proprietary trading business started in March 2020. The Company had trading gains of US$0.2 million
in the year ended March 31, 2023 as compared to trading losses of US$0.8 million in the year ended March 31, 2022, which was mainly driven
by the market condition of the US stock market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest income and others</i> &#8211; Interest
income and others increased from US$3,535 in the year ended March 31, 2022 to US$0.5 million in the year ended March 31, 2023. The increase
was attributable to interest income of $0.2 million from loans of US$5.0 million to a third party, interest income of $0.3 million charged
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Commission expenses &#8211;</i> Commission
expenses kept stable at US$2.8 million and US$2.7 million, respectively, in the years ended March 31, 2023 and 2022. The stable commission
expenses was in line with the stable commission income for the years ended March 31, 2023 and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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and benefits increased by 79.7% from US$0.6 million in the year ended March 31, 2022 to US$1.0 million in the year ended March 31, 2023,
which was mainly caused by employment of a responsible officer in May 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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and technology expenses increased by 81.0% from US$0.4 million in the year ended March 31, 2022 to US$0.8 million in the year ended March
31, 2023. The increase in communications and technology expenses was caused by increased technology expenses to support trading solution
services provided to our customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Travel and business development &#8211;</i>&#160;Travel
and business development expenses increased by 254.3% from US$53,337 in the year ended March 31, 2022 to US$0.2 million in the year ended
March 31, 2023. The increase was primarily due to increase of travel expenses incurred to the United States for celebration of the Company&#8217;s
listing on NASDAQ.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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fees increased by 344.8% from US$0.3 in the year ended March 31, 2022 to US$1.2 million in the year ended March 31, 2023. The increase
in professional fees was primarily incurred for initial public offering (&#8220;IPO&#8221;) audit fees and expense of legal and consulting
expenses incurred after IPO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income before income taxes</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income tax expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net income</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the foregoing, our net income decreased by 2.7% from
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><!-- Field: Page; Sequence: 89; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Year ended March 31, 2022 compared with year ended March 31, 2021</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth a summary of our
consolidated results of operations for the years ended March 31, 2022 and 2021 as indicated, and provides information regarding the dollar
and percentage increase or (decrease) during such periods. This information should be read together with our unaudited condensed consolidated
financial statements and related notes included elsewhere in this prospectus. The operating results in any period are not necessarily
indicative of the results that may be expected for any future trends.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,728,389</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total revenues decreased by 53.7% from US$16.9
million in the year ended March 31, 2021 to US$7.8 million in year ended March 31, 2022. The decrease was mainly driven by a decrease
of US$11.8 million in futures brokerage commission, net off against new revenues streams from trading solution services and structure
note subscriber services that contributed a total revenue of US$3.3 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Futures brokerage commissions &#8211; </i>Futures
brokerage commissions decreased by 73.3% from US$16.1 million in the year ended March 31, 2021 to US$4.3 million in the year ended March
31, 2022, primarily due to the volatility of the futures market and our customers reduced risk tolerance, which negatively impacted the
futures contract volume on our platform. Trading volume of futures contracts decreased from 9.61 million of futures contracts in the year
ended March 31, 2021 to 2.64 million of futures contracts in the year ended March 31, 2022. The average commission rate over trading volumes
in the year ended March 31, 2022 and 2021 kept relatively stable at US$1.62 and US$1.67 per contract, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 90; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Trading solution services fees &#8211;</i>
The Company commenced trading solution services to customers since May 2021. For the year ended March 31, 2022, the Company generated
revenues of US$3.3 million from provision of trading solution services to 9 customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Structured note subscription fees &#8211; </i>Since
December 2020, we have entered into the structured products business with fund houses and asset management companies and are responsible
for providing subscriber services. For the years ended March 31, 2022 and 2021, the Company generated revenues of US$0.7 million and US$0.1
million from structure note subscription fees, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other service revenues &#8211; </i>Other service
revenues kept stable at US$0.3 million in the year ended March 31, 2022, as compared with US$0.3 million in the year ended March 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Trading (losses) gains &#8211;</i> Trading
gains/losses were firstly recognized as proprietary trading business started in March 2020. The Company had trading gains of US$0.4 million
in the year ended March 31, 2021 as compared to trading losses of US$0.8 million in the year ended March 31, 2022, which was mainly driven
by the market condition of the US stock market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest income and others</i> &#8211; Interest
income and others decreased from US$77,252 in the year ended March 31, 2021 to US$3,535 in the year ended March 31, 2022. The decrease
was attributable to the decrease in bank interest income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Commission expenses &#8211;</i> Commission
expenses decreased by 73.4% to US$2.7 million in the year ended March 31, 2022 from US$10.3 million in the year ended March 31, 2021.
The decrease in commission expenses was in line with the decrease of commission income resulting from decrease of futures contract volume
on our platform from 9.61 million of futures contracts in the year ended March 31, 2021 to 2.64 million of futures contracts in the year
ended March 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Compensation and benefits &#8211;</i> Our largest
expense other than commission expenses was compensation and benefits. Compensation and benefits decreased by 18.6% from US$0.7 million
in the year ended March 31, 2021 to US$0.6 million in the year ended March 31, 2022, which was mainly caused by resignation of a responsible
officer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Communications and technology &#8211;</i> Communications
and technology expenses increased by 113.5% from US$0.2 million in the year ended March 31, 2021 to US$0.4 million in the year ended March
31, 2022. The increase in communications and technology expenses was caused by technology expenses of US$0.2 million to support trading
solution services provided to our customers, which commenced since May 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Occupancy &#8211;</i> Occupancy expenses decreased
slightly by 2.4% and kept at US$0.13 million in the years ended March 31, 2022 and 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income before income taxes</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We had an income before income taxes of US$3.6
million and US$5.1 million in the years ended March 31, 2022 and 2021, respectively. Our operating margin was 45.8% and 30.3% in the year
ended March 31, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income tax expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to Hong Kong profits tax and under
Hong Kong tax laws; ZYSL and ZYCL are exempted from income tax on its foreign-derived income. Our income tax expense increased from US$0.07
million in the year ended March 31, 2021 to US$0.09 million in the year ended March 31, 2022, which was primarily due to the increase
of the onshore profit generated by ZYSL in the year ended March 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net income</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the foregoing, our net income
decreased by 30.8% from US$5.0 million in the year ended March 31, 2021 to US$3.5 million in the year ended March 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Discussion of Certain Balance Sheet Items</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth selected information
from our consolidated balance sheets as of March 31, 2023 and 2022. This information should be read together with our consolidated financial
statements and related notes included elsewhere in this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,879,472</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,757,546</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,212,777</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,360,157</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Receivables from customers</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,773,982</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,230,542</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,523,259</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,288,747</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">482,130</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">421,285</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">63,695</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">63,837</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">242,665</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Deposit for long-term investment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash and cash equivalents</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents consist of funds deposited
with banks, which are highly liquid and are unrestricted as to withdrawal or use. The total balance of cash and cash equivalents increased
from US$6.2 million as of March 31, 2022 to US$16.0 million as of March 31, 2023, primarily as a result of proceeds raised in IPO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Restricted cash</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted cash mainly represents the amount of
cash deposited by our customers that have been segregated as obligated by the rules mandated by the primary regulators of our certain
subsidiaries. A corresponding payable due to customers is recorded upon receipt of the cash from the customer. Our restricted cash kept
stable at US$1.9 million and US$1.8 million as of March 31, 2023 and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Loans receivable</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2023, loans receivable consisted
for the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 0.25in">(i)</td><td style="text-align: justify">Loan of $5,000,000 due from a third party. In October 2022, the Company and a third party entity entered
into a loan agreement, pursuant to which the Company made a loan of $5,000,000 to the borrower at the interest rate of 0.67% per month.
The borrower repaid the outstanding principal and interest in June 2023.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">(ii)</td><td style="text-align: justify">Loans of $3,885,220 due from customers holding US stocks represented the purchase price of stock exceeding
the deposits paid by customers which traded these US stocks through the Company&#8217;s platform. The US stocks were under custodian of
the Company, and the customers shall fully paid the balance to the Company before they sold these stocks. As of the date of this report,
US$3.9 million, or 99.8% of the receivable were repaid by the customers.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 92; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Receivables from customers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Receivables from customers include the trading
solution services fees due from customers once the transactions have been executed and completed. As of March 31, 2023 and 2022, the receivables
from customers consisted of the following:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As compared with the balance as of March 31,
2022, the receivables due from trading solution services increased by 206.7% to US$3.8 million as of March 31, 2023. The increase in
the balance as of March 31, 2023 was mainly because the Company generate increasing revenues during the last quarter of 2023. As of the
date of this report, US$2.8 million, or 75.2% of the receivable due from trading solution services has been collected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Receivables from broker-dealers and clearing
organizations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Receivables from broker-dealers and clearing organizations
arise from the business of dealing in futures or investment securities. Broker-dealers will require balances to be placed with them in
order to cover the positions taken by its customers, which are repayable on demand subsequent to settlement date. Clearing house receivables
typically represent proceeds receivable on trades that have yet to settle and are usually collected within two days. Generally, our receivables
from broker-dealers and clearing organizations change daily depending on various factors, including the trading volume in net buy/sell
transactions, futures contracts, long/short position and frequency of transactions on each specific day. Our receivables from broker-dealers
and clearing organizations increased by 36.1% from US$2.4 million as of March 31, 2022 to US$3.2 million as of March 31, 2023, mainly
due to such daily fluctuations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Securities owned, at fair value</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities owned, at fair value, mainly represented
investments in both US stocks, all of which are on S&amp;P500 index, and in HK stocks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Payables to customers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payables to customers represent payables related
to the Company&#8217;s customer trading activities, which include the cash deposits received by the Company as requested by third party
broker-dealers to place with them in order to cover the positions taken by its customers, clearing house payables due on pending trades
and payable on demand, as well as the bank balances held on behalf of customers. Our payables to customers change daily depending on various
factors, including the trading volume, net buy/sell transactions, futures contracts, long/short position and frequency of transactions
on each specific day. The balances as of March 31, 2023 and 2022 kept stable at US$3.5 million and US$3.2 million, respectively.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 93; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5.B. <i>Liquidity and Capital Resources</i>.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to our initial public offering in June 2022,
our principal sources of liquidity to finance our operating activities have been net cash generated from operating activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On June
3, 2022, the Company completed its initial public offering on the National Association of Securities Dealers Automated Quotations (&#8220;NASDAQ&#8221;).
In this offering,&#160;5,000,000&#160;ordinary shares were issued at a price of $5.00&#160;per share. The gross proceeds received from
the initial public offering totaled US$&#160;25.0&#160;million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2023, we had US$17.8 million in
cash, cash equivalents and restricted cash, out of which US$7.6 million was held in U.S. dollars and the rest was held in Hong Kong dollars
and other currencies. Our cash, cash equivalents and restricted cash primarily consist of general bank balances and segregated clients&#8217;
bank account balances.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our current cash, cash equivalents
and restricted cash and our anticipated cash flows from operations will be sufficient to meet our cash needs for general corporate purposes
for at least the next 12 months. We may decide in the future to enhance our liquidity position or increase our cash reserve for future
operations and investments through additional financing. The issuance and sale of additional equity would result in further dilution to
our shareholders. The incurrence of indebtedness would result in increasing fixed obligations and could result in operating covenants
that would restrict our operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Regulatory Capital Requirements</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to certain exemptions specified under
the Securities and Futures (Financial Resources) Rules of Hong Kong (the &#8220;HK Financial Resources Rules&#8221;), two of our Hong
Kong subsidiaries, ZYSL and ZYCL, are securities dealers and asset management companies registered with the Securities and Futures Commission
of Hong Kong (the &#8220;HKSFC&#8221;), an independent statutory body set up in accordance with the Securities and Futures Ordinance of
the law of Hong Kong, and thus are required to maintain minimum paid-up share capital and required liquid capital in accordance with the
HK Financial Resources Rules. The following table sets forth a summary of the key requirements under the HK Financial Resources Rules
that are applicable to ZYSL and ZYCL:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; border-bottom: Black 1.5pt solid">Company</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Type of regulated<br/> activities governed <br/> by the HKSFC</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 57%; font-family: Times New Roman, Times, Serif">ZYSL</td><td style="width: 1%; font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 15%; font-family: Times New Roman, Times, Serif; text-align: center">Type 1 and 2</td><td style="width: 1%; font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">1,273,900</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 1%; font-family: Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: center">Type 4, 5 and 9</td><td>&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
company licensed for any regulated activities other than Type 3 regulated activities, its variable required liquid capital, which means
5% of the aggregate of (a) its adjusted liabilities, (b) the aggregate of the initial margin requirements in respect of outstanding futures
contracts and outstanding options contracts held by it on behalf of its clients, and (c) the aggregate of the amounts of margin required
to be deposited in respect of outstanding futures contracts and outstanding options contracts held by it on behalf of its clients, to
the extent that such contracts are not subject to the requirement of payment of initial margin requirements.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2023 and 2022, all of our operating
subsidiaries were in compliance with their respective regulatory capital requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cash Flows</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(413,890</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(49,748</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Operating activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in operating activities in the year
ended March 31, 2023 was US$2.2 million, as compared to the net profit of US$3.4 million. The difference was primarily attributable to
(i) an increase of US$2.6 million in accounts receivable due from customers as a result of increase in revenues from trading solution
services and receivables due from customers who held US stocks under the Company&#8217;s custodian, (ii) an increase of US$1.5 million
in accounts receivable due from a related party who held US stocks under the Company&#8217;s custodian, (iii) an increase of US$1.5 million
in securities owned, at fair value as we increased investments, and (iv) an increase of US$0.9 million in other assets.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by operating activities in the
year ended March 31, 2022 was US$1.6 million, as compared to the net profit of US$3.5 million. The difference was primarily attributable
to (i) an increase of US$1.1 million in accounts receivable due from customers as we commenced trading solution services during the year
and granted credit terms to our customers, and (ii) an increase of US$0.8 million in securities owned, at fair value as we increased investments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by operating activities in year
ended March 31, 2021 was US$4.3 million, as compared to the net profit of US$5.0 million. The difference was primarily attributable to
(i) an increase of US$2.9 million in an amount due from a related party and (ii) an increase of US$2.4 million in receivables from broker-dealers
and clearing organizations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Investing activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in investing activities in year
ended March 31, 2023 was US$10.4 million, which was comprised of purchase of property and equipment of US$86,443, investment in a limited
partnership of $0.3 million, deposits made for a long-term investment of US$0.2 million, investment in treasury bond of US$1.0 million
and loans of US$8.9 million made to third parties.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in investing activities in year
ended March 31, 2022 was US$0.4 million, which was fully spent on the purchase of investment properties in Cambodia.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in investing activities in year
ended March 31, 2021 was US$16,278, which was fully spent on the purchase of property and equipment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Financing activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by financing activities in the
year ended March 31, 2023 was US$22.5 million, which was provided by net proceeds of US$22.7 million raised in IPO, partially offset by
payments of US$0.2 million to cancel warrants with the underwriter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No cash flows resulted from financing activities
in the year ended March 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in financing activities in the year
ended March 31, 2021 was US$2.3 million, which was used in payment of dividends of US$5.2 million to shareholders of ZYHL, partially net
off against collection of borrowings of US$2.9 million from a related party.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dividend</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 24, 2020, we declared an interim cash
dividend of HK$3.9 million (approximately US$0.5 million) and HK$1.5 million (approximately US$0.2 million) by our two major subsidiaries,
ZYSL and ZYCL, respectively, to our single shareholder at the time of record, i.e. the Predecessor Parent Company. As of March 31, 2020,
the dividend declared by ZYCL has been fully settled by directly deducting from the amount due from the Predecessor Parent Company and
the dividend declared by ZYSL was recorded as dividend payable. On June 19, 2020, ZYSL settled such dividend payable in cash.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 25, 2020, the Board of Directors of
ZYSL declared an interim cash dividend of HK$24.8 million (equivalent to US$3.2 million) to its shareholder ZYSL (BVI), following which
ZYSL (BVI) declared an interim cash dividend to its shareholder ZYFGL and ZYFGL declared an interim cash dividends to its shareholders
for the same amount on the same day. Without any withholding tax levied on dividends in Hong Kong, British Virgin Islands, and Cayman
Islands, the interim cash dividends have already been settled with the shareholders in cash on November 25, 2020.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 19, 2021, we declared an interim cash
dividend of HK11.6 million (equivalent to US$1.5 million) by one of our subsidiaries, ZYSL, to our single shareholder at the time of record,
i.e. the Predecessor Parent Company. US$0.5 million have been settled with the shareholders in cash on January 19, 2021 and January 20,
2021 respectively, the remaining US$0.5 million was settled with the shareholders in cash on March 3, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We did not declare or pay any dividends for the years ended March 31,
2023 and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Off-Balance Sheet Commitments and Arrangements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not entered into any derivative contracts
that are indexed to our shares and classified as shareholders&#8217; equity or that are not reflected in our consolidated financial statements.
Moreover, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit,
liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing,
liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5.C. Research and Development, Patent and Licenses,
etc.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please refer to &#8220;Item 4. Information on
the Company &#8211; D. Property, Plant and Equipment &#8211; Intellectual Property.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5.D. Trend Information.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than as disclosed elsewhere in this annual
report, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect
on our net revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial
information not necessarily to be indicative of future operating results or financial condition or results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5.E. Critical Accounting Estimates.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An accounting policy is considered critical if
it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time such estimate is
made, and if different accounting estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably
likely to occur periodically, could materially impact the consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We prepare our financial statements in conformity
with U.S. GAAP, which requires us to make judgments, estimates and assumptions. We continually evaluate these estimates and assumptions
based on the most recently available information, our own historical experiences and various other assumptions that we believe to be reasonable
under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could
differ from our expectations as a result of changes in our estimates. Some of our accounting policies require a higher degree of judgment
than others in their application and require us to make significant accounting estimates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following descriptions of critical accounting
policies, judgments and estimates should be read in conjunction with our consolidated financial statements and other disclosures included
in this prospectus. When reviewing our financial statements, you should consider (i) our selection of critical accounting policies, (ii)
the judgments and other uncertainties affecting the application of such policies and (iii) the sensitivity of reported results to changes
in conditions and assumptions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenue recognition</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>a)</i></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue from Contracts with Customers</i></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC 606 establishes principles for reporting information
about the nature, amount, timing and uncertainty of revenues and cash flows arising from the entity&#8217;s contracts to provide goods
or services to customers. The core principle requires an entity to recognize revenues to depict the transfer of goods or services to customers
in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized
as performance obligations are satisfied. In according with ASC 606, revenues are recognized when we satisfy the performance obligations
by delivering the promised services to the customers, in an amount that reflects the consideration we expect to be entitled to in exchange
for those services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We identified each distinct service as a performance
obligation. The recognition and measurement of revenues is based on the assessment of individual contract terms. We applied a practical
expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one
year or less. We have no material incremental costs of obtaining contracts with customers that we expect the benefit of those costs to
be longer than one year, which need to be recognized as assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Futures brokerage commissions</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We earn fees and commissions from futures brokerage
services based on a fixed rate for each transaction, all of which are under the consolidated accounts where the customer information is
not disclosed to the third party brokers. When a customer executes a futures transaction through our platform, future brokerage commission
is recognized upon the completion of this transaction. Only a single performance obligation is identified for each future trading transaction,
and the performance obligation is satisfied on the trade date because that is when the underlying financial instrument is identified,
the pricing of brokerage service is agreed upon and the promised services are delivered to customers. All of our revenues from contracts
with customers are recognized at a point in time. The future brokerage service could not be cancelled once it is executed and is not refundable,
so returns and allowances are not applicable. Commissions are charged for each customer trade order executed and cleared by the third-party
brokers. We recognize revenues on a gross basis as we are determined to be the primary obligor in fulfilling the trade order initiated
by the customer. The Company may offer volume rebates as trading incentives to certain customers. The Company will review the customer&#8217;s
transaction volume monthly and provide volume rebate on the commission charge to specific customer with large volume transactions. The
volume rebate offered to such customer is accounted for as a variable consideration and determined based on most-likely amount method,
which is recognized as a reduction of revenues. The volume rebates offered during the years ended March 31, 2023, 2022 and 2021 were US$nil,
US$nil and US$64,648, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Trading solution services fees</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide trading solution services to customers
(including individuals, proprietary trading companies or brokerage companies) for their trading on derivatives, equity, CFD and other
financial products, through the internally developed proprietary investment management software. Our trading solution provides a variety
of functions suitable for front-end transaction executions and back-office settlement operations. We implement the initial installation
of such software for each customer and provides hosting services for a period of time, generally two years, as agreed in the contracts.
The initial installation is considered as a set-up activity, rather than a promised service to customer, which provides no incremental
benefit to customer beyond permitting the access and use the hosted application. We identify a single performance obligation from the
contracts with customers. We charge each customer a fixed amount of initial installation fee and the monthly service fee based on a fixed
rate per transaction executed on the platform with a minimum monthly fee. We recognize the trading solution services as satisfied over
the time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Structured
note subscription fees</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We earn subscription service fees from customers by assisting customers
to identify and subscribe for structured note products, which is calculated at a fixed percentage of investment amount. We identify a
single performance obligation for each subscription service, and recognize subscription fee income when the customers successfully subscribe
for the structured note products and underlying contract between the customer and financial institution becomes non-cancellable, which
is the point in time when the control of service is completed. The Company recognizes revenue net of discount (if any) on a gross basis
as the Company is determined to be the primary obligor in fulfilling the subscription services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Other service revenues</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide other financial services including
securities brokerage, consulting services, and currency exchange services, and earn securities brokerage commissions, consultancy fee
income and other revenues, which are recognized when the service is rendered according to the relevant contracts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Contract liabilities</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our contract liabilities include payments received
in advance of performance under structure note subscription service contracts which will be recognized as revenue as we executed the subscription
service with brokers under the contract, as well as the deferred installation service fee received from trading solution services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>b)</i></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading gains, interest income and other</i></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trading gains and losses along with interest income
fall within the scope of ASC Topic 825, Financial Instruments, which is excluded from the scope of ASC Topic 606. Trading gains and losses
mainly consist of realized and unrealized gains and losses from the investment in US common stocks, which are included in Securities owned,
at fair value. Interest and other income primarily consist of interests earned on bank deposit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Income tax expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We account for income taxes in accordance with
the U.S. GAAP. Under the asset and liability method as required by this accounting standard, the recognition of deferred income tax liabilities
and assets for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis
of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred taxes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The charge for taxation is based on the results
for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or
substantively enacted by the balance sheet date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax is accounted for using the balance
sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities
in the financial statements and the corresponding tax basis. Deferred tax assets are recognized to the extent that it is probable that
taxable income to be utilized with prior net operating loss carried forwards. Deferred tax is calculated using tax rates that are expected
to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement,
except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when,
in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current
income taxes are provided for in accordance with the laws of the relevant taxing authorities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An uncertain tax position is recognized as a benefit
only if it is &#8220;more likely than not&#8221; that the tax position would be sustained in a tax examination, with a tax examination
being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized
on examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period
incurred.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Accounting Pronouncements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the FASB issued ASU No. 2016-13,
&#8220;Measurement of Credit Losses on Financial Instruments (Topic 326)&#8221;, which significantly changes the way entities recognize
impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining
life, instead of when incurred. In November 2018, the FASB issued ASU No. 2018-19, &#8220;Codification Improvements to Topic 326, Financial
Instruments&#8212;Credit Losses&#8221;, which amends Subtopic 326-20 (created by ASU No.2016-13) to explicitly state that operating lease
receivables are not in the scope of Subtopic 326-20. Additionally, in April 2019, the FASB issued ASU No.2019-04, &#8220;Codification
Improvements to Topic 326, Financial Instruments&#8212;Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments&#8221;,
in May 2019, the FASB issued ASU No. 2019-05, &#8220;Financial Instruments&#8212;Credit Losses (Topic 326): Targeted Transition Relief&#8221;,
and in November 2019, the FASB issued ASU No. 2019-10, &#8220;Financial Instruments&#8212;Credit Losses (Topic 326), Derivatives and Hedging
(Topic 815), and Leases (Topic 842): Effective Dates&#8221;, and ASU No. 2019-11, &#8220;Codification Improvements to Topic 326, Financial
Instruments&#8212;Credit Losses&#8221;, to provide further clarifications on certain aspects of ASU No. 2016-13 and to extend the nonpublic
entity effective date of ASU No. 2016-13. The changes (as amended) are effective for the Company for annual and interim periods in fiscal
years beginning after December 15, 2022, and the adoption of the new accounting guidance did not have material impact on our consolidated
financial statements.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not believe other recently issued but not
yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements
of operations and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Holding Company Structure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TFGL is a holding company incorporated in the
Cayman Islands with no material operations of its own. We conduct our operations primarily in Hong Kong through our subsidiaries in Hong
Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, TFGL&#8217;s ability to pay dividends
may depend upon dividends paid by our Hong Kong subsidiaries. If our existing Hong Kong subsidiaries or any newly formed ones incur debt
on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Inflation</b>&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inflation in Hong Kong has not materially affected
our results of operations in recent years. According to the Census and Statistics Department of Hong Kong, the year-over-year percent
changes in the consumer price index was an increase of 1.7% and 0.6% for fiscal years ended March 31, 2022 and 2021, respectively. Although
we have not been affected by inflation in the past, we may be affected if Hong Kong and any other jurisdiction where we operate in the
future experience higher rates of inflation in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item&#160;6.
Directors, Senior Management and Employees</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6.A. <span style="background-color: white">Directors
and Senior Management</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides information regarding
our executive officers and directors as of the date hereof:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: bottom">
    <td style="width: 30%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-size: 10pt"><b>Name</b></span></td>
    <td style="width: 1%; text-align: justify">&#160;</td>
    <td style="width: 10%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Age</b></span></td>
    <td style="width: 1%; text-align: justify">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: justify; width: 58%"><span style="font-size: 10pt"><b>Position(s)</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Ka Fai Yuen</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">49</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Chief Executive Officer and Director</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-size: 10pt">Yung Yung Lo</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">41</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Jennifer Hoi Ling Tam</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">46</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Chief Operating Officer</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-size: 10pt">Junli Yang</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">45</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Director (Chairwoman)</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Anthony S. Chan</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">59</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Independent Director </span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-size: 10pt">Mau Chung Ng</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">65</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Independent Director </span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Mei Cai</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">43</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Independent Director </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Ka Fai Yuen</b> has served as our chief executive
officer and as a director since February 1, 2021. Mr. Yuen has more than 20 years of experience in the financial services industry. His
activities have included the functions of securities dealer, marketing, settlement, compliance, risk management, market making, proprietary
trading, asset management and research and advisory services activities. Mr. Yuen has been acting as an officer and director of ZYSL and
ZYCL since April 2017 and August 2017, respectively, and has been responsible for the establishment and development of their respective
brokerage and asset management businesses. From April 1997 until April 2017, he served as an officer for Kaiser Futures Limited (&#8220;Kaiser&#8221;)
and also served as a dealer manager for Kaiser from July 2000 until April 2017. At Kaiser, Mr. Yuen acquired experience related to securities
advisory services and asset management. Mr. Yuen is licensed as a SFC Responsible Officer for Type 1,2,4,5 and 9 regulated activities,
He has established and manages and supervises our daily brokerage operations for local and overseas markets, discretionary managed accounts
and advisory client investment portfolios. He is also responsible for SFC license applications in preparing and setting up process, operations
and infrastructure of our firm, as well as overseeing our asset management daily operations in compliance with all relevant regulatory
requirements and applicable laws. His responsibilities also include credit and risk control management, development of new discretionary
management accounts and review of portfolio strategies. Supported by our accounting officer, he is also responsible for monitoring FFR.
Mr. Yuen received a Bachelor of Arts Degree in Business Studies from the University of Greenwich in 2018 and a Professional Diploma in
Investment and Financial Risk Management from the Hong Kong Management Association in 2008. We believe that Mr. Yuen is qualified to serve
on our board by reasons of professional experiences and qualifications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Yung Yung Lo</b> has served as our chief financial
officer since February 1, 2021 and has served as a vice-president for Zhong Yang Holdings Limited (&#8220;ZYHL&#8221;) since June 2017.
Ms. Lo has more than 15 years of audit and financial management experience and has worked on both Hong Kong and the United States. Her
present activities include monitoring and advising on market conditions and our competitors, developing research reports and providing
related analysis, serving as project manager for internal projects such as work-flow, system enhancements and new product roll outs, and
establishing customer relationships and delivering customer-focused solutions. She worked as a sales manager for CSC Futures (HK) Limited
in Hong Kong from July 2016 until May 2017 and worked for Bloomberg L.P. in Hong Kong from February 2007 until March 2016. In 2006 she
worked as a tax/accounting intern at Pricewaterhouse Coopers in New Jersey. She holds Type 1 and 2 licenses from the Securities and Futures
Commission and is a member of the Hong Kong Securities and Futures Professionals Association. Ms. Lo received a Bachelor of Arts and Sciences
degree in Accounting from the Rutgers University School of Business with a concentration in management information systems in 2006.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Jennifer Hoi Ling Tam</b> has served as our
Chief Operating Officer since February 1, 2021. She has more than 12 years of marketing and operations experience in the financial service
industry. Ms. Tam has been acting as the operation and settlement manager of ZYSL since May 2017. Her activities include monitoring operation
and daily settlement, reconciliation, transaction substantiation and records keeping. Her responsibilities also include overseeing all
transactions and imply proper procedures to comply with investment policies, internal guidelines, and related regulatory requirements.
She worked as a manager of Wealth Management Division for Kaiser Financial Group Company Limited from January 2017 until April 2017 and
also served as an assistant manager of Wealth Management Division for Kaiser from July 2016 until January 2017. From April 2012 until
September 2016, she worked for MassMutual Asia Limited as an assistant unit manager and she also worked for South China Financial Holdings
Limited since September 2006. Ms. Tam received a Bachelor of Business Administration and a Higher Diploma in Business Studies from the
Open University of Hong Kong in 2003 and 2001 respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Junli Yang</b> has served as a director and
as our chairwoman since August 1, 2019. She is the founder of the Company and has extensive experience in various management capacities.
She also serves as the director of all the Company&#8217;s subsidiaries, and is responsible for all decision making, business development,
and all management tasks. In her role as the Head of the Company&#8217;s Executive Committee, she sets the operations and compliance policies
for the Company. Ms. Yang incorporated ZYSL in April 2015, and by May 2017, the company already achieved monthly futures trading volume
of over US$10 billion at nominal value. Ms. Yang has also brought in various well-known and reputable brokers partner to cooperate with
business development, like ADM Investor Services, Inc., G. H. Financials (Hong Kong) Limited, and Central China International Futures
Company Limited. Through these relationships, we are able to offer a higher variety of products to our customers cost-efficiently. Ms.
Yang received a Bachelor of Science Degree in Applied Psychology from Beijing Normal University in January 2012.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Anthony S. Chan</b> has served as a director
and as the chairman of our audit committee since May 31, 2022. Mr. Chan is a Certified Public Accountant registered with the State of
New York and a seasoned executive with over 30 years of professional experience in auditing, financial reporting and business advisory.
Currently, Mr. Chan is the Chief Operating Officer of Alset Inc. (Nasdaq: AEI), Chief Financial Officer (CFO) of Sharing Services Global
Corporation (OTC: SHRG) and President of CA Global Consulting Inc. Since February 2020, he has been serving as the Director of Assurance
and Advisory Services at Wei, Wei &amp; Co., LLP., a full-service CPA firm registered with the PCAOB. From July 2019 to January 2020,
Mr. Chan served as the CFO of SPI Energy Co. Ltd. (Nasdaq: SPI). From October 2017 to March 2019, Mr. Chan served as the CFO of Helo Corp.
(OTC: HLOC). From September 2013 to November 2015, Mr. Chan served as Executive Vice President, Director and Acting CFO of Sino-Global
Shipping America, Ltd. Mr. Chan was partner at three full-service CPA firms in New York, including UHY LLP (from September 2012 to August
2013), Friedman LLP (from September 2011 to July 2012) and Berdon LLP (from February 2005 to August 2011). Prior to that, he held executive
and professional positions at various U.S. based companies including Primedia Inc, National Broadcasting Company, Arthur Anderson, KPMG,
and PwC. Mr. Chan holds an MBA in Finance and Investments from Baruch College of the City University of New York, and a Bachelor of Arts
in Accounting and Economics from Queens College of the City University of New York.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Mau Chung Ng</b> has served as a director and
as the chairman of our compensation committee since May 31, 2022. Mr. Ng has approximately 15 years of experience in the areas of retails
financial investment and stock and futures brokerage as a shareholder and director of various companies. He is also experienced in Asian
Currency Unit, off-balance-sheet and USD telegraphic transfer. Mr. Ng was awarded an Executive Master of Business Administration by Sun
Yat-Sen University in 2011. He graduated from East China Normal University with a postgraduate qualification in International Finance
and Chinese Securities Investment in 2004. Mr. Ng is currently a director and executive manager of Lucky Leader Gold Trader Limited. He
was the chairperson of Hong Kong Precious Metals Traders Association from 2017 to 2018.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Mei Cai</b> has served as a director and as
the chairwoman of our Nominating and Corporate Governance Committee since May 31, 2022. <span style="background-color: white">Ms. Cai
is a seasoned executive with approximately 15 years of professional experience in auditing and financial reporting. Since January 2023,
Ms. Cai has been serving as Chief Financial Officer of Nuance Biotech Co., Ltd. a biomedical research and development company. From November
2020 to December 2022, Ms. Cai has served as the Chief Financial Officer of Jowell Global Ltd., a Nasdaq-listed e-commerce platform. From
August 2019 to June 2022, Ms. Cai served as the Director of CN Energy Group Inc., a Nasdaq-listed company in the business of manufactures
and supplies wood-based activated carbon. From July 2019 to November 2020, Ms. Cai served as the Chief Financial Officer of China Eco-Materials
Group Co. Limited, a company in the business of production and sales of eco-friendly construction material. From October 2017 to July
22, 2019, Ms. Cai has served as manager of Wealth Financial Services LLC. From December 2013 to September 2017, Ms. Cai served as audit
manager at Friedman, LLP. From December 2006 to November 2013, Ms. Cai served as audit manager at Patrizio &amp; Zhao, LLC. Ms. Cai graduated
from Jiangsu Radio &amp; TV University with a major in Economic Management in December 2003.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Family Relationships</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the directors or executive officers has
a family relationship as defined in Item 401 of Regulation S-K.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6.B. Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Employment Agreements and Indemnification
Agreements </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have entered into
employment agreements with our senior executive officers. Pursuant to these agreements, we are entitled to terminate a senior executive
officer&#8217;s employment for cause at any time without remuneration for certain acts of the officer, such as being convicted of any
criminal conduct, any act of gross or willful misconduct or any serious, willful, grossly negligent or persistent breach of any employment
agreement provision, or engaging in any conduct which may make the continued employment of such officer detrimental to our company. Each
executive officer agrees that we shall own all the intellectual property developed by such officer during his or her employment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have entered into indemnification agreements
with each of our executive directors and executive officers. Under these agreements, we agree to indemnify them against certain liabilities
and expenses that they incur in connection with claims made by reason of their being a director or officer of our company. Insofar as
indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us
under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as
expressed in the Securities Act and is therefore unenforceable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Compensation of Directors and Executive
Officers </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal year ended March 31, 2023, we paid
an aggregate of HK$2,646,072 (US$339,253) as compensation to our directors and executive officers as well as an aggregate of HK$49,910
(US$6,399) contributions to the Mandatory Provident Fund (&#8220;MPF&#8221;), a statutory retirement scheme introduced after the enactment
of the Mandatory Provident Fund Schemes Ordinance in Hong Kong.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal year ended March 31, 2022, we paid
an aggregate of HK$2,162,426 (US$277,790) as compensation to our directors and executive officers as well as an aggregate of HK$54,000
(US$6,937) contributions to the MPF.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the appointments of our independent directors
was effective on May 31, 2022, for the fiscal year ended March 31, 2022, we did not have any non-executive directors and therefore have
not paid any compensation to any non-executive directors. For the fiscal year ended March 31, 2023, we paid an aggregate of US$75,000
as compensation to non-executive directors and issued 2,411 Ordinary Shares to each non-executive director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except our contribution to the MPF, we have not
set aside or accrued any amount to provide pension, retirement, or other similar benefits to our directors and executive officers. We
do not have any equity incentive plan in place as of the date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.C. Board Practices</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our board of directors
consists of five directors. A director is not required to hold any shares in our company to qualify to serve as a director. Subject to
the rules of the relevant stock exchange and disqualification by the chairman of the board of directors, a director may vote with respect
to any contract, proposed contract, or arrangement in which he or she is materially interested. A director may exercise all the powers
of the company to borrow money, mortgage its business, property and uncalled capital and issue debentures or other securities whenever
money is borrowed or as security for any obligation of the company or of any third party. There are no directors&#8217; service contracts
with the Company or its subsidiaries providing for&#160;benefits upon termination of employment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Committees of the
Board of Directors </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our board of directors
has established an audit committee, a compensation committee, and a nominating and corporate governance committee under the board of directors,
and an investment committee under the management. Our board of directors has adopted a charter for the audit committee, the compensation
committee, and the nominating and corporate governance committee. Each committee&#8217;s members and functions are described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Audit Committee.
</i></b>Our audit committee consists of Mr. Anthony S. Chan, Ms. Mei Cai, and Mr. Mau Chung Ng and will be chaired by Mr. Anthony S. Chan.
Mr. Mau Chung Ng and Ms. Mei Cai each satisfies the &#8220;independence&#8221; requirements of Rule 5605 of the Corporate Governance Rules
of Nasdaq Stock Market and meet the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. Anthony
S. Chan qualifies as an &#8220;audit committee financial expert.&#8221; The audit committee will oversee our accounting and financial
reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other
things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Compensation Committee.
</i></b>Our compensation committee consists of Mr. Anthony S. Chan, Ms. Mei Cai, and Mr. Mau Chung Ng and will be chaired by Mr. Mau Chung
Ng. Mr. Anthony S. Chan and Ms. Mei Cai each satisfies the &#8220;independence&#8221; requirements of Rule 5605 of the Corporate Governance
Rules of Nasdaq Stock Market. The compensation committee will assist the board in reviewing and approving the compensation structure,
including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present
at any committee meeting during which his compensation is deliberated upon. The compensation committee will be responsible for, among
other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">reviewing the compensation of our non-employee directors and making recommendations to the board with respect to it; and</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Nominating and
Corporate Governance Committee. </i></b>Our nominating and corporate governance committee consists of Mr. Anthony S. Chan, Mr. Mau Chung
Ng and Ms. Mei Cai and will be chaired by Ms. Mei Cai. Mr. Mau Chung Ng and Mr. Anthony S. Chan each satisfies the &#8220;independence&#8221;
requirements of Section Rule 5605 of the Corporate Governance Rules of Nasdaq Stock Market. The nominating and corporate governance committee
will assist the board in selecting individuals qualified to become our directors and in determining the composition of the board and its
committees. The nominating and corporate governance committee will be responsible for, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">reviewing annually with the board the current composition of the board with regards to characteristics such as independence, age, skills, experience and availability of service to us;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Investment Committee.</i></b>
Our Investment Committee consists of Mr. Ka Fai Yuen (the Chief Executive Officer and director), Ms. Yung Yung Lo (the Chief Financial
Officer), Ms. Jennifer Hoi Ling Tam (the Chief Operating Officer) and Mr. Mau Chung Ng (a director). The Investment Committee has the
powers and duties to decide on investment projects which each investment project does not exceed 20% of the Company&#8217;s total asset
(on a consolidated basis) and the total investment amount does not exceed 40% of the Company&#8217;s total asset (on a consolidated basis).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Duties of Directors </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under Cayman Islands
law, our directors owe fiduciary duties to us, including a duty of loyalty, a duty to act honestly, in good faith and with a view to our
best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our company a duty
to act with skill and care. English and Commonwealth courts have moved towards an objective standard with regard to the required skill
and care and these authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors
must ensure compliance with our amended and restated memorandum and articles of association and the class rights vested thereunder in
the holders of the shares. A shareholder may in certain limited exceptional circumstances have the right to seek damages in our name if
a duty owed by our directors is breached.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our board of directors
has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board
of directors include, among others:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">convening shareholders&#8217; annual general meetings and reporting its work to shareholders at such meetings;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">appointing officers and determining the term of office of the officers;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">exercising the borrowing powers of our company and mortgaging the property of our company; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">approving the transfer of shares in our company, including the registration of such shares in our share register.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Terms of Directors and Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our directors are elected
by and serve at the discretion of the board. Each director is not subject to a term of office and holds office until such time as his
successor takes office or until the earlier of his death, resignation or removal from office by ordinary resolution or the affirmative
vote of a simple majority of the other directors present and voting at a board meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Board Diversity</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: bottom">
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  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Country&#160;of&#160;Principal&#160;Executive Offices:</span></td>
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    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</span></td></tr>
  <tr style="background-color: White">
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    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure Prohibited Under Home Country Law</span></td>
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    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Number of Directors</span></td>
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    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  </table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td colspan="13" style="font-size: 10pt; font-weight: bold">Part I: Gender Identity</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 9%; font-size: 10pt; text-align: center">2</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 1%; font-size: 10pt">&#160;</td>
    <td style="width: 9%; font-size: 10pt; text-align: center">3</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 1%; font-size: 10pt">&#160;</td>
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    <td style="width: 9%; font-size: 10pt; text-align: center">0</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">Part II: Demographic Background</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;&#160;&#160;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;&#160;&#160;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Underrepresented Individual in Home Country Jurisdiction</td><td style="font-size: 10pt">&#160;</td>
    <td colspan="11" style="font-size: 10pt; text-align: center">&#8212;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">LGBTQ+</td><td style="font-size: 10pt">&#160;</td>
    <td colspan="11" style="font-size: 10pt; text-align: center">&#8212;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.D. Employees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We had 11 employees as of March 31, 2023.&#160;We
enter into individual employment contracts with selected employees to cover matters including non-competition and confidentiality arrangements.
We generally formulate our employees&#8217; remuneration package to include salary and benefits. We provide our employees with social
security benefits in accordance with all applicable regulations and internal policies. <span style="background-color: white">None of our
employees are represented by labor unions. We believe that we maintain a good working relationship with our employees and we have not
experienced any significant labor disputes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 105; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.E. Share Ownership</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as specifically noted, the following table
sets forth information with respect to the beneficial ownership of our Ordinary Shares as of the date of this annual report by:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">each of our directors and executive officers; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">each person known to us to beneficially own more than 5% of our Ordinary Shares on an as-converted basis.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The calculations in the table below are based
on 35,007,233 Ordinary Shares issued and outstanding as of the date of this annual report. <span style="background-color: white">All of
our shareholders who own our Ordinary Shares have the same voting rights.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beneficial ownership is determined in accordance
with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage ownership
of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any
option, warrant or other right or the conversion of any other security. These shares, however, are not included in the computation of
the percentage ownership of any other person.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Directors and Executive Officers:</td><td>&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yung Yung Lo, CFO<sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,818,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.19</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Jennifer Hoi Ling Tam, COO</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Anthony S. Chan, Independent Director (Appointee)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,411</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Mau Chung Ng, Independent Director (Appointee)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,411</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Mei Cai, Independent Director (Appointee)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,411</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt">All Directors and Executive Officers as a Group (7&#160;people)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">30,007,233</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">85.72</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Principal Shareholders holding 5% or more:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhong Yang Holdings (BVI) Limited<sup>(1)(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">85.70</td><td style="text-align: left">%</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">less than 1%</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Represents 30,000,000 Ordinary Shares held by Zhong Yang Holdings (BVI) Limited. </span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Zhong Yang Holdings (BVI) Limited is a company incorporated in the British Virgin Islands. Junli Yang owns 82.3% of the equity interest in Zhong Yang Holdings (BVI) Limited. Yung Yung Lo holds 6.06% of the equity interest in Zhong Yang Holdings (BVI) Limited. Ji An holds 8.68% of the equity interest in Zhong Yang Holdings (BVI) Limited. Jian Li, and Hong Chen each owns less than 2% of the equity interest in Zhong Yang Holdings (BVI) Limited. Junli Yang is the sole director of Zhong Yang Holdings (BVI) Limited and has the power to direct the voting and disposition of the Ordinary Shares held by Zhong Yang Holdings (BVI) Limited. Junli Yang may be deemed the beneficial owner of all Ordinary Shares held by Zhong Yang Holdings (BVI) Limited.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6.F. Disclosure of a Registrant&#8217;s Action
to Recover Erroneously Awarded Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 106; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
7. Major Shareholders and Related Party Transactions</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>7.A. Major Shareholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Please refer
to &#8220;Item 6. Directors, Senior Management and Employees &#8212; 6.E. Share Ownership.&#8221; </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>7.B. Related Party Transactions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Terms of Directors
and Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">See &#8220;Item 6. Directors,
Senior Management and Employees&#8212;6.C. Board Practices&#8212;Terms of Directors and Officers.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Employment Agreements
and Indemnification Agreements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">See &#8220;Item 6. Directors,
Senior Management and Employees&#8212;6.B. Compensation&#8212;Employment Agreements and Indemnification Agreements.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Other Related Party
Transactions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before September 2022, we leased premises were
leased from Zhong Yang Holdings Limited (the Predecessor Parent Company), which is owned by the same group of shareholders as the Controlling
Shareholder. Zhong Yang Holdings Limited has proper authorization from the titleholder to sublease the property. During the fiscal years
ended March 31, 2023, 2022 and 2021, we paid rental expenses to the Predecessor Parent Company in the amount of $nil, $54,510 and $119,759,
respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended March 31, 2023, we generated
interest income in the amount of $96,801 for margin financing services provided to Mr. Huaixi Yang, an immediate family member of Ms.
Junli Yang, the Chairwoman of the Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, during the fiscal year ended March
31, 2021, we generated gross commission income in the amount of $19,959 for future brokerage services provided to Sunx Global Limited,
95% owned by the Predecessor Parent Company. The brokerage commission rate charged to Sunx Global Limited is consistent with the standard
brokerage commission rate charged to other customers. We are of the opinion that the brokerage services fees received from, and the services
provide to, Sunx Global Limited are made in the ordinary course of business and the terms of service were negotiated at arm&#8217;s length.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 11, 2022, WIN100 TECH entered into a
license agreement with Ms. Junli Yang, the Chairwoman of the Board of the Company, to document a non-exclusive, non-sublicensable, and
non-transferable license granted by Ms. Yang to use a software that supports algorithm trading, order analytics, risk control and technical
monitoring which can be integrated with different vendors&#8217; API. In consideration for such license, WIN100 Tech agreed to pay Ms.
Yang $100 in license fee. The agreement was negotiated at arm&#8217;s length and was approved by the Board of Directors of the Company.
For more details, see &#8220;Item 4. Information on the Company&#8212;4.B. Business Overview&#8212; Our Revenues Model and Core Services&#8212;License
Agreement between Junli Yang and WIN100&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 9, 2023, ZYIL(BVI) completed an acquisition
of WIN100 WEALTH a company formed under the laws of the British Virgin Islands, at a purchase price of $10,000 in exchange for 100% of
the equity interest in WIN100 WEALTH, pursuant to a Share Purchase Agreement dated February 9, 2023 by and among the Company, ZYIL(BVI),
WIN100 WEALTH and the sole shareholder of WIN100 WEALTH. The sole shareholder of WIN100 WEALTH is Junli Yang, the Chairwoman of the Board
of Directors of the Company. The Agreement was negotiated at arm&#8217;s length and was approved by the Board of Directors of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 12, 2023, ZYAL (BVI) completed an acquisition
of TOP 500 SEC PTY LTD (&#8220;TOP 500&#8221;), a company formed under the laws of Australia that owns an Australian Financial Services
License (AFSL: 328866), at a purchase price of $700,000 in exchange for 100% of the equity interest in TOP 500, pursuant to a Share Purchase
Agreement dated August 31, 2022 by and among the Company, ZYAL (BVI), TOP 500 and the sole shareholder of TOP 500. The sole shareholder
of TOP 500 is a company controlled by Junli Yang, the Chairwoman of the Board of Directors of the Company. The Agreement was negotiated
at arm&#8217;s length and was approved by the Board of Directors of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>7.C. <span style="background-color: white">Interests
of Experts and Counsel</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Not Applicable.
</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
8. Financial Information</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>8.A. Consolidated Statements and Other Financial
Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please refer to <span style="background-color: white">&#8220;Item
18. Financial Statements.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Legal and Administrative Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We may from time to time
be subject to various legal or administrative claims and proceedings arising in the ordinary course of our business. We are currently
not a party to any pending any material legal or administrative proceedings and are not aware of any events that are likely to lead to
any such proceedings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this annual report, we are not
a party to, and we are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a material
adverse effect on our business, financial condition or operations, nor have we experienced any incident of non-compliance which, in the
opinion of our directors, is likely to materially and adversely affect our business, financial condition or operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Litigation or any other
legal or administrative proceeding, regardless of the outcome, is likely to result in substantial costs and diversion of our resources,
including our management&#8217;s time and attention. For potential impact of legal or administrative proceedings on us, see &#8220;<span style="background-color: white">Item
3. Key&#160;</span>Information &#8212; 3.D. Risk Factors&#8212;Risks Relating to Our Business and Industry&#8212;<i>We may be subject
to litigation and regulatory investigations and proceedings and may not always be successful in defending ourselves against such claims
or proceedings</i>&#8221; and &#8220;<span style="background-color: white">Item 3. Key&#160;</span>Information &#8212; 3.D. Risk Factors&#8212;Risks
Relating to Our Business and Industry&#8212;<i>We may face intellectual property infringement claims, which could be time-consuming and
costly to defend and may result in the loss of significant rights by us</i>&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dividend Policy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Except as disclosed below,
we have never declared or paid any cash dividends on our Ordinary Shares. We anticipate that we will retain any earnings to support operations
and to finance the growth and development of our business. Therefore, we do not expect to pay cash dividends in the foreseeable future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On March 24, 2020, the
Board of Directors of ZYSL and ZYCL declared an interim cash dividend of HK$3,900,000 (equivalent to $498,932) and HK$1,500,000 (equivalent
to $191,897), respectively, to its single shareholder at the time of record, i.e. the Predecessor Parent Company. Without any withholding
tax levied on dividends in Hong Kong, the full amounts were payable to the Predecessor Parent Company. As of March 31, 2020, the dividend
declared by ZYCL has been fully settled by directly deducting from the amount due from the Predecessor Parent Company and the dividend
declared by ZYSL was recorded as dividend payable. On June 19, 2020, ZYSL settled such dividend payable in cash.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On November 25, 2020,
the Board of Directors of ZYSL declared an interim cash dividend of HK$24,805,800 (equivalent to US$3,199,675) to its shareholder ZYSL
(BVI), following which ZYSL (BVI) declared an interim cash dividend to its shareholder TFGL and TFGL declared an interim cash dividends
to its shareholders for the same amount on the same day. Without any withholding tax levied on dividends in Hong Kong, British Virgin
Islands, and Cayman Islands, the interim cash dividends have already been settled with the shareholders in cash on November 25, 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On January 19, 2021,
the Board of Directors of ZYSL declared an interim cash dividend of HK$11,628,450 (equivalent to US$1,499,942) to its shareholder ZYSL
(BVI), following which ZYSL (BVI) declared an interim cash dividend to its shareholder TFGL and TFGL declared an interim cash dividends
to its shareholders for the same amount on the same day. Without any withholding tax levied on dividends in Hong Kong, British Virgin
Islands, and Cayman Islands, US$500,000 and US$500,000 have been settled with the shareholders in cash on January 19, 2021 and January
20, 2021 respectively, the remaining US$500,000 was settled with the shareholders in cash on March 3, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our board of directors
has complete discretion on whether to distribute dividends, subject to applicable laws. In addition, our shareholders may by ordinary
resolution declare a dividend. Under Cayman Islands law, a Cayman Islands company may pay a dividend either out of profit or share premium
account, provided that in no circumstances may a dividend be paid if the dividend payment would result in the company being unable to
pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to pay dividends, the form,
frequency, and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition,
contractual restrictions, and other factors that the board of directors may deem relevant. Cash dividends on our ordinary shares, if any,
will be paid in U.S. dollars.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The laws and regulations of the PRC on currency
conversion control do not currently have any material impact on the transfer of cash from TFGL to ZYSL or ZYCL or from ZYSL or ZYCL to
TFGL. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollar into foreign currencies
and the remittance of currencies out of Hong Kong, nor is there any restriction on any foreign exchange to transfer cash between TFGL
and its subsidiaries, across borders and to U.S. investors, nor there is any restrictions and limitations to distribute earnings from
the subsidiaries, to TFGL and U.S.&#160;investors and amounts owed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 108; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>8.B.&#160;Significant Changes</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Except as
otherwise disclosed in this report, we have not experienced any significant changes since the date of our audited consolidated financial
statements included herein</span>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
9. The Offer and Listing</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9.A. Offer and listing details</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for annual reports on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9.B.&#160;Plan of distribution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for annual reports on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9.C. Markets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Our Ordinary
Shares are listed on the Nasdaq Capital Market under the symbol &#8220;TOP.&#8221;</span>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9.D. Selling shareholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for annual reports on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9.E. Dilution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for annual reports on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9.F. Expenses of the issue</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for annual reports on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
10. Additional Information</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10.A. Share capital</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for annual reports on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10.B. Memorandum and articles of association</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are summaries of the material provisions
of our amended and restated memorandum and articles of association and the Companies Act, insofar as they relate to the material terms
of our Ordinary Shares. They do not purport to be complete. Reference is made to our amended and restated memorandum and articles of association,
a copy of which is filed as an exhibit to the annual report (and which is referred to in this section as, respectively, the &#8220;memorandum&#8221;
and the &#8220;articles&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Meetings of Shareholders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The directors may convene a meeting of shareholders
whenever they think necessary or desirable. We must provide notice counting from the date service is deemed to take place, stating the
place, the day and the hour of the general meeting and, in the case of special business, the general nature of that business, to such
persons who are entitled to receive such notices from the Company. Our board of directors must convene a general meeting upon the written
requisition of one or more shareholders entitled to attend and vote at general meeting of the Company holding not less than 10% of the
paid up voting share capital of the Company in respect to the matter for which the meeting is requested.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No business may be transacted at any general meeting
unless a quorum is present at the time the meeting proceeds to business. One or more shareholders present in person or by proxy holding
in aggregate at least a majority of the paid up voting share capital of the Company shall be a quorum. If, within half an hour from the
time appointed for the meeting, a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be dissolved.
In any other case, it shall stand adjourned to the same day in the next week, at the same time and place and if, at the adjourned meeting,
a quorum is not present within half an hour from the time appointed for the meeting, the shareholders present and entitled to vote shall
be a quorum. At every meeting, the shareholders present shall choose someone of their number to be the chairman.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A corporation that is a shareholder shall be deemed
for the purpose of our amended and restated memorandum and articles of association to be present at a general meeting in person if represented
by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of
the corporation which he represents as that corporation could exercise if it were our individual shareholder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Meetings of Directors</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The business of our company is managed by the
directors. Our directors are free to meet at such times and in such manner and places within or outside the Cayman Islands as the directors
determine to be necessary or desirable. The quorum necessary for the transaction of the business of the directors may be fixed by the
directors, and unless so fixed, if there be more than two directors shall be two, and if there are two or less Directors shall be one.
An action that may be taken by the directors at a meeting may also be taken by a resolution of directors consented to in writing by all
of the directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Winding Up</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are wound up and the assets available for
distribution among our shareholders are more than sufficient to repay the whole of the paid up capital at the commencement of the winding
up, the excess shall be distributable among those shareholders in proportion to the capital paid up at the commencement of the winding
up on the shares held by them respectively. If we are wound up and the assets available for distribution among the shareholders as such
are insufficient to repay the whole of the paid up capital, such assets shall be distributed so that, as nearly as may be, the losses
shall be borne by the shareholders in proportion to the capital paid up at the commencement of the winding up on the shares held by them,
respectively. If we are wound up, the liquidator may with the sanction of a special resolution and any other sanction required by the
Companies Act, divide among our shareholders in specie or kind the whole or any part of our assets (whether they shall consist of property
of the same kind or not), and may, for such purpose, set such value as the liquidator deems fair upon any property to be divided and may
determine how such division shall be carried out as between the shareholders or different classes of shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The liquidator may also vest the whole or any
part of these assets in trusts for the benefit of the shareholders as the liquidator shall think fit, but so that no shareholder will
be compelled to accept any assets, shares or other securities upon which there is a liability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Calls on Ordinary Shares and forfeiture
of Ordinary Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors may from time to time make
calls upon shareholders for any amounts unpaid on their Ordinary Shares in a notice served to such shareholders at least one month prior
to the specified time of payment. The Ordinary Shares that have been called upon and remain unpaid are subject to forfeiture.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Redemption, Repurchase and Surrender of
Ordinary Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue shares on terms that such shares
are subject to redemption, at our option, on such terms and in such manner as may be determined, before the issue of such shares, by our
board of directors or by an ordinary resolution of our shareholders.&#160;The Companies Act and our amended and restated memorandum and
articles of association permits us to purchase our own shares, subject to certain restrictions and requirements. Subject to the Companies
Act, our amended and restated memorandum and articles of association and to any applicable requirements imposed from time to time by the
Nasdaq, the U.S. Securities and Exchange Commission, or by any other recognized stock exchange on which our securities are listed, we
may purchase our own shares (including any redeemable shares) on such terms and in such manner as been approved by the directors or by
an ordinary resolution of our shareholders. Under the Companies Act, the repurchase of any share may be paid out of our Company&#8217;s
profits, or out of the share premium account, or out of the proceeds of a fresh issue of shares made for the purpose of such repurchase,
or out of capital. If the repurchase proceeds are paid out of our Company&#8217;s capital, our Company must, immediately following such
payment, be able to pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act, no such share
may be repurchased (1) unless it is fully paid up, and (2) if such repurchase would result in there being no shares outstanding other
than shares held as treasury shares. The repurchase of shares may be effected in such manner and upon such terms as may be authorized
by or pursuant to the Company&#8217;s articles of association. If the articles do not authorize the manner and terms of the purchase,
a company shall not repurchase any of its own shares unless the manner and terms of purchase have first been authorized by a resolution
of the company. In addition, under the Companies Act and our amended and restated memorandum and articles of association, our Company
may accept the surrender of any fully paid share for no consideration unless, as a result of the surrender, the surrender would result
in there being no shares outstanding (other than shares held as treasury shares).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 110; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Variations of Rights of Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If at any time, our share capital is divided into
different classes of shares,&#160; all or any of the rights attached to any class of our shares may (unless otherwise provided by the
terms of issue of the shares of that class) be varied with the consent in writing of the holders of two-thirds of the issued shares of
that class or with the sanction of a resolution passed by at least a two-thirds majority of holders of shares of that class as may be
present in person or by proxy at a separate general meeting of the holders of shares of that class.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Changes in Capital</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time to time by an ordinary resolution
of our shareholders:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">subdivide its existing shares, or any of them, into shares of a smaller amount provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share is derived; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">cancel any shares that, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our shareholders may by special resolution, subject
to confirmation by the Grand Court of the Cayman Islands on an application by our company for an order confirming such reduction,&#160;reduce
its share capital and any capital redemption reserve in any manner authorized by the Companies Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Inspection of Books and Records</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of our Ordinary Shares will have no general
right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide
our shareholders with annual audited financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Rights of Non-Resident or Foreign Shareholders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no limitations imposed by our amended
and restated memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights
on our shares. In addition, there are no provisions in our amended and restated memorandum and articles of association governing the ownership
threshold above which shareholder ownership must be disclosed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Issuance of additional Ordinary Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated memorandum and articles
of association authorizes our board of directors to issue additional Ordinary Shares from authorized but unissued shares, to the extent
available, from time to time as our board of directors shall determine.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 111; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Exempted Company&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are an exempted company
with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies.
Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered
as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted
company:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">is not required to open its register of members for inspection;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">does not have to hold an annual general meeting;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">may issue negotiable or bearer shares or shares with no par value;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20&#160;years in the first instance);</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">may register by way of continuation in another jurisdiction and be deregistered in the Cayman&#160;Islands;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">may register as a limited duration company; and</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">may register as a segregated portfolio company.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;Limited liability&#8221; means that the
liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the&#160;company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10.C. Material contracts</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than those described in this annual report,
we have not entered into any material agreements other than in the ordinary course of business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10.D. Exchange controls</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The Cayman
Islands, British Virgin Islands and Hong Kong currently have no exchange control regulations or currency restrictions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10.E</b>.&#160;<b>Taxation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Cayman Islands Taxation
</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Cayman Islands currently
levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature
of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands
except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of the
Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our company.
There are no exchange control regulations or currency restrictions in the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Payments of dividends
and capital in respect of the shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the
payment of a dividend or capital to any holder of our Ordinary Shares, nor will gains derived from the disposal of our Ordinary Shares
be subject to Cayman Islands income or corporation tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Hong Kong Taxation
</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following summary
of certain relevant taxation provisions under the laws of Hong Kong is based on current law and practice and is subject to changes therein.
This summary does not purport to address all possible tax consequences relating to purchasing, holding or selling our Ordinary Shares,
and does not take into account the specific circumstances of any particular investors, some of whom may be subject to special rules. Accordingly,
holders or prospective purchasers (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt
entities) should consult their own tax advisers regarding the tax consequences of purchasing, holding or selling our Ordinary Shares.
Under the current laws of Hong Kong:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">No profit tax is imposed in Hong Kong in respect of capital gains from the sale of the Ordinary Shares.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Revenues gains from the sale of our Ordinary Shares by persons carrying on a trade, profession or business in Hong Kong where the gains are derived from or arise in Hong Kong from the trade, profession or business will be chargeable to Hong Kong profits tax, which is currently imposed at the rate of 16.5% on corporations and at a maximum rate of 15% on individuals and unincorporated businesses.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Gains arising from the sale of Ordinary Shares, where the purchases and sales of the Ordinary Shares are effected outside of Hong Kong such as, for example, on Cayman Islands, should not be subject to Hong Kong profits tax.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">According to the current
tax practice of the Hong Kong Inland Revenue Department, dividends paid on the Ordinary Shares would not be subject to any Hong Kong tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">No Hong Kong stamp duty
is payable on the purchase and sale of the Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>United States Federal
Income Tax Considerations </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following discussion
is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Ordinary Shares by
a U.S. Holder (as defined below) that acquires our Ordinary Shares and holds our Ordinary Shares as &#8220;capital assets&#8221; (generally,
property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the Code. This discussion is based upon existing
U.S. federal tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been sought
from the Internal Revenue Service, or the IRS, with respect to any U.S. federal income tax considerations described below, and there can
be no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address the U.S. federal
estate, gift, and alternative minimum tax considerations, the Medicare tax on certain net investment income, information reporting or
backup withholding or any state, local, and non-U.S. tax considerations, relating to the ownership or disposition of our Ordinary Shares.
The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light
of their individual circumstances or to persons in special tax situations such as:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">persons that actually or constructively own 10% or more of our Ordinary Shares (by vote or value); or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding the Ordinary Shares through such entities,</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">all of whom may be subject
to tax rules that differ significantly from those discussed below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Each U.S. Holder is urged
to consult its tax advisor regarding the application of U.S. federal taxation to its particular circumstances, and the state, local, non-U.S.,
and other tax considerations of the ownership and disposition of our Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>General </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For purposes of this
discussion, a &#8220;U.S. Holder&#8221; is a beneficial owner of our Ordinary Shares that is, for U.S. federal income tax purposes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">a trust (i) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust, or (ii) that has otherwise validly elected to be treated as a U.S. person under the Code.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Ordinary Shares.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Passive Foreign
Investment Company Considerations </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A non-U.S. corporation,
such as our company, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year if either (i) 75% or more
of its gross income for such year consists of certain types of &#8220;passive&#8221; income or (ii) 50% or more of the value of its assets
(determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production
of passive income, or the asset test. Passive income generally includes, among other things, dividends, interest, rents, royalties, and
gains from the disposition of passive assets. Passive assets are those which give rise to passive income, and include assets held for
investment, as well as cash, assets readily convertible into cash, and working capital. The company&#8217;s goodwill and other unbooked
intangibles are taken into account and may be classified as active or passive depending upon the relative amounts of income generated
by the company in each category. We will be treated as owning a proportionate share of the assets and earning a proportionate share of
the income of any other corporation in which we own, directly or indirectly, 25% or more (by value) of the stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Based upon our current
and projected income and assets and projections as to the market price of our Ordinary Shares, we do not expect to be a PFIC for the current
taxable year or the foreseeable future. However, no assurance can be given in this regard because the determination of whether we are
or will become a PFIC is a factual determination made annually that will depend, in part, upon the composition and classification of our
income and assets, including the relative amounts of income generated by our potential strategic investment business as compared to our
other businesses, and the value of the assets held by our potential strategic investment business as compared to our other businesses.
Because there are uncertainties in the application of the relevant rules, it is possible that the IRS may challenge our classification
of certain income and assets as non-passive, which may result in our being or becoming classified as a PFIC in the current or subsequent
years. Furthermore fluctuations in the market price of our Ordinary Shares may cause us to be a PFIC for the current or future taxable
years because the value of our assets for purposes of the asset test, including the value of our goodwill and unbooked intangibles, may
be determined by reference to the market price of our Ordinary Shares from time to time (which may be volatile). In estimating the value
of our goodwill and other unbooked intangibles, we have taken into account our market capitalization. Among other matters, if our market
capitalization is less than anticipated or subsequently declines, we may be or become a PFIC for the current or future taxable years.
The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in
the initial public offering. Under circumstances where our revenues from activities that produce passive income significantly increases
relative to our revenues from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash
for active purposes, our risk of becoming a PFIC may substantially increase.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If we are a PFIC for
any year during which a U.S. Holder holds our Ordinary Shares, we generally will continue to be treated as a PFIC for all succeeding years
during which such U.S. Holder holds our Ordinary Shares unless, in such case, we cease to be treated as a PFIC and such U.S. Holder makes
a deemed sole election.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The discussion below
under &#8220;&#8212;Dividends&#8221; and &#8220;&#8212;Sale or Other Disposition&#8221; is written on the basis that we will not be or
become classified as a PFIC for U.S. federal income tax purposes. The U.S. federal income tax rules that apply generally if we are treated
as a PFIC are discussed below under &#8220;&#8212;Passive Foreign Investment Company Rules.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Dividends </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Any cash distributions
paid on our Ordinary Shares out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles,
will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by
the U.S. Holder. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any
distribution we pay will generally be treated as a &#8220;dividend&#8221; for U.S. federal income tax purposes. Dividends received on
our Ordinary Shares will not be eligible for the dividends received deduction allowed to corporations in respect of dividends-received
from U.S. corporations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Individuals and other
non-corporate U.S. Holders may be subject to tax on any such dividends at the lower capital gain tax rate applicable to &#8220;qualified
dividend income,&#8221; provided that certain conditions are satisfied, including that (i) our Ordinary Shares on which the dividends
are paid are readily tradable on an established securities market in the United States, (ii) we are neither a PFIC nor treated as such
with respect to a U.S. Holder for the taxable year in which the dividend is paid and the preceding taxable year, and (iii) certain holding
period requirements are met. We intend to list the Ordinary Shares on Nasdaq Capital Market. Provided that this listing is approved, we
believe that the ordinary should generally be considered to be readily tradeable on an established securities market in the United States.
There can be no assurance that the Ordinary Shares will continue to be considered readily tradable on an established securities market
in later years. U.S. Holders are urged to consult their tax advisors regarding the availability of the lower rate for dividends paid with
respect to the Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For U.S. foreign tax
credit purposes, dividends paid on our Ordinary Shares will generally be treated as income from foreign sources and will generally constitute
passive category income. The rules governing the foreign tax credit are complex and U.S. Holders are urged to consult their tax advisors
regarding the availability of the foreign tax credit under their particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Sale or Other Disposition
</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A U.S. Holder will generally
recognize gain or loss upon the sale or other disposition of Ordinary Shares in an amount equal to the difference between the amount realized
upon the disposition and the holder&#8217;s adjusted tax basis in such Ordinary Shares. Such gain or loss will generally be capital gain
or loss. Any such capital gain or loss will be long term if the Ordinary Shares have been held for more than one year. Non-corporate U.S.
Holders (including individuals) generally will be subject to United States federal income tax on long-term capital gain at preferential
rates. The deductibility of a capital loss may be subject to limitations. Any such gain or loss that the U.S. Holder recognizes will generally
be treated as U.S. source income or loss for foreign tax credit limitation purposes, which could limit the availability of foreign tax
credits. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition
of our Ordinary Shares, including the applicability of any tax treaty and the availability of the foreign tax credit under its particular
circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Passive Foreign
Investment Company Rules </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If we are classified
as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes a mark-to-market
election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make
to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent
of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder&#8217;s holding period for
the Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, Ordinary
Shares. Under the PFIC rules:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the excess distribution or gain will be allocated ratably over the U.S. Holder&#8217;s holding period for the Ordinary Shares;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the amount allocated to the current taxable year and any taxable years in the U.S. Holder&#8217;s holding period prior to the first taxable year in which we are classified as a PFIC (each, a &#8220;pre-PFIC year&#8221;), will be taxable as ordinary income; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; background-color: white; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As an alternative to
the foregoing rules, a U.S. Holder of &#8220;marketable stock&#8221; (as defined below) in a PFIC may make a mark-to- market election
with respect to such stock. If a U.S. Holder makes this election with respect to our Ordinary Shares, the holder will generally(i) include
as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the
end of the taxable year over the adjusted tax basis of such Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of
the adjusted tax basis of the Ordinary Shares over the fair market value of such Ordinary Shares held at the end of the taxable year,
but such deduction will only be allowed to the extent of the net amount previously included in income as a result of the mark-to-market
election. The U.S. Holder&#8217;s adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting
from the mark-to-market election. If a U.S. Holder makes a mark-to- market election in respect of our Ordinary Shares and we cease to
be classified as a PFIC, the holder will not be required to take into account the gain or loss described above during any period that
we are not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale
or other disposition of our Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated
as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as
a result of the mark-to-market election.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The mark-to-market election
is available only for &#8220;marketable stock,&#8221; which is stock that is traded in other than de minimis quantities on at least 15
days during each calendar quarter, or regularly traded, on a qualified exchange or other market, as defined in applicable United States
Treasury regulations. Our Ordinary Shares will be treated as marketable stock upon their listing on Nasdaq Capital Market. We anticipate
that our Ordinary Shares should qualify as being regularly traded, but no assurances may be given in this regard.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Because a mark-to-market
election cannot technically be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules
with respect to such U.S. Holder&#8217;s indirect interest in any investments held by us that are treated as an equity interest in a PFIC
for U.S. federal income tax purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We do not intend to provide
information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different
from (and generally less adverse than) the general tax treatment for PFICs described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If a U.S. Holder owns
our Ordinary Shares during any taxable year that we are a PFIC, the holder must generally file an annual IRS Form 8621. You should consult
your tax advisor regarding the U.S. federal income tax consequences of owning and disposing of our Ordinary Shares if we are or become
a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10.F. Dividends and paying agents</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for annual reports on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10.G. Statement by experts</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for annual reports on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10.H. Documents on display</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to the information requirements
of the Exchange Act. In accordance with these requirements, the Company files reports and other information with the SEC. You may read
and copy any materials filed with the SEC at the Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information
on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a web site at&#160;http://www.sec.gov&#160;that
contains reports and other information regarding registrants that file electronically with the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10.I. Subsidiary Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10.J. Annual Report to Security Holders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
11. Quantitative and Qualitative Disclosures About Market Risk</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Foreign Exchange Risk</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantially all of our revenues and expenses
are denominated in U.S. dollars and Hong Kong dollars and our expenses are denominated in U.S. dollars, Hong Kong dollars and Euro. We
have not used any derivative financial instruments to hedge exposure to such risk. Financial instruments held for proprietary trading
are denominated in Hong Kong dollars, U.S. dollars and EURO. Although in general our exposure to foreign exchange risks should be limited,
the value of your investment in our Ordinary Shares will be affected by the exchange rate between the U.S. dollar and Hong Kong dollar
as well as between U.S. dollar and EURO because a substantial portion of our operating costs and expenses is effectively denominated in
EURO, while our Ordinary Shares will be traded in U.S. dollars. We may seek to reduce the currency risk by entering into foreign currency
instruments. We did not have any currency hedging instruments as of March 31, 2023, 2022 and 2021, however management monitors movements
in exchange rates closely.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent we need to convert U.S. dollars
into Hong Kong dollars for our operations, appreciation of Hong Kong dollar against the U.S. dollar would reduce the amount in Hong Kong
dollars we receive from the conversion. Conversely, if we decide to convert Hong Kong dollars into U.S. dollars for the purpose of making
payments for dividends on our Ordinary Shares, or for other business purposes, appreciation of the U.S. dollar against the Hong Kong dollar
would reduce the U.S. dollar amounts available to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest Rate Risk</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our exposure to interest rate risk relates primarily
from our bank deposits and receivables from brokers and dealers. We have not used any derivative financial instruments to manage our interest
risk exposure. Although these interest earning instruments carry a degree of interest rate risk, we have not been exposed to, nor do we
anticipate being exposed to, material risks due to changes in market interest rates. However, our future interest income may fall short
of expectations due to changes in market interest rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Credit Risk</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our exposure to credit risk, which will cause
a financial loss to us due to failure to discharge an obligation by the counterparties, relates primarily to our bank deposits (including
our own cash at banks as well as the segregated clients account balances), receivables from brokers and dealers, and amount due from a
related company. We consider the maximum exposure to credit risk equals to the carrying amount of these financial assets in the consolidated
statement of financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For bank deposits and receivables from brokers
and dealers, the credit risk is limited as the counterparties are reputable financial institutions, brokers, dealers or clearing houses,
which are governed by regulators including the Hong Kong Monetary Authority, and the HKSFC. The credit risk exposure arising from the
amount due to a related company is considered to be minimal as the related company is owned by our major shareholder and under common
control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than concentration of credit risk on liquid
funds which are deposited with several banks with high credit ratings, we do not have any other significant concentrations of credit risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To mitigate the credit risk from defaults, we
have adopted a credit policy of dealing with creditworthy counterparties only, which are also under continuous monitoring. Our credit
exposure is controlled by counterparty limits that are reviewed and approved by our senior management periodically.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Price risk</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Price risk is the risk that the value of a financial
instrument will fluctuate as a result of changes in market prices, whether those changes are caused by factors specific to the individual
instrument or all instruments in the market. We are exposed to price risk in respect of financial instruments held for proprietary trading,
which comprises investments in certain equity securities. The exposure is limited to the carrying amount of the financial instruments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
12. Description of Securities Other than Equity Securities</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>12.A. Debt Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>12.B. Warrants and Rights</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>12.C. Other Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>12.D. American Depositary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PART II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
13. Defaults, Dividend Arrearages and Delinquencies</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not have any material defaults in the payment
of principal, interest,&#160;or any installments under a sinking or purchase fund.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
14. Material Modifications to the Rights of Securities Holders and Use of Proceeds</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>14.A. &#8211; 14.D. Material Modifications
to the Rights of Security Holders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">See &#8220;Item
10. Additional Information&#8221; for a description of the rights of shareholders, which remain unchanged.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>14.E. Use of Proceeds</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The following
&#8220;Use of Proceeds&#8221; information relates to the registration statement on Form&#160;</span>F-1<span style="background-color: white">&#160;(File&#160;</span>No.&#160;333-<span style="background-color: white">&#160;259441),
as amended, including the annual report contained therein, which registered 5,000,000 Ordinary Shares and was declared effective by the
SEC on May 31, 2022, for our initial public offering, which </span>completed <span style="background-color: white">on June 3, 2022, at
an initial offering price of US$5.00 per Ordinary Share. </span>Univest Securities, LLC <span style="background-color: white">was the
representative of the underwriters</span>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In connection with the
issuance and distribution of the <span style="background-color: white">Ordinary Shares </span>in our initial public offering, our expenses
incurred and paid to others totaled approximately US$2.16&#160;million, which included US$1.75&#160;million for underwriting discounts
and commissions. None of the transaction expenses included direct or indirect payments to directors or officers of our company or their
associates, persons owning more than 10% or more of our equity securities or our affiliates or others. We received an aggregate net proceeds
of approximately US$22.8&#160;million from our initial public offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of the date of this annual report, we have used US$128,000 of the
net proceeds received from our initial public offering for management and employee incentives and general corporate purposes, $6 million for investment in financial products, and $5 million as an interest-bearing loan to an unrelated third
party. We still intend to use the remainder of the proceeds from our initial public offering as disclosed in our registration statements
on Form&#160;F-1.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">None of these net proceeds
from our initial public offering and the optional offering was paid, directly or indirectly, to any of our directors or officers or their
associates, persons owning 10% or more of our equity securities or our affiliates or others.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
15. Controls and Procedures</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">(a)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Disclosure Controls and Procedures.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our management, with
the participation of our Chief Executive Officer and Acting Chief Financial Officer, has performed an evaluation of the effectiveness
of our disclosure controls and procedures (as defined in Rule&#160;13a-15(e)&#160;under the Exchange Act) as of the end of the period
covered by this report, as required by Rule&#160;13a-15(b)&#160;under the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon that evaluation, our management has
concluded that, as of March 31, 2023, our disclosure controls and procedures were ineffective as our management has identified a material
weakness that has been identified related to our lack of sufficient financial reporting and accounting personnel with appropriate knowledge
of the generally accepted accounting principles in the United States (&#8220;U.S. GAAP&#8221;) and SEC reporting requirements to properly
address complex U.S. GAAP accounting issues and to prepare and review our consolidated financial statements and related disclosures to
fulfill U.S. GAAP and SEC financial reporting requirements. The other material weakness that has been identified related to our lack of
comprehensive accounting policies and procedures manual in accordance with U.S. GAAP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To remedy the identified material weaknesses,
we have implemented and will continue to implement several measures to improve our internal control over financial reporting, including:
(i) that we engaged experienced financial consultant who worked closely with our internal finance team to assist us in preparing our financial
statements and related disclosures in accordance with U.S. GAAP; (ii) that our Chief Financial Officer received additional training in
U.S. GAAP through self-study and webinar courses, and began to periodically review major accounting literature updates provided by a major
accounting firm which provide an overview of recent U.S. accounting pronouncements. (iii) conducting regular and continuous U.S. GAAP
training programs and webinars for our financial reporting and accounting personnel; (iv) improving financial oversight function for handling
complex accounting issues under U.S. GAAP. However, the implementation of these measures may not fully address the deficiencies in our
internal control over financial reporting. We are not able to estimate with reasonable certainty the costs that we will need to incur
to implement these and other measures designed to improve our internal control over financial reporting. &#160;&#160;See &#8220;Risk Factors&#8212;Risks
Relating to Our Business and Industry&#8212; <i>We have identified certain material weakness in our internal control over financial reporting.
If we fail to implement and maintain an effective system of internal control to remediate our material weakness over financial reporting,
we may be unable to accurately report our results of operations, meet our reporting obligations, or prevent fraud</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 120; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the JOBS Act, we qualify as an &#8220;emerging
growth company as we recorded revenues less than US$1.235 billion in our most recent fiscal year, which allows us to take advantage of
specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include
exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act, in the assessment of the emerging growth
company&#8217;s internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither we nor our independent registered public
accounting firm undertook a comprehensive assessment of our internal control under the Sarbanes-Oxley Act for purposes of identifying
and reporting any weakness in our internal control over financial reporting, which, however, will be required once we become a public
company and after we cease to be an &#8220;emerging growth company&#8221; as such term is defined in the JOBS Act. Had we performed a
formal assessment of our internal control over financial reporting or had our independent registered public accounting firm performed
an audit of our internal control over financial reporting, additional control deficiencies may have been identified.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our management is responsible
for establishing and maintaining adequate internal control over financial reporting, as defined in Rule&#160;13a-15(f)&#160;and&#160;15d-15(f)&#160;under
the Exchange Act. Our management evaluated the effectiveness of our internal control over financial reporting, as required by Rule&#160;13a-15(c)&#160;of
the Exchange Act, based on criteria established in the framework in Internal Control-Integrated Framework (2013)&#160;issued by the Committee
of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has concluded that our internal control
over financial reporting was not effective as of March 31, 2023 due to a material weakness identified in our internal control over financial
reporting as described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation
of effectiveness of our internal control over financial reporting to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">(c)</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">This annual
report on Form&#160;</span>20-F<span style="background-color: white">&#160;does not include an attestation report of our registered public
accounting firm because we qualified as an &#8220;emerging growth company&#8221; as defined under the JOBS Act as of March 31, 2023.</span>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">(d)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Changes in internal control over financial reporting.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There have been no changes in our internal controls
over financial reporting occurred during the fiscal year ended March 31, 2023, that have materially affected, or are reasonably likely
to materially affect, our internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>item
</b></span><b>16. [Reserved]</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
16A. Audit Committee Financial Expert</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit committee consists of Mr. Anthony S.
Chan, Ms. Mei Cai, and Mr. Mau Chung Ng and is chaired by Mr. Anthony S. Chan. Mr. Mau Chung Ng and Ms. Mei Cai each satisfies the &#8220;independence&#8221;
requirements of Rule 5605 of the Corporate Governance Rules of Nasdaq Stock Market and meets the independence standards under Rule 10A-3
under the Exchange Act. We have determined that Mr. Anthony S. Chan qualifies as an &#8220;audit committee financial expert.&#8221;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
16B. Code of Ethics</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has adopted a Code of Business Conduct
and Ethics that applies to the Company&#8217;s directors, officers, employees and advisors. The Code of Business Conduct and Ethics is
attached as an exhibit to this annual report. Copy of the Code of Business Conduct and Ethics is also available on our website at <i>www.ZYFGL.com</i>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
16C. Principal Accountant Fees and Services</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">YCM CPA Inc. was appointed by the Company to serve
as its independent registered public accounting firm for fiscal years ended March 31, 2023 and 2022. Audit services provided by YCM CPA
Inc. for fiscal years ended March 31, 2023 and 2022 included the examination of the consolidated financial statements of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Friedman LLP was appointed by the Company to serve
as its independent registered public accounting firm for fiscal year ended March 31, 2021. Audit services provided by Friedman LLP for
fiscal year ended March 31, 2021 included the examination of the consolidated financial statements of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 121; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fees Paid to Independent Registered Public
Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Auditor Fees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following table sets
forth the aggregate fees by categories specified below in connection with certain professional services rendered by YCM CPA Inc. and Friedman
LLP, our independent registered public accounting firms, for the periods indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended March 31,</td><td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1.5pt solid">Services</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">US$</td><td style="font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">US$</td><td style="font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">Audit Fees<sup>(1)</sup> - Friedman LLP</span></td><td style="width: 1%; font-size: 10pt">&#160;</td>
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    <td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 9%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 10pt">Audit Fees<sup>(1)</sup> - YCM CPA Inc.</span></td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 4pt">Total</td><td style="font-size: 10pt; padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="background-color: white">(1)</span></td><td style="text-align: justify"><span style="background-color: white">Audit fees include
the aggregate fees billed in each of the fiscal years for professional services rendered by our independent registered public accounting
firm for the audit of our annual financial statements, review of the interim financial statements&#160;and for the audits of our financial
statements in connection with our initial public offering, and comfort letter in connection with the underwritten public offering.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The policy of our audit
committee is to&#160;pre-approve&#160;all audit and&#160;non-audit&#160;services provided by our independent registered public accounting
firm, including audit services and audit-related services as described above, other than those for de minimus services which are approved
by the audit committee prior to the completion of the audit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
16D. Exemptions from the Listing Standards for Audit Committees</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Not applicable.</span>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
16F. Change in Registrant&#8217;s Certifying Accountant</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 26, 2022,&#160;the Company notified its independent
registered public accounting firm, Friedman LLP its decision to dismiss Friedman LLP as the Company&#8217;s auditor. On June 26, 2022,
the Audit Committee of the Company approved and ratified the appointment of YCM CPA Inc. as its new independent registered public accounting
firm to audit the Company&#8217;s financial statements for the fiscal year ended March 31, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audit reports of Friedman LLP on the financial
statements of the Company as of and for the fiscal years ended March 31, 2021 and 2020 did not contain an adverse opinion or disclaimer
of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 122; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal; background-color: white">During
Friedman LLP&#8217;s term of audit engagement from July 6, 2020 to June 26, 2022, the date of dismissal, (a) there were no disagreements
with Friedman LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure,
which disagreements, if not resolved to the satisfaction of Friedman LLP, would have caused it to make reference thereto in its reports
on the financial statements for such years and (b) there were no &#8220;reportable events&#8221; as described in Item 304(a)(1)(v) of
Regulation S-K.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
16G. Corporate Governance</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As a company listed on
the Nasdaq Capital Market, we are subject to the Nasdaq corporate governance listing standards. However, Nasdaq rules&#160;permit a foreign
private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the
Cayman Islands, which is our home country, may differ significantly from the Nasdaq corporate governance listing standards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, we do not plan to rely on home country
practice with respect to our corporate governance. However, to the extent we choose to follow home country practice in the future, our
shareholders may be afforded less protection than they otherwise would under the Nasdaq corporate governance listing standards applicable
to U.S. domestic issuers. See &#8220;Item&#160;3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Capital Structure&#8212;
<i>We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to U.S. domestic public companies</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><div><a id="a_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
16H. Mine Safety Disclosure</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-variant: small-caps"><b>Item 16I. Disclosure Regarding
Foreign Jurisdictions that Prevent Inspections</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_033"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-variant: small-caps"><b>Item 16J. Insider Trading
Policies</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">We have
adopted insider trading policies governing the purchase, sale, and other dispositions of our securities by directors, senior management,
and employees. A copy of the insider trading policies is attached as an exhibit to this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 123; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_029"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART III</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
17. Financial Statements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See <span style="background-color: white">&#8220;Item 18. Financial
Statements.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
18. Financial Statements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our consolidated financial statements are included at the end of this
annual report, beginning with page F-1.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_032"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps"><b>Item
19. Exhibits</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 9%; border-bottom: black 1.5pt solid"><span style="font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="width: 90%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Description&#160;of&#160;Exhibit</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2023ex1-1_topfinancial.htm"><span style="font-size: 10pt">Amended and Restated Memorandum and Articles of Association of TOP Financial Group Limited</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2023ex2-1_topfinancial.htm">Description of Securities</a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1848275/000121390021047369/ea146768ex10-1_zhongyang.htm"><span style="font-size: 10pt">Employment
    Agreement by and between TOP Financial Group Ltd. and Yung Yung Lo dated February 1, 2021 (incorporated by reference to Exhibit 10.1
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1848275/000121390021047369/ea146768ex10-5_zhongyang.htm"><span style="font-size: 10pt">Service Level Agreement between TOP Securities Limited and 2GoTrade Limited dated December 12, 2017 (incorporated by reference to Exhibit 10.5 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1848275/000121390021047369/ea146768ex10-6_zhongyang.htm"><span style="font-size: 10pt">English Translation of the Esunny International Financial Derivatives Trading Analysis System Sales Contract between Zhong Yang Securities Limited and Zhengzhou Esunny Information Technology Co., Ltd. dated December 13, 2016 (incorporated by reference to Exhibit 10.6 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1848275/000121390021047369/ea146768ex10-9_zhongyang.htm"><span style="font-size: 10pt">Form of Indemnification Agreement with directors and officers (incorporated by reference to Exhibit 10.9 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1848275/000121390022048570/f20f2022ex4-10_topfinancial.htm"><span style="font-size: 10pt">License Agreement between Junli Yang and WIN100 TECH Limited, dated August 11, 2022&#160;(incorporated by reference to Exhibit 4.10 to our annual report on Form 20-F filed with the SEC on August 16, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td style="text-align: justify"><a href="f20f2023ex4-12_topfinancial.htm"><span style="font-size: 10pt">Share Purchase Agreement by and among Junli Yang, WIN100 WEALTH LIMITED,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: justify">&#160;</td>
    <td style="width: 90%; text-align: justify"><a href="f20f2023ex8-1_topfinancial.htm"><span style="font-size: 10pt">List of Subsidiaries</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1848275/000121390021047369/ea146768ex14-1_zhongyang.htm"><span style="font-size: 10pt">Code of Business Conduct and Ethics (incorporated by reference to Exhibit 14.1 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2023ex11-2_topfinancial.htm"><span style="font-size: 10pt">Insider Trading Policies</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td><span style="font-size: 10pt">Inline XBRL Instance Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td><span style="font-size: 10pt">Inline XBRL Taxonomy Extension Schema Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: White">
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    <td>&#160;</td>
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">*</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">**</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 125; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registrant hereby certifies that it meets
all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report
on its behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="3"><span style="font-size: 10pt"><b>TOP Financial Group Limited</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">By:&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid"><span style="font-size: 10pt"><i>/s/ Ka Fai Yuen</i></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-size: 10pt">Name:&#160;</span></td>
    <td><span style="font-size: 10pt">Ka Fai Yuen</span></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%">&#160;</td>
    <td style="width: 4%">&#160;</td>
    <td style="width: 5%"><span style="font-size: 10pt">Title:</span></td>
    <td style="width: 31%"><span style="font-size: 10pt">Chief Executive Officer and Director</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: June 29, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP FINANCIAL GROUP LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="width: 89%; padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><b>Consolidated Financial Statements</b></span></td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: center">&#160;</td></tr> <tr style="vertical-align: top; background-color: white"> <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><a href="#finn_001">Reports of Independent Registered Public Accounting Firm (PCAOB ID <ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">6781</ix:nonNumeric>)</a></span></td> <td>&#160;</td> <td style="text-align: center">F-2</td></tr> <tr style="vertical-align: top; background-color: white"> <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><a href="#fin_001b">Reports of Independent Registered Public Accounting Firm (PCAOB ID 711)</a></span></td> <td>&#160;</td> <td style="text-align: center">F-3</td></tr> <tr style="vertical-align: top; background-color: white"> <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><a href="#fin_001">Consolidated Balance Sheets as of March 31, 2023 and 2022</a></span></td> <td>&#160;</td> <td style="text-align: center">F-4</td></tr> <tr style="vertical-align: top; background-color: white"> <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><a href="#fin_002">Consolidated Statements of Income and Comprehensive Income for the years ended March 31, 2023, 2022 and 2021</a></span></td> <td>&#160;</td> <td style="vertical-align: bottom; text-align: center">F-5</td></tr> <tr style="vertical-align: top; background-color: white"> <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><a href="#fin_003">Consolidated Statements of Changes in Shareholders&#8217; Equity for the years ended March 31, 2023, 2022 and 2021</a></span></td> <td>&#160;</td> <td style="text-align: center">F-6</td></tr> <tr style="vertical-align: top; background-color: white"> <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><a href="#fin_004">Consolidated Statements of Cash Flows for the years ended March 31, 2023, 2022 and 2021</a></span></td> <td>&#160;</td> <td style="text-align: center">F-7</td></tr> <tr style="vertical-align: top; background-color: white"> <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><a href="#fin_005">Notes to Consolidated Financial Statements</a></span></td> <td>&#160;</td> <td style="text-align: center">F-8 to F-27</td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 127; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="finn_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Board of Directors and the shareholders
of</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TOP Financial Group Limited (formerly &#8220;Zhong
Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Opinion on the Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
balance sheets of TOP Financial Group Limited and subsidiaries (collectively, the &#8220;Company&#8221;) as of March 31, 2023 and 2022,
and the related consolidated statements of operations and comprehensive income, changes in shareholders&#8217; equity, and cash flows
for the years ended March 31, 2023 and 2022 and the related notes (collectively referred to as the &#8220;financial statements&#8221;).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position
of the Company as of March 31, 2023 and 2022, and the results of its operations and its cash flows for the years ended March 31, 2023
and 2022, in conformity with accounting principles generally accepted in the United States of America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ YCM CPA, Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&#8217;s auditor
since 2022.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PCAOB ID 6781</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Irvine, California</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">June 29, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 128; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><img alt="" src="image_009.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><div><a id="fin_001b"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Shareholders and the Board of Directors of</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TOP Financial Group Limited</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Opinion on the Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
statements of income and comprehensive income, changes in shareholders&#8217; equity, and cash flows for the year ended March 31, 2021,
and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial
statements present fairly, in all material respects, the results of its operations and its cash flows for the year ended March 31, 2021,
in conformity with accounting principles generally accepted in the United States of America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basis for Opinion</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the U.S. Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable
basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Friedman LLP</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&#8217;s auditor since 2020 through 2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 10, 2021</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="fin_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Consolidated Balance Sheets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Expressed in U.S. Dollars, except for the number
of shares)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Assets</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 0.25in">Cash and cash equivalents</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">15,966,421</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">6,199,213</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Restricted cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCashAndCashEquivalents" scale="0" unitRef="usd">1,879,472</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCashAndCashEquivalents" scale="0" unitRef="usd">1,757,546</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Loans receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="top:LoansReceivable" scale="0" unitRef="usd">8,855,220</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-2">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Receivables from broker-dealers and clearing organizations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ReceivablesFromBrokersDealersAndClearingOrganizations" scale="0" unitRef="usd">3,212,777</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ReceivablesFromBrokersDealersAndClearingOrganizations" scale="0" unitRef="usd">2,360,157</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Receivables from customers</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="top:CommissionReceivable" scale="0" unitRef="usd">3,773,982</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="top:CommissionReceivable" scale="0" unitRef="usd">1,230,542</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Receivables from customers &#8211; a related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="top:DueFromRelatedPartieCurrent" scale="0" unitRef="usd">1,523,259</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Securities owned, at fair value</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedAtFairValue" scale="0" unitRef="usd">2,741,178</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedAtFairValue" scale="0" unitRef="usd">1,288,747</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Fixed assets, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="usd">482,130</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="usd">421,285</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Intangible asset, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherIntangibleAssetsNet" scale="0" unitRef="usd">63,695</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherIntangibleAssetsNet" scale="0" unitRef="usd">63,837</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Right of use assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="usd">156,656</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="usd">242,665</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Long-term investment in a joint venture</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLongTermInvestments" scale="0" unitRef="usd">256,420</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Deposit for long-term investment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="top:DepositForLongtermInvestment" scale="0" unitRef="usd">200,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Available-for-sale investment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="top:AvailableforsaleInvestment" scale="0" unitRef="usd">1,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Income tax recoverable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesReceivable" scale="0" unitRef="usd">14,386</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesReceivable" scale="0" unitRef="usd">20,292</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Other assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" unitRef="usd">158,300</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" unitRef="usd">296,532</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total assets</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd">40,283,896</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd">13,880,816</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Liabilities and shareholders&#8217; equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Payable to customers</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="top:DueToRelatedPartieCurrentAndNoncurrent" scale="0" unitRef="usd">3,500,690</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="top:DueToRelatedPartieCurrentAndNoncurrent" scale="0" unitRef="usd">3,210,113</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Payable to customers &#8211; related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="top:DueToRelatedPartieCurrent" scale="0" unitRef="usd">43,127</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="top:DueToRelatedPartieCurrent" scale="0" unitRef="usd">99,423</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Accrued expenses and other liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" scale="0" unitRef="usd">688,617</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" scale="0" unitRef="usd">131,317</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd">150,139</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd">244,861</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">4,332,573</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">3,685,714</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Commitments and contingencies</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">&#160;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Shareholders&#8217; Equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><ix:footnote id="ix_0_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retrospectively
restated for effect of share reorganization (see Note 11).</span></ix:footnote></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 130; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="fin_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Consolidated Statements of Income and Comprehensive
Income</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Expressed in U.S. dollar, except for the number
of shares)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 18pt">Total expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><ix:footnote id="ix_1_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retrospectively
restated for effect of share reorganization (see Note 11).</span></ix:footnote></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 131; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="fin_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Consolidated Statements of Changes in Shareholders&#8217;
Equity</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Expressed in U.S. dollar, except for the number
of shares)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><ix:footnote id="ix_2_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retrospectively
restated for effect of share reorganization (see Note 11).</span></ix:footnote></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 132; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="fin_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Consolidated Statements of Cash Flows</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Expressed in U.S. dollar)</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherReceivables" scale="0" unitRef="usd">2,550,987</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-51">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInLongTermReceivablesCurrent" scale="0" unitRef="usd">3,855,220</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivableRelatedParties" scale="0" unitRef="usd">1,523,259</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-52">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-53">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="top:ReceivablesFromBrokerdealersAndClearingOrganizations" scale="0" unitRef="usd">859,053</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Securities owned, at fair value</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivableFromSecuritization" scale="0" unitRef="usd">1,453,660</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivableFromSecuritization" scale="0" unitRef="usd">812,063</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivableFromSecuritization" scale="0" unitRef="usd">347,112</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Other assets</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" unitRef="usd">143,229</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Payable to customers</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPayablesToCustomers" scale="0" unitRef="usd">298,172</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPayablesToCustomers" scale="0" sign="-" unitRef="usd">6,636</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPayablesToCustomers" scale="0" sign="-" unitRef="usd">2,872,467</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Payables to customers &#8211; related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDueToOtherRelatedParties" scale="0" sign="-" unitRef="usd">56,215</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDueToOtherRelatedParties" scale="0" unitRef="usd">78,006</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Accrued expenses and other liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" scale="0" unitRef="usd">357,681</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" scale="0" unitRef="usd">13,830</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" scale="0" sign="-" unitRef="usd">40,655</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Income tax recoverable and payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" unitRef="usd">5,869</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" sign="-" unitRef="usd">149,579</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" unitRef="usd">70,388</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd">104,170</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd">51,589</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-54">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Net cash (used in) provided by operating activities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">6,031,451</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" unitRef="usd">1,584,921</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" unitRef="usd">4,333,768</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify; text-indent: -9pt; padding-left: 9pt">Cash flows from investing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Purchases of fixed assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireFurnitureAndFixtures" scale="0" unitRef="usd">86,443</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireFurnitureAndFixtures" scale="0" unitRef="usd">413,890</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireFurnitureAndFixtures" scale="0" unitRef="usd">16,278</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Investment in a joint venture</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireInterestInJointVenture" scale="0" unitRef="usd">256,420</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-56">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Deposit for long-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireLongtermInvestments" scale="0" unitRef="usd">200,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-57">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-58">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Loans made to a third party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToFundLongtermLoansToRelatedParties" scale="0" unitRef="usd">5,000,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-59">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-60">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="top:AmountDueFromARelatedParty" scale="0" unitRef="usd">2,876,244</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-69">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd">7,956,759</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c37" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd">6,835,476</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" sign="-" unitRef="usd">49,748</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" sign="-" unitRef="usd">20,261</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Cash, cash equivalents and restricted cash, end of year</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd">17,834,302</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Cash and cash equivalents</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations" scale="0" unitRef="usd">15,954,830</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations" scale="0" unitRef="usd">6,199,213</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c37" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations" scale="0" unitRef="usd">4,858,052</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Restricted cash</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCash" scale="0" unitRef="usd">1,879,472</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c37" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCash" scale="0" unitRef="usd">1,977,424</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total cash, cash equivalents, and restricted cash</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><!-- Field: Page; Sequence: 133; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="fin_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1. Organization and Description of Business</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">TOP Financial Group Limited
(the &#8220;Company&#8221;, formerly &#8220;Zhong Yang Financial Group Limited&#8221; and &#8220;ZYFGL&#8221;) (&#8220;ZYFGL&#8221;) is
a company incorporated in Cayman Islands with limited liability on August 1, 2019. ZYFGL is a parent holding company with no operations.
Effective on July 13, 2022, the Company changed its name from &#8220;Zhong Yang Financial Group Limited&#8221; to &#8220;TOP Financial
Group Limited&#8221; (&#8220;Name Change&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">ZYFGL has two wholly-owned
subsidiaries, ZYSL (BVI) Limited (&#8220;ZYSL (BVI)&#8221;) and ZYCL (BVI) Limited (&#8220;ZYCL (BVI)&#8221;), both which are investment
holding entities formed under the laws and regulations of the British Virgin Islands on August 29, 2019.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Zhong Yang Securities Limited
(&#8220;ZYSL&#8221;), a wholly-owned subsidiary of ZYSL (BVI), was established in accordance with laws and regulations of Hong Kong on
April 22, 2015 with a registered capital of HKD <ix:nonFraction contextRef="c54" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestments" scale="0" unitRef="hkd">18,000,000</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c54" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestments" scale="6" unitRef="usd">2.3</ix:nonFraction> million). ZYSL is a limited liability corporation licensed
with the Hong Kong Securities and Futures Commission (&#8220;HKSFC&#8221;) to carry out regulated activities including Type 1 Dealing
in Securities and Type 2 Dealing in Futures Contracts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Zhong Yang Capital Limited
(&#8220;ZYCL&#8221;), a wholly-owned subsidiary of ZYCL (BVI), was established in accordance with laws and regulations of Hong Kong on
September 29, 2016 with a registered capital of HKD <ix:nonFraction contextRef="c55" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestments" scale="0" unitRef="hkd">5,000,000</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c55" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestments" scale="6" unitRef="usd">0.6</ix:nonFraction> million). ZYCL is a limited liability corporation licensed
with the HKSFC to carry out regulated activities Type 4 Advising on Securities, Type 5 Advising on Futures Contracts and Type 9 Asset
Management.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Eight subsidiaries, ZYAL (BVI)
Limited (&#8220;ZYAL (BVI)&#8221;), ZYTL (BVI) Limited (&#8220;ZYTL (BVI)&#8221;), ZYNL (BVI) Limited (&#8220;ZYNL (BVI)&#8221;), WIN100
Tech Limited (&#8220;WIN100 TECH&#8221;), ZYPL (BVI) Limited (&#8220;ZYPL (BVI)&#8221;), ZYXL (BVI) Limited (&#8220;ZYXL (BVI)&#8221;),
ZYIL (BVI) Limited (&#8220;ZYIL (BVI)&#8221;) and ZYFL (BVI) Limited (&#8220;ZYFL (BVI)&#8221;) were incorporated under the laws of British
Virgin Islands on January 7, 2021, January 12, 2021, January 20, 2021, May 14, 2021, July 14, 2022, July 14, 2022, November 11, 2022 and
November 11, 2022, respectively. These subsidiaries are dormant as of the date of this report, except for WIN100 TECH, which provides&#160;trading
solutions for&#160;clients&#160;trading on the world&#8217;s major derivatives and stock exchanges.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">On November 28, 2022,
ZYPL (BVI) established Top Financial Pte. Ltd. (&#8220;Top Fin&#8221;) in accordance with laws and regulations of Republic of
Singapore. On the same date, ZYXL (BVI) set up Top Asset Management Pte. Ltd. (&#8220;Top AM&#8221;) in accordance with laws and
regulations of Republic of Singapore. On February 24, 2023, ZYFL established Winrich Finance Limited in accordance with laws and
regulations of Hong Kong. On February 9, 2023, the Company, through ZYIL (BVI), purchased <ix:nonFraction contextRef="c56" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% equity interest in Win100 Wealth
Limited (&#8220;Win100 Wealth&#8221;) from an entity controlled by the controlling shareholder of the Company. The acquisition of
Win100 Wealth was considered as business combination under common control. As of the acquisition date, Win100 Wealth had no
operating activities and there were no assets or liabilities balance, income or expense, or cash flows in the financial statement of
Win100 Wealth. Therefore, there was no financial impact resulting from the
acquisition of Win100 Wealth.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 134; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1. Organization and Description of Business (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><ix:continuation id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">ZYFGL together with its subsidiaries
(collectively, the &#8220;Company&#8221;) are primarily engaged in providing futures brokerage and other financial services in Hong Kong
through a trading platform to its customers. The Company generates brokerage commission income by enabling its customer to trade on multiple
exchanges around the world.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">On June 3, 2022, the Company
completed its initial public offering on the National Association of Securities Dealers Automated Quotations (&#8220;NASDAQ&#8221;). In
this offering, <ix:nonFraction contextRef="c57" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">5,000,000</ix:nonFraction> ordinary shares were issued at a price of $<ix:nonFraction contextRef="c58" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">5.00</ix:nonFraction> per share. The gross proceeds received from the initial public
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Capital Market under the ticker symbol &#8220;TOP.&#8221;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Reorganization</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Reorganization of the legal
structure of the Company (&#8220;Reorganization&#8221;) has been completed on March 26, 2020 by carrying out a sequence of contemplated
transactions, where the Company became the holding company of all entities discussed above.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="background-color: white">Previous
to the reorganization, both ZYSL and ZYCL were held by Zhong Yang Holdings Company (the &#8220;Predecessor Parent Company&#8221;), a company
incorporated in Hong Kong with limited liability on April 21, 2015. The Predecessor Parent Company was owned&#160;<ix:nonFraction contextRef="c60" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">55.5</ix:nonFraction>% by Ms. Yang Junli,&#160;<ix:nonFraction contextRef="c61" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">20.2</ix:nonFraction>%
by Ms. Ji An,&#160;<ix:nonFraction contextRef="c62" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% by Mr. Chen Tseng Yuan,&#160;<ix:nonFraction contextRef="c63" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">8.3</ix:nonFraction>% by Ms. Lo Yung Yung,&#160;<ix:nonFraction contextRef="c64" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">4</ix:nonFraction>% by Ms. Chen Hong, and&#160;<ix:nonFraction contextRef="c65" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">2</ix:nonFraction>% by Mr. Li Jian. The
first step of the Reorganization was incorporating TFGL, which had then incorporated ZYSL (BVI) and ZYCL (BVI) on August 29, 2019. With
the approval obtained from HKSFC, the ownership interests in ZYSL and ZYCL were transferred from the Predecessor Parent Company to ZYSL
(BVI) and ZYCL (BVI), respectively on March 26, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Before and after the Reorganization,
the Company, together with its wholly-owned subsidiaries, are ultimately and effectively controlled by the same shareholders. Hence, the
Reorganization is considered under common control. The consolidation of the Company and its subsidiaries has been accounted for at historical
cost as of the beginning of the first period presented in the accompanying consolidated financial statements.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>


</div><!-- Field: Page; Sequence: 135; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. Summary of Significant Accounting Policies</b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Basis of presentation and principle of consolidation</i></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

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statements are prepared in accordance with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) and have been prepared
in accordance with the regulations of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

<ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The consolidated financial
statements include the financial statements of parent company and its wholly owned subsidiaries. All significant intercompany balances
and transactions have been eliminated in consolidation.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>&#160;</i></p>

<ix:nonNumeric contextRef="c0" continuedAt="top_EmergingGrowthCompanyPolicyTextBlock-c0_cont_1" escape="true" name="top:EmergingGrowthCompanyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Emerging Growth Company</i></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

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growth company,&#8221; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012
(the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the
auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive
compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote
on executive compensation and shareholder approval of any golden parachute payments not previously approved.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

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of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class
of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS
Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging
growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period
which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company,
as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make comparison of the Company&#8217;s financial statements with another public company which is neither an emerging growth company
nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential
differences in accounting standards used.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>&#160;</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

<ix:continuation id="_UseOfEstimates-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The preparation of consolidated
financial statements in conformity with accounting principles generally accepted in the U. S. requires the use of estimates and assumptions
that affect both the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of
the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results may differ
from those estimates.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

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of deposits with banks and all highly liquid investments, with maturities of three months or less. The Company maintains its cash in bank
deposit accounts which at times may exceed insured limits. The Company has not experienced any losses in such accounts. Management believes
that the Company is not exposed to any significant credit risk on cash and cash equivalents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></p><div>

</div><!-- Field: Page; Sequence: 136; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. Summary of Significant Accounting Policies (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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represents the bank balance the Company held on behalf of customers. The Company maintains segregated bank accounts with authorized institutions
to hold clients&#8217; monies arising from its normal course of business. The segregated clients account balance are restricted for client
transactions and governed by the Securities and Futures (Client Money) Rule under the Hong Kong Securities and Futures Ordinance (&#8220;HKSFO&#8221;).
The Company has classified such segregated clients account balances as restricted cash.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

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mainly investment in common stocks, are recorded at fair value with the resulting realized and unrealized gains and losses reflected in
trading gains in the Consolidated Statements of Income and Comprehensive Income. Realized gains and losses from securities transactions
are recorded on the identified cost basis. All securities transactions and transaction costs are recorded on a trade date basis.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="top_ReceivablesFromBrokerdealersAndClearingOrganizationsPolicyTextBlock-c0_cont_1" escape="true" name="top:ReceivablesFromBrokerdealersAndClearingOrganizationsPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Receivables from broker-dealers and clearing
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

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business of dealing in futures or investment securities. Broker-dealers will require balances to be placed with them in order to cover
the positions taken by its customers. Clearing house receivables typically represent proceeds receivable on trades that have yet to settle
and are usually collected within two days. The balance of receivables from broker-dealers and clearing organizations represents such receivables
related to the Company&#8217;s customer trading activities and proprietary trading activities.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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receivables from broker-dealers and clearing organizations consisted of the following:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: 9pt">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="top:ScheduleOfReceivablesFromBrokerdealersAndClearingOrganizations"><ix:continuation id="top_ReceivablesFromBrokerdealersAndClearingOrganizationsPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ReceivablesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ReceivablesPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Receivables from customers</i></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

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include the trading solution services fees and other amounts due from customers once the transactions have been executed and completed.
Receivables from customers are recorded net of allowance for doubtful accounts. Revenues earned from the future brokerage service are
included in future brokerage commission, and revenues earned from trading solution services are included in trading solution services
income. The amounts receivable from customers that are determined by management to be uncollectible and are recorded as bad debt expense
in the consolidated statements of operations. For the years ended March 31, 2023, 2022 and 2021, no allowance for doubtful accounts were
recorded.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 137; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. Summary of Significant Accounting Policies (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_3" id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_InvestmentPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:InvestmentPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investment in a joint venture</i></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

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equity method to account for investment in a limited partnership and other investees, according to ASC 323 &#8220;Investments &#8212;
Equity Method and Joint Ventures&#8221;, over which it has significant influence but does not own a controlling financial interest.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

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the Company&#8217;s share of the post-acquisition profits or losses of the equity investee is recognized in the consolidated statements
of operations and comprehensive income. The Company records its share of the results of the equity investees on a one quarter in arrears
basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee generally represents
goodwill and intangible assets acquired. When the Company&#8217;s share of losses of the equity investee equals or exceeds its interest
in the equity investee, the Company does not recognize further losses, unless the Company has incurred obligations or made payments or
guarantees on behalf of the equity investee.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

<ix:continuation id="_InvestmentPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">The Company continually
reviews its investments in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary.
The primary factors the Company considers in its determination include the financial condition, operating performance and the prospects
of the equity investee; other company specific information such as recent financing rounds; the geographic region, market and industry
in which the equity investee operates; and the length of time that the fair value of the investment is below its carrying value. If the
decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value. No
impairment of was recognized for the years ended March 31, 2023, 2022, and 2021.&#160;&#160;</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="top_FixedAssetPolicyTextBlock-c0_cont_1" escape="true" name="top:FixedAssetPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fixed assets, net</i></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

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cost less accumulated depreciation and impairment losses. Depreciation is provided using the straight-line method based on the estimated
useful life. The useful lives of office equipment as follows:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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apartments for the purpose to earn rental expenses or capital appreciation.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

<ix:continuation id="top_FixedAssetPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Expenditures for repairs
and maintenance, which do not materially extend the useful lives of the assets, are expensed as incurred. Expenditures for major renewals
and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of
assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the consolidated statement
of income and other comprehensive income in other income or expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. Summary of Significant Accounting Policies (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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recognized at cost. The useful lives of intangible assets are assessed to be either finite or indefinite. The Company&#8217;s intangible
assets consist of eligibility rights to trade on or through the Stock Exchange of Hong Kong Limited (the &#8220;SEHK&#8221;). Management
has determined that such assets have indefinite useful lives. These intangible assets are not amortized and tested for impairment annually
either individually or at the cash-generating unit level. The useful life of an intangible asset with an indefinite life is reviewed annually
to determine whether indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite
to finite is accounted for on a prospective basis.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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in accumulated other comprehensive income. Realized gains or losses were included in interest income in the consolidated statements of
income and comprehensive income during the period in which the gain or loss was realized.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted
net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured
by the amount by which the carrying amount of the assets exceeds the fair value of the assets. No impairment of long-lived assets was
recognized for the years ended March 31, 2023, 2022 and 2021.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability,
which is a lessee&#8217;s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use
asset, which is an asset that represents the lessee&#8217;s right to use, or control the use of, a specified asset for the lease term.
The Company leases its office from a third-party lessor since September 2021, before that the Company leased the same office from the
Predecessor Parent Company, which is classified as an operating lease in accordance with Topic 842.</p></ix:continuation>

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the lease agreement between the Company and the third party lessor, the Company recognizes the lease liability at the present value of
the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined,
the Company&#8217;s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially
at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly
of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. There was no impairment
for right-of-use lease assets as of March 31, 2023 and 2022.</p></ix:continuation>

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short-term lease recognition exemption and will not recognize right of use assets or lease liabilities for leases with a term less than
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

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from the business of dealing in futures and investment securities. Payables to customers represent payables related to the Company&#8217;s
customer trading activities, which include the cash deposits received by the Company as requested by third party broker-dealers to place
with them in order to cover the positions taken by its customers, clearing house payables due on pending trades and payable on demand,
as well as the bank balances held on behalf of customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. Summary of Significant Accounting Policies (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

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  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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606, Revenue from Contracts with Customers (&#8220;ASC 606&#8221;) on April 1, 2018, using the modified retrospective approach. The adoption
of this ASC 606 did not have a material impact on the Company&#8217;s consolidated financial statements. ASC 606 establishes principles
for reporting information about the nature, amount, timing and uncertainty of revenues and cash flows arising from the entity&#8217;s
contracts to provide goods or services to customers. The core principle requires an entity to recognize revenues to depict the transfer
of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for
those goods or services recognized as performance obligations are satisfied. In according with ASC 606, revenues are recognized when the
Company satisfies the performance obligations by delivering the promised services to the customers, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those services.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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distinct service as a performance obligation. The recognition and measurement of revenues is based on the assessment of individual contract
terms. The Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the
amortization period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers
that the Company expects the benefit of those costs to be longer than one year, which need to be recognized as assets.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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commissions from futures brokerage services based on a fixed rate for each transaction, all of which are under the consolidated accounts
where the customer information are not disclosed to the third party brokers. When a customer executes a futures transaction through the
Company&#8217;s platform, futures brokerage commission is recognized upon the completion of this transaction. Only a single performance
obligation is identified for each futures trading transaction, and the performance obligation is satisfied on the trade date because that
is when the underlying financial instrument is identified, the pricing of brokerage service is agreed upon and the promised services are
delivered to customers. All of the Company&#8217;s revenues from contracts with customers are recognized at a point in time. The futures
brokerage service could not be cancelled once it&#8217;s executed and is not refundable, so returns and allowances are not applicable.
Commissions are charged for each customer trade order executed and cleared by the third-party brokers. The Company recognizes revenues
on a gross basis as the Company is determined to be the primary obligor in fulfilling the trade order initiated by the customer. The Company
may offer volume rebate as trading incentive to certain customer. The Company will review the customer&#8217;s transaction volume monthly
and provide volume rebates on the commission charged to specific customers with large volume transactions. The volume rebate offered to
such customer is accounted for as a variable consideration and determined based on most-likely amount method, which is recognized as a
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</div><div>


</div><!-- Field: Page; Sequence: 140; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. Summary of Significant Accounting Policies (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenue Recognition (continued)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue from Contracts with Customers (continued)</i></span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_6" id="_SignificantAccountingPoliciesTextBlock-c0_cont_5"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_7" id="_RevenueRecognitionPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Trading solution services fees</span></p></ix:continuation>

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solution services to customers (e.g. individuals, proprietary trading companies or brokerage companies) for their trading on derivatives,
equity, CFD and other financial products, through the internally developed proprietary investment management software. The Company&#8217;s
trading solution provides a variety of functions suitable for front-end transaction executions to back-office settlement operations. The
Company implements the initial installation of such software for each customer and provides hosting services for a period of time, generally
two years, as agreed in the contracts. The initial installation is considered as a set-up activity, rather than a promised service to
customer, which provides no incremental benefit to customer beyond permitting the access and use the hosted application. The Company identifies
a single performance obligation from its contracts with customers. The Company charges each customer a fixed amount of initial installation
fee and the monthly service fee based on a fixed rate per each transaction executed on the platform with a minimum monthly fee required.
The Company recognizes the trading solution services as satisfied over the time.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_9" id="_RevenueRecognitionPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Structure
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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service fees from customers by assisting customers to identify and subscribe for structure note products, which is calculated at a fixed
percentage of investment amount. The Company identifies a single performance obligation for each subscription service, and recognizes
subscription fee income when the customers successfully subscribe for the structure note products and underlying contract between the
customer and financial institution becomes non-cancellable, which is the point in time when the control of service is completed. The Company
recognizes revenue net of discount (if any) on a gross basis as the Company is determined to be the primary obligor in fulfilling the
subscription services.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

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</div><div>


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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. Summary of Significant Accounting Policies (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenue Recognition (continued)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><i>a)</i></td><td style="text-align: justify"><i>Revenue from Contracts
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

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source:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_16" id="_RevenueRecognitionPolicyTextBlock-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p>

<ix:continuation id="_RevenueRecognitionPolicyTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Trading gains and losses
along with interest income fall within the scope of ASC Topic 825, Financial Instruments, which is excluded from the scope of ASC Topic
606. Trading gains and losses mainly consist of realized and unrealized gains and losses from the investment in US common stocks, which
are included in Securities owned, at fair value. Interest and other income primarily consist of interests earned on bank deposit.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

<ix:continuation id="_CommissionsPolicy-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Commission expenses related
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</div><div>


</div><!-- Field: Page; Sequence: 142; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. Summary of Significant Accounting Policies (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><i>&#160;</i></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_8" id="_SignificantAccountingPoliciesTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Income taxes</i></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

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taxes in accordance with the U.S. GAAP. Under the asset and liability method as required by this accounting standard, the recognition
of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax
basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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is probable that taxable income to be utilized with prior net operating loss carried forwards. Deferred tax is calculated using tax rates
that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in
the income statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a
valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

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weighted average number of ordinary share outstanding and of potential ordinary share (e.g., convertible securities, options and warrants)
as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary share that have
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. Summary of Significant Accounting Policies (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
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to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy are
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: 0in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: 0in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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organizations, securities owned, at fair value, and payables to customers. The carrying amount of cash and cash equivalents, restricted
cash, loans receivable, receivables from customers, both third parties and related party, receivables from broker-dealers and clearing
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. Summary of Significant Accounting Policies (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<ix:continuation id="_ConcentrationRiskCreditRisk-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">As of March 31, 2023, the payable
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payable to customers, respectively.</p></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<ix:nonNumeric contextRef="c0" continuedAt="_PriorPeriodReclassificationAdjustmentDescription-c0_cont_1" escape="true" name="us-gaap:PriorPeriodReclassificationAdjustmentDescription"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Reclassification</i></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<ix:continuation id="_PriorPeriodReclassificationAdjustmentDescription-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Certain items in the
financial statements of comparative period have been reclassified to conform to the financial statements for the current period. The
reclassification has no impact on the total assets and total liabilities as of March 31, 2023 and 2022 or on the statements of
operations for the year ended March 31, 2023, 2022 and 2021.</p></ix:continuation>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Recent Accounting Pronouncements</i></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_2" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif">In
June 2016, the FASB issued ASU No. 2016-13, &#8220;Measurement
of Credit Losses on Financial Instruments (Topic 326)&#8221;, which significantly changes the way entities recognize impairment of many
financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life, instead of
when incurred. In November 2018, the FASB issued ASU No. 2018-19, &#8220;Codification Improvements to Topic 326, Financial Instruments&#8212;Credit
Losses&#8221;, which amends Subtopic 326-20 (created by ASU No.2016-13) to explicitly state that operating lease receivables are not in
the scope of Subtopic 326-20. Additionally, in April 2019, the FASB issued ASU No.2019-04, &#8220;Codification Improvements to Topic 326,
Financial Instruments&#8212;Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments&#8221;, in May 2019,
the FASB issued ASU No. 2019-05, &#8220;Financial Instruments&#8212;Credit Losses (Topic 326): Targeted Transition Relief&#8221;, and
in November 2019, the FASB issued ASU No. 2019-10, &#8220;Financial Instruments&#8212;Credit Losses (Topic 326), Derivatives and Hedging
(Topic 815), and Leases (Topic 842): Effective Dates&#8221;, and ASU No. 2019-11, &#8220;Codification Improvements to Topic 326, Financial
Instruments&#8212;Credit Losses&#8221;, to provide further clarifications on certain aspects of ASU No. 2016-13 and to extend the nonpublic
entity effective date of ASU No. 2016-13. The changes (as amended) are effective for the Company for annual and interim periods in fiscal
years beginning after December 15, 2022, and the adoption of the new accounting guidance did not have material impact on our consolidated
financial statements.</span></p></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The Company does not believe
other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated
financial position, statements of operations and cash flows.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 145; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3. Receivables from customers</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">As of March 31, 2023 and 2022,
receivables from customers consisted of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfVariableInterestEntitiesTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">As of March 31, 2023 and 2022,
the Company assessed the collection from the customers and did not provide allowance against receivables from customers.</p></ix:nonNumeric><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>4. Loans receivable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">As of March 31, 2023 and 2022,
fixed assets consisted of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.5in; text-align: left">(i)</td><td style="text-align: justify">In October 2022, the Company and a third party entity entered
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The borrower repaid the outstanding principal and interest in June 2023.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">For the year ended March 31, 2023, the Company
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">(ii)</td><td>The balance due from customers holding US stocks represented the purchase price of stock exceeding the deposits paid by customers
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shall fully paid the balance to the Company before they sold these stocks.</td></tr></table></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">As of March 31, 2023 and 2022,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>


</div><!-- Field: Page; Sequence: 146; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:CompensationAndEmployeeBenefitPlansTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6. Employee Benefits</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">All salaried employees of the
Company in Hong Kong are enrolled in a Mandatory Provident Fund Scheme (&#8220;MPF scheme&#8221;) scheme under the Hong Kong Mandatory
Provident Fund Schemes Ordinance, within two months of employment. The MPF scheme is a defined contribution retirement plan administered
by an independent trustee. The Company makes regular contributions of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent" scale="-2" unitRef="pure">5</ix:nonFraction>% of the employee&#8217;s relevant income to the MPF scheme, subject
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for the years ended March 31, 2023, 2022 and 2021, respectively.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:FairValueDisclosuresTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>7. Fair Value</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The following table present
information about the Company&#8217;s assets by major category measured at fair value on a recurring basis as of March 31, 2023 and 2022,
and indicates the fair value hierarchy of the valuation technique utilized by the Company to determine such fair value.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Assets measured at fair value
on a recurring basis as of March 31, 2023 and 2022:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<ix:continuation id="_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">There was no transfer between any levels during
the years ended March 31, 2023, 2022, and 2021</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:OperatingLeasesOfLesseeDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>8. Operating lease</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">As of March 31, 2023,&#160;the
Company had two non-cancelable office operating lease agreements with two third-party lessors, with lease term of&#160;two&#160;years
and&#160;three&#160;years, respectively. Both lease agreements matured in September 2024.&#160; The Company considers those renewal or
termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of right
of use assets and lease liabilities. Lease expense for lease payment is recognized on a straight-line basis over the lease term.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The Company determines whether
a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or
operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however,
most of the Company&#8217;s leases do not provide a readily determinable implicit rate. Therefore, the Company discount lease payments
based on an estimate of its incremental borrowing rate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The Company&#8217;s lease agreements
do not contain any material residual value guarantees or material restrictive covenants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The table below presents the
operating lease related assets and liabilities recorded on the balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiability" scale="0" unitRef="usd">150,139</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The weighted average remaining
lease terms and discount rates for the above operating lease were as follows as of March 31, 2023 and 2022:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfWeightedAverageNumberOfSharesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Remaining lease term and discount rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Weighted average discount rate</td><td>&#160;</td>
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  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">During the years ended March
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The following is a schedule,
by years, of maturities of lease liabilities as of March 31, 2023:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">Twelve months ended March 31, 2024</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" scale="0" unitRef="usd">110,982</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Twelve months ended March 31, 2025 and thereafter</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" scale="0" unitRef="usd">44,141</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Present value of lease liabilities</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="top:PresentValueOfLeaseLiabilities" scale="0" unitRef="usd">150,139</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:EquityMethodInvestmentsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9. Investment in a joint venture</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">On June 24, 2022, the Company
entered into a partnership agreement to invest $<ix:nonFraction contextRef="c126" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OfferingCostsPartnershipInterests" scale="0" unitRef="usd">256,420</ix:nonFraction> (HKD <ix:nonFraction contextRef="c126" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OfferingCostsPartnershipInterests" scale="0" unitRef="hkd">2,000,000</ix:nonFraction>), for <ix:nonFraction contextRef="c127" decimals="2" format="ixt:num-dot-decimal" name="top:SubsidiaryOfLimitedLiabilitiesCompanyOrLimitedPartnershipOwnershipInterest" scale="-2" unitRef="pure">20</ix:nonFraction>% partnership interest in the limited partnership. The
funds raised by the limited partnership are invested in biological entities. As of March 31, 2023, the limited partnership has not commenced
operation, and the Company did not record its share of the operating loss of the limited partnership for the year ended March 31, 2023.
As of March 31, 2023, no significant impairment indicators have been noted in connection with the investment.</p></ix:nonNumeric><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 148; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10. Share-based compensation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Effective on May 31, 2022,
the Company employed three non-executive directors. As part of compensation expenses, the Company agreed to issue ordinary shares to the
three directors. On quarterly basis, each director would receive ordinary shares with a fair value of $<ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" scale="0" unitRef="shares">5,000</ix:nonFraction>, and the number of ordinary
shares is determined by the closing market price on issuance dates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">For the year ended March 31,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>11. Equity</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Ordinary shares</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The Company&#8217;s authorized
share capital is <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesAuthorized" scale="0" unitRef="shares">50,000,000</ix:nonFraction> ordinary shares, par value $<ix:nonFraction contextRef="c2" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> per share. On August 1, 2019, the Company issued <ix:nonFraction contextRef="c130" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares">50,000,000</ix:nonFraction> ordinary shares,
which issuance was considered as being part of the reorganization of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">On September&#160;9, 2021,
<ix:nonNumeric contextRef="c131" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription">the sole shareholder of the Company surrendered 20,000,000 ordinary shares of US$0.001 par value each for no consideration. On September
9, 2021 the Company&#8217;s shareholders and Board of Directors approved to amend the authorized share capital from US$50,000, divided
into 50,000,000 ordinary shares of a par value of US$0.001 per share, to US$150,000, divided into 150,000,000 ordinary shares of a par
value of US$0.001 per share. The Company believes it is appropriate to reflect the such changes in share structure on a retroactive basis
pursuant to ASC 260. The Company has retroactively restated all shares and per share data for all periods presented. As a result, the
Company had 150,000,000 authorized shares, par value of US$0.001, of which 30,000,000 and 30,000,000 were issued and outstanding as of
March 31, 2022 and 2021.</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="background-color: white">On June 3, 2022, the Company
completed its IPO on NASDAQ. In this offering,&#160;<ix:nonFraction contextRef="c57" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares">5,000,000</ix:nonFraction>&#160;ordinary shares were issued at a price of $<ix:nonFraction contextRef="c57" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">5.00</ix:nonFraction>&#160;per share.</span>&#160;&#160;
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was charged as a reduction against additional paid-in capital. The Company raised net proceeds of $<ix:nonFraction contextRef="c132" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromDebtNetOfIssuanceCosts" scale="0" unitRef="usd">22,492,840</ix:nonFraction> from the IPO.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="background-color: white">On June 17, 2022, the Company
issued&#160;<ix:nonFraction contextRef="c133" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares">50,000</ix:nonFraction>&#160;ordinary shares to its US counsel as a service fee equivalent of $<ix:nonFraction contextRef="c134" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentCompanyShareholderServiceFeeExpense" scale="0" unitRef="usd">200,000</ix:nonFraction> for successful listing. The Company
recorded the issuance as a share-based compensation expenses of $<ix:nonFraction contextRef="c135" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" scale="0" unitRef="usd">200,000</ix:nonFraction> with corresponding account against additional paid-in capital.</span>&#160;&#160;On
January 20, the US counsel and the Company entered into an agreement relating to cancellation of <ix:nonFraction contextRef="c134" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation" scale="0" unitRef="shares">50,000</ix:nonFraction> ordinary shares. In return, the
Company paid cash consideration of $<ix:nonFraction contextRef="c134" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetAcquisitionConsiderationTransferredOtherAssets" scale="0" unitRef="usd">200,000</ix:nonFraction> as service fees to the Company. The Company reversed the ordinary shares and additional paid-in
capital.&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">On October 11, 2022 and January
10, 2023, the Company issued an aggregation of <ix:nonFraction contextRef="c136" decimals="0" format="ixt:num-dot-decimal" name="top:AggregationOfOrdinaryShares" scale="0" unitRef="shares">1,560</ix:nonFraction> and <ix:nonFraction contextRef="c137" decimals="0" format="ixt:num-dot-decimal" name="top:AggregationOfOrdinaryShares" scale="0" unitRef="shares">3,075</ix:nonFraction> ordinary shares, respectively, to three non-executive directors as part
of their compensation. See Note 9 for details.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">As of March 31, 2023 and 2022, the Company had&#160;<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares">35,004,635</ix:nonFraction>&#160;and&#160;<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares">30,000,000</ix:nonFraction>&#160;ordinary
shares issued and outstanding, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Repurchase of warrants</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">In connection with the IPO,
the Company also agreed to sell warrants (the &#8220;Underwriters&#8217; Warrants&#8221;) to the underwriters, for a nominal consideration
of US$<ix:nonFraction contextRef="c3" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares">0.01</ix:nonFraction> per warrant, to purchase a number of Ordinary Shares equal to <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" scale="-2" unitRef="pure">6</ix:nonFraction>% of the total number of Ordinary Shares sold in the IPO. The
Underwriters&#8217; Warrants shall have an exercise price equal to <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="top:ExercisePricePercentage" scale="-2" unitRef="pure">120</ix:nonFraction>% of the offering price of the Ordinary Shares sold in the IPO.
The Underwriters&#8217; Warrants may be exercised in cash or via cashless exercise, will be exercisable for <ix:nonNumeric contextRef="c0" continuedAt="_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1-c0_cont_1" format="ixt-sec:durwordsen" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1">three</ix:nonNumeric> (3)<ix:continuation id="_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1-c0_cont_1"> years</ix:continuation> from the commencement
of sales of this offering and will terminate on the third anniversary of the commencement of sales of this offering in compliance with
FINRA Rule 5110(g)(8)(A). The Underwriters&#8217; Warrants can be exercised in whole or in part.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">In February 2023, the Company
and the underwriter entered into an agreement, pursuant to which the underwriter agreed to cancel all <ix:nonFraction contextRef="c138" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DividendsCash" scale="0" unitRef="hkd">300,000</ix:nonFraction> warrants in exchange for
cash consideration of $<ix:nonFraction contextRef="c138" decimals="0" format="ixt:num-dot-decimal" name="top:EffectOfExchangesRateOnCash" scale="0" unitRef="usd">300,000</ix:nonFraction>. As of March 31, 2023, the Company has paid $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssued1" scale="0" unitRef="usd">150,000</ix:nonFraction> to the underwriter, and the other $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="top:CashPaid" scale="0" unitRef="usd">150,000</ix:nonFraction> will due
six months from the termination date.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>


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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12. Income Taxes</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Cayman Islands</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Under the current and applicable
laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the
Company to its shareholders, no Cayman Islands withholding tax will be imposed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>British Virgin Islands</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Under the current and applicable
laws of BVI, the Company BVI subsidiaries are not subject to tax on income or capital gains.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Hong Kong</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">ZYSL and ZYCL are incorporated
in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted
in accordance with relevant Hong Kong tax laws. For the years ended March 31, 2023, 2022 and 2021, Hong Kong profits tax is calculated
in accordance with the two-tiered profits tax rates regime. The applicable tax rate for the first HKD <ix:nonFraction contextRef="c139" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationBeatAmount" scale="6" unitRef="hkd">2</ix:nonFraction> million of assessable profits
is <ix:nonFraction contextRef="c139" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:InterestAccrualRateAssociatedWithAmortizationMethodOfPresentValueOfFutureInsuranceProfits" scale="-2" unitRef="pure">8.25</ix:nonFraction>% and assessable profits above HKD <ix:nonFraction contextRef="c140" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationBeatAmount" scale="6" unitRef="hkd">2</ix:nonFraction> million will continue to be subject to the rate of <ix:nonFraction contextRef="c140" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:InterestAccrualRateAssociatedWithAmortizationMethodOfPresentValueOfFutureInsuranceProfits" scale="-2" unitRef="pure">16.5</ix:nonFraction>% for corporations in Hong Kong, effective
from the year of assessment 2018/2019. Before that, the applicable tax rate was <ix:nonFraction contextRef="c22" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:InterestAccrualRateAssociatedWithAmortizationMethodOfPresentValueOfFutureInsuranceProfits" scale="-2" unitRef="pure">16.5</ix:nonFraction>% for corporations in Hong Kong. Under Hong Kong tax
laws, ZYSL and ZYCL are exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance
of dividends.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Singapore</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Top Fin and Top AM are incorporated
in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted
in accordance with relevant Singapore tax laws. Top Fin and Top AM are subject to a flat rate of <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationStateAndLocalIncomeTaxes" scale="0" unitRef="usd">17</ix:nonFraction>%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The current and deferred portions
of the income tax expense (benefit) included in the statements of operations and comprehensive income as determined in accordance with
FASB ASC 740 are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify">Current income tax expense</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Deferred income tax expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p></ix:nonNumeric></ix:nonNumeric><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12. Income Taxes (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">A reconciliation of the difference
between the expected income tax expense or benefit computed at applicable statutory income tax rates and the Company&#8217;s income tax
expense is shown in the following table:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Changes in valuation allowance</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  </table></ix:nonNumeric>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><ix:nonNumeric contextRef="c22" name="us-gaap:IncomeTaxExaminationDescription">The provision for Hong Kong Profits Tax for 2023 is calculated at 16.5%
(2022 and 2021: 16.5%) of the estimated assessable profits for the year, taking into account a reduction granted by the Hong Kong SAR
Government of 100% of the tax payable for the year of assessment 2022-23 subject to a maximum reduction of HK$6,000 for each business
(2022: a maximum reduction of HK$10,000 was granted for the year of assessment 2021-22 and was taken into account in calculating the provision
for 2022, 2021: a maximum reduction of HK$10,000 was granted for the year of assessment 2020-21 and was taken into account in calculating
the provision for 2021).</ix:nonNumeric></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.05pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also has entities domiciled in the British Virgin Islands, but such entities are not subject to income or capital gains taxes.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.05pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Top
Fin and Top AM were established in Singapore, which are subject to income tax rate of 17%.</span></td>
</tr></table></ix:continuation><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>13. Related Party Transaction and Balance</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>a. Nature of relationships with related parties</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="top:ScheduleOfNatureOfRelationshipsWithRelatedPartiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name </b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 59%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relationship with the Company</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhong Yang Holdings Limited </span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><ix:nonNumeric contextRef="c141" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Predecessor Parent Company, owned by the same group of shareholders and determined to be a related party upon the completion of the Reorganization on March 26, 2020</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sunx Global Limited </span></td>
    <td>&#160;</td>
    <td><ix:nonNumeric contextRef="c142" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Predecessor Parent Company owns 95% of Sunx Global Limited</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Huaixi Yang</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><ix:nonNumeric contextRef="c143" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediate family member of Ms. Junli Yang, the Chairwoman of the Board</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WSYQR Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><ix:nonNumeric contextRef="c144" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wholly owned by Mr. Huaixi Yang</span></ix:nonNumeric></td></tr>
  </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>b. Related parties transactions</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.05pt">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 30%; text-align: justify">Rental expenses</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: justify">Gross commission income</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.05pt">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TOP Financial Group Limited</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(formerly &#8220;Zhong Yang Financial Group Limited&#8221;)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Notes to Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended March 31, 2023, 2022 and
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The following table illustrates
the minimum regulatory capital as established by the Hong Kong Securities and Futures Commission that the Company&#8217;s subsidiaries
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Capital requirements as of March 31, 2023</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>15. Subsequent Events</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">On April 12, 2023, the Company,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.05pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Top 500 is a brokerage
firm in Australia that owns an Australian Financial Services License (AFSL: 328866). Top 500 provides financial services in Australia
that includes arranging or providing financial advice on financial products such as derivatives, foreign exchange contracts, stock and
bond issuance etc.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">F-27</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


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<ix:footnote id="ix_5_footnote" xml:lang="en-US">The provision for Hong Kong Profits Tax for 2023 is calculated at 16.5% (2022 and 2021: 16.5%) of the estimated assessable profits for the year, taking into account a reduction granted by the Hong Kong SAR Government of 100% of the tax payable for the year of assessment 2022-23 subject to a maximum reduction of HK$6,000 for each business (2022: a maximum reduction of HK$10,000 was granted for the year of assessment 2021-22 and was taken into account in calculating the provision for 2022, 2021: a maximum reduction of HK$10,000 was granted for the year of assessment 2020-21 and was taken into account in calculating the provision for 2021).</ix:footnote><!--Text not found in footnote sections assigned to Schedule of statutory income tax rates-->
<ix:footnote id="ix_6_footnote" xml:lang="en-US">The Company also has entities domiciled in the British Virgin Islands, but such entities are not subject to income or capital gains taxes.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of statutory income tax rates-->
<ix:footnote id="ix_7_footnote" xml:lang="en-US">Top Fin and Top AM were established in Singapore, which are subject to income tax rate of 17%.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of statutory income tax rates-->
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
20-F
(Mark One)
☐
REGISTRATION
STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
March 31
,
2023
OR
☐
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL
COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to
Commission file number:
001-41407
TOP Financial Group Limited
(Exact name of Registrant as specified in its charter)
Cayman Islands
(Jurisdiction of incorporation or organization)
118 Connaught Road West
Room 1101
Hong Kong
(Address of principal executive offices)
Ka Fai Yuen
+852
-
3107-0731
paul.yuen@zyzq.com.hk
118 Connaught Road West
Room 1101
Hong Kong
(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)
Securities registered or to be registered pursuant
to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Ordinary shares, par value $0.001 per share
TOP
The Nasdaq Stock Market LLC
Nasdaq Capital Market
Securities registered or to be registered pursuant
to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding shares of each
of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:
35,004,635
ordinary
shares issued and outstanding as of March 31, 2023.
Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☐
Yes
☒
No
If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934.
☐
Yes
☒
No
Indicate by check mark whether the registrant:
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
☒
Yes
☐
No
Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).
☒
Yes
☐
No
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large
accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Emerging growth company
☒
If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange
Act.
☐
Indicate by check mark whether the registrant
has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.
☐
If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International Financial Reporting Standards as issued
Other
☐
by the International Accounting Standards Board
☐
If "Other" has been checked in response
to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
☐
Item 17
☐
Item 18
If this is an annual report, indicate by check
mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).
☐
Yes
☒
No
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant
has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934
subsequent to the distribution of securities under a plan confirmed by a court.
☐
Yes
☐
No
Table of Contents
Page
PART I
Item 1.
Identity of Directors, Senior Management
    and Advisers
1
Item 2.
Offer Statistics and Expected Timetable
1
Item 3.
Key Information
1
Item 4.
Information on the Company
40
Item 4A.
Unresolved Staff Comments
74
Item 5.
Operating and Financial Review and Prospects
75
Item 6.
Directors, Senior Management and Employees
94
Item 7.
Major Shareholders and Related Party Transactions
101
Item 8.
Financial Information
101
Item 9.
The Offer and Listing
103
Item 10.
Additional Information
103
Item 11.
Quantitative and Qualitative Disclosures
    About Market Risk
112
Item 12.
Description of Securities Other than Equity
    Securities
113
PART II
Item 13.
Defaults, Dividend Arrearages and Delinquencies
114
Item 14.
Material Modifications to the Rights of Security
    Holders and Use of Proceeds
114
Item 15.
Controls and Procedures
114
Item 16
[Reserved]
115
Item 16A.
Audit Committee Financial Expert
115
Item 16B.
Code of Ethics
115
Item 16C.
Principal Accountant Fees and Services
115
Item 16D.
Exemptions from the Listing Standards for
    Audit Committees
116
Item 16E.
Purchases of Equity Securities by the Issuer
    and Affiliated Purchasers
116
Item 16F.
Change in Registrant's Certifying Accountant
116
Item 16G.
Corporate Governance
117
Item 16H.
Mine Safety Disclosure
117
Item 16I.
Disclosure Regarding Foreign Jurisdictions
    that Prevent Inspections.
117
Item 16J.
Insider Trading Policies
117
PART III
Item 17.
Financial Statements
118
Item 18.
Financial Statements
118
Item 19.
Exhibits
118
i
INTRODUCTION
Except where the context otherwise requires and
for purposes of this annual report only the term:
●
"Asian investors" refers to the Asian population around the globe.
●
"China" or "PRC" refers to the People's Republic of China, excluding, for the purpose of this annual report only, Taiwan;
●
"Controlling Shareholder" refers to Zhong Yang Holdings (BVI) Limited;
●
"HK$" or "Hong Kong dollars" refers to the legal currency of Hong Kong;
●
"HKSFC" refers to the Securities and Futures Commission of Hong Kong;
●
"HKSFO" refers to the Securities and Futures Ordinance (Cap. 571) of Hong Kong;
●
"Hong Kong" refers to Hong Kong Special Administrative Region of the People's Republic of China;
●
"Ordinary Shares" refers to the Company's ordinary shares, par value US$0.001 per share;
●
"Operating Subsidiaries" refers to WIN100 TECH, WIN100 WEALTH, ZYCL and ZYSL;
●
"Predecessor Parent Company" or "ZYHL" refers to Zhong Yang Holdings Limited, a company with limited liability under the laws of Hong Kong.
●
"SEC" refers to the United States Securities and Exchange Commission;
●
"SEHK" refers to the Stock Exchange of Hong Kong Limited;
●
"TFGL", "TOP", the "Company", "we," "us," "or "our" refers to TOP Financial Group Limited, a Cayman Islands exempted company, and, in the context of describing its operation and business, its subsidiaries;
●
"TOP 500" refers to TOP 500 SEC PTY LTD, a company formed under the laws of Australia;
●
"TOP ASSET MANAGEMENT" refers to TOP ASSET MANAGEMENT PTE.LTD., a company formed under the laws of Singapore;
●
"TOP FINANCIAL" refers to TOP FINANCIAL PTE.LTD., a company formed under the laws of Singapore;
●
"US$" or "U.S. dollars" refers to the legal currency of the United States;
●
"WIN100 TECH" refers to WIN100 TECH Limited, a company incorporated under the laws of British Virgin Islands.
ii
●
"WIN100 WEALTH" refers to WIN100 WEALTH LIMITED, a company incorporated under the laws of the British Virgin Islands;
●
"Winrich" refers to Winrich Finance Limited, a company incorporated under the laws of the Hong Kong;
●
"ZYAL BVI" refers to ZYAL (BVI) Limited, a company incorporated under the laws of British Virgin Islands.
●
"ZYCL" refers to Zhong Yang Capital Limited, a company with limited liability under the laws of Hong Kong.
●
"ZYCL BVI" refers to ZYCL (BVI) Limited, a company incorporated under the laws of British Virgin Islands.
●
"ZYFL (BVI)" refers to ZYFL (BVI) Limited, a company incorporated under the laws of the British Virgin Islands;
●
"ZYIL (BVI)" refers to ZYIL (BVI) Limited, a company incorporated under the laws of the British Virgin Islands;
●
"ZYNL (BVI)" refers to ZYNL (BVI) Limited, a company incorporated under the laws of British Virgin Islands.
●
"ZYPL (BVI)" refers to ZYPL (BVI) Limited, a company incorporated under the laws of British Virgin Islands.
●
"ZYSL" refers to Zhong Yang Securities Limited, a company with limited liability under the laws of Hong Kong.
●
"ZYSL (BVI)" refers to ZYSL (BVI) Limited, a company incorporated under the laws of British Virgin Islands.
●
"ZYTL (BVI)" refers to ZYTL (BVI) Limited, a company incorporated under the laws of British Virgin Islands.
●
"ZYXL (BVI)" refers to ZYXL (BVI) Limited, a company incorporated under the laws of British Virgin Islands.
TFGL is a holding company with operations conducted
in Hong Kong through its operating subsidiaries in Hong Kong, using Hong Kong dollars. The reporting currency is U.S. dollars. Assets
and liabilities denominated in foreign currencies are translated at year-end exchange rates, income statement accounts are translated
at average rates of exchange for the year and equity is translated at historical exchange rates. Any translation gains or losses are recorded
in other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in net income. The conversion
of Hong Kong dollars into U.S. dollars are based on the exchange rates set forth in the H.10 statistical release of the Board of Governors
of the Federal Reserve System. Unless otherwise noted, all translations from Hong Kong dollars to U.S. dollars and from U.S. dollars to
Hong Kong dollars in this annual report were made at a year-end spot rate of HK$7.8499 to US$1.00 or an average rate of HK$7.8389 to US$1.00
for the fiscal year ended March 31, 2023, at a year-end spot rate of HK$7.8325 to US$1.00 or an average rate of HK$7.7844 to US$1.00 for
the fiscal year ended March 31, 2022, and at a year-end spot rate of HK$7.7746 to US$1.00 and an average rate for HK$7.7526 to US$1.00
for the fiscal year ended March 31, 2021.
We obtained the industry and market data used
in this annual report or any document incorporated by reference from industry publications, research, surveys and studies conducted by
third parties and our own internal estimates based on our management's knowledge and experience in the markets in which we operate.
We did not, directly or indirectly, sponsor or participate in the publication of such materials, and these materials are not incorporated
in this annual report other than to the extent specifically cited in this annual report. We have sought to provide current information
in this annual report and believe that the statistics provided in this annual report remain up-to-date and reliable, and these materials
are not incorporated in this annual report other than to the extent specifically cited in this annual report.
iii
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This annual report contains forward-looking statements
that reflect our current expectations and views of future events, all of which are subject to risks and uncertainties. Forward-looking
statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not
relate strictly to historical or current facts. You can find many (but not all) of these statements by the use of words such as "approximates,"
"believes," "hopes," "expects," "anticipates," "estimates," "projects,"
"intends," "plans," "will," "would," "should," "could," "may"
or other similar expressions in this annual report. These statements are likely to address our growth strategy, financial results and
product and development programs. You must carefully consider any such statements and should understand that many factors could cause
actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of
other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and
actual future results may vary materially. Factors that could cause actual results to differ from those discussed in the forward-looking
statements include, but are not limited to:
●
our goals and strategies;
●
our future business development, financial condition and results of operations;
●
introduction of new product and service offerings;
●
expected changes in our revenues, costs or expenditures;
●
our expectations regarding the demand for and market acceptance of our products and services;
●
expected growth of our customers, including consolidated account customers;
●
competition in our industry;
●
government policies and regulations relating to our industry;
●
the length and severity of the recent
COVID-19
outbreak and its impact on our business and industry
●
any recurrence of the
COVID-19
pandemic and scope of related government orders and restrictions and the extent of the impact of the
COVID-19
pandemic on the global economy;
●
other factors that may affect our financial condition, liquidity and results of operations; and
●
other risk factors discussed under "Item 3. Key
Information — 3.D.
Risk Factors."
We base our forward-looking statements on our
management's beliefs and assumptions based on information available to our management at the time the statements are made. We caution
you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied or forecast by our forward-looking
statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required under the federal securities
laws, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this annual
report, whether as a result of new information, future events, changes in assumptions, or otherwise.
iv
PART I
Item 1. Identity of Directors,
Senior Management and Advisers
Not applicable for annual reports on Form 20-F.
Item 2. Offer Statistics
and Expected Timetable
Not applicable for annual reports on Form 20-F.
Item 3. Key Information
Corporate Structure
The following diagram illustrates the corporate structure of TOP Financial
Group Limited and its subsidiaries as of the date of this annual report.
Our Subsidiaries
and Business Functions
ZYSL (BVI) was formed as the investment holding
company of ZYSL under the laws of the British Virgin Islands on August 29, 2019 as part of the reorganization. It does not engage in any
material operation. It is a direct subsidiary of TFGL.
ZYCL (BVI) was formed as the investment holding
company of ZYCL under the laws of the British Virgin Islands on August 29, 2019 as part of the reorganization. It does not engage in any
material operation. It is a direct subsidiary of TFGL.
ZYAL (BVI) was formed under the laws of the British
Virgin Islands on January 7, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.
ZYTL (BVI) was formed under the laws of the British
Virgin Islands on January 12, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.
ZYNL (BVI) was formed under the laws of the British
Virgin Islands on January 20, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.
ZYPL (BVI) and ZYXL (BVI) were formed under the
laws of the British Virgin Islands on July 14, 2022. Each of ZYXL (BVI) and ZYPL (BVI) is a holding company and does not engage in any
material operation and each is a direct subsidiary of TFGL.
ZYFL (BVI) and ZYIL (BVI) were formed under the
laws of the British Virgin Islands on November 11, 2022. Each of ZYFL (BVI) and ZYIL (BVI) is a holding company and does not engage in
any material operation and each is a direct subsidiary of TFGL.
1
ZYSL was formed in accordance with laws and regulations
of Hong Kong on April 22, 2015 with a registered capital of HKD 18,000,000 (approximately US$2.3 million). ZYSL is a limited liability
corporation licensed with HKSFC to carry out regulated activities including Type 1 Dealing in Securities and Type 2 Dealing in Futures
Contracts. It is a direct subsidiary of ZYSL (BVI) and an indirect subsidiary of TFGL.
ZYCL was established in accordance with laws and
regulations of Hong Kong on September 29, 2016 with a registered capital of HKD 5,000,000 (approximately US$0.6 million). ZYCL is a limited
liability corporation licensed with the HKSFC to carry out regulated activities Type 4 Advising on Securities, Type 5 Advising on Futures
Contracts and Type 9 Asset Management. It is a direct subsidiary of ZYCL (BVI) and an indirect subsidiary of TFGL.
WIN100 TECH was formed under the laws of the British
Virgin Islands on May 14, 2021. WIN100 TECH is a Fintech development and IT support company. It provides trading solutions for clients trading
on the world's major derivatives and stock exchanges. It is a direct subsidiary of ZYTL (BVI) and an indirect subsidiary of TFGL.
WIN100 WEALTH was formed under the laws of
the British Virgin Islands on July 21, 2021. WIN100 WEALTH borrowed $6 million from TGFL in the form of intra-company loans and
invest such amount in financial products. It is a direct
subsidiary of ZYIL (BVI) and an indirect subsidiary of TFGL.
Winrich was formed under the laws of Hong Kong
on February 24, 2023. It does not engage in any material operation. We plan to apply the Money Lenders License in Hong Kong through Winrich.
It is a direct subsidiary of ZYFL (BVI) and an indirect subsidiary of TFGL.
TOP 500 was formed under the laws of Australia
on October 22, 2008. TOP 500 owns an Australian Financial Services License (AFSL: 328866). It does not have any material operation as
of the date of this annual report. We plan to provide financial services in Australia that includes arranging or providing financial advice
on financial products such as derivatives, foreign exchange contracts, stock and bond issuance etc. through TOP 500. It is a direct subsidiary
of ZYAL (BVI) and an indirect subsidiary of TFGL.
TOP ASSET MANAGEMENT was formed under the laws
of Singapore on November 28, 2022. It does not engage in any material operation. We plan to register with the Monetary Authority of Singapore
as a Registered Fund Management Company to carry out Fund Management services. It is a direct subsidiary of ZYXL (BVI) and an indirect
subsidiary of TFGL.
TOP FINANCIAL was formed under the laws of Singapore
on November 28, 2022. It does not engage in any material operation. We plan to acquire the CMS license from the Monetary Authority of
Singapore to carry out regulated activities in Dealing in Capital Market. It is a direct subsidiary of ZYPL (BVI) and an indirect subsidiary
of TFGL.
Holding Company Structure
TFGL is a holding company incorporated in the
Cayman Islands with no material operations of its own. We conduct our operations primarily in Hong Kong through our subsidiaries in Hong
Kong. Investors in our Ordinary Shares are purchasing equity securities of TFGL, the Cayman Islands holding company, instead of shares
of our Operating Subsidiaries in Hong Kong. Investors in our Ordinary Shares should be aware that they may never directly hold equity
interests in our Operating Subsidiaries.
As a result of our corporate structure, TFGL's
ability to pay dividends may depend upon dividends paid by our Operating Subsidiaries. If our existing Operating Subsidiaries or any newly
formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends
to us.
Transfers of Cash between Our Company and Our
Subsidiaries
Our management monitors the cash position of each
entity within our organization regularly and prepare budgets on a monthly basis to ensure each entity has the necessary funds to fulfill
its obligation for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential
liquidity issue, it will be reported to our Chief Financial Officer and subject to approval by our board of directors, we will enter into
an intercompany loan for the subsidiary.
2
For TFGL to transfer cash to its subsidiaries,
TFGL is permitted under the laws of the Cayman Islands and its memorandum and articles of association to provide funding to our subsidiaries
incorporated in the British Virgin Islands and Hong Kong through loans or capital contributions without restrictions on the amount
of the funds. TFGL's
subsidiaries formed under the laws of the British Virgin Islands are
permitted under the laws of the British Virgin Islands to provide funding to their respective subsidiaries formed in Hong Kong through
loans or capital contributions without restrictions on the amount of the funds.
For the subsidiaries to transfer cash to TFGL,
according to the BVI Business Companies Act 2004 (as amended), a British Virgin Islands company may make dividends distribution to the
extent that immediately after the distribution, such company's assets do not exceed its liabilities and that such company is able
to pay its debts as they fall due. According to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution
out of profits available for distribution. Other than the above, we did not adopt or maintain any cash management policies and
procedures as of the date of this annual report.
The following describes
the dividends and distributions made by our subsidiaries. TFGL has not made any dividends or distributions to U.S. investors as of the
date of this annual report.
On March 24, 2020, ZYSL
and ZYCL declared interim cash dividends of HK$3.9 million (approximately US$0.5 million) and HK$1.5 million (approximately US$0.2 million),
respectively, to the then sole shareholder, i.e. the Predecessor Parent Company, Zhong Yang Holdings Limited. As of March 31, 2020, the
dividend declared by ZYCL has been fully settled by directly deducting the dividend amount from the amount due from Zhong Yang Holdings
Limited, and the dividend declared by ZYSL was recorded as dividend payable. On June 19, 2020, ZYSL settled such dividend payable in cash.
On November 25, 2020,
ZYSL declared an interim cash dividend of HK$24.8 million (equivalent to $3.2 million) to its sole shareholder ZYSL (BVI), following which
event ZYSL (BVI) declared an interim cash dividend to its sole shareholder, TFGL, and TFGL declared an interim cash dividend to its shareholders
for the same amount on the same day. None of the shareholders of TFGL at the time was a U.S. person. Without any withholding tax levied
on dividends in Hong Kong, British Virgin Islands, and Cayman Islands, the interim cash dividends were settled with the shareholders in
cash on November 25, 2020.
On January 19, 2021,
ZYSL declared an interim cash dividend of HK11.6 million (equivalent to US$1.5 million) to the then sole shareholder, the Predecessor
Parent Company. The dividend was settled with the Predecessor Parent Company in cash in three installments of US$0.5 million each on January
19, 2021, January 20, 2021 and March 3, 2021.
Under the current practice of the Inland Revenue
Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us. The laws and regulations of the
PRC on currency conversion control do not currently have any material impact on the transfer of cash from TFGL to ZYSL or ZYCL or from
ZYSL or ZYCL to TFGL. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollar into
foreign currencies and the remittance of currencies out of Hong Kong, nor is there any restriction on any foreign exchange to transfer
cash between TFGL and its subsidiaries, across borders and to U.S. investors, nor there is any restrictions and limitations to distribute
earnings from the subsidiaries, to TFGL and U.S. investors and amounts owed.
For TFGL to make dividends to its shareholders,
subject to the Companies Act (2022 Revision) of the Cayman Islands, which we refer to as the Companies Act below, and our Amended and
Restated Memorandum and Articles of Association, our board of directors may authorize and declare a dividend to shareholders from time
to time out of the profits from the Company, realized or unrealized, or out of the share premium account, provided that the Company will
remain solvent, meaning the Company is able to pay its debts as they come due in the ordinary course of business. There is no further
Cayman Islands statutory restriction on the amount of funds which may be distributed by us in the form of dividends.
We do not have any present plan to declare or
pay any dividends on our Ordinary Shares in the foreseeable future. We currently intend to retain all available funds and future earnings,
if any, for the operation and expansion of our business. Any future determination related to our dividend policy will be made at the discretion
of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements,
business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing
instruments, in our Amended and Restated Memorandum and Articles of Association and in the Companies Act.
During the fiscal years ended March 31, 2023,
2022 and 2021, cash transfers and/or transfers of other assets between our Company and our subsidiaries were as follows:
No.
Transfer From
Transfer To
Amount (US$)
Date
Purpose
1
TGFL
WIN100 WEALTH
$
1,000,000
February 14, 2023
Intra-company loan
2
TGFL
ZYSL
$
3,000,000
March 10, 2023
Capital injection
3
TGFL
WIN100 WEALTH
$
5,000,000
April 18, 2023
Intra-company loan
3
See "Item 8. Financial Information –
A. Consolidated Statements and Other Financial Information – Dividend Policy" and "
Item
3. Key
Information — 3.D. Risk Factors — Risks Relating to our Corporate Structure –
We rely on dividends
and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any
limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to
conduct our business
".
Enforceability of Civil Liabilities
TFGL was formed under
the laws of the Cayman Islands as an exempted company with limited liability. Substantially all of our assets are located outside the
United States. In addition, all of our directors and officers are nationals or residents of jurisdictions other than the United States
and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors
to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against
us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state
in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions
of the U.S. federal securities laws against us and our officers and directors.
TFGL has appointed Cogency
Global Inc. as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.
There is uncertainty
as to whether the courts of the Cayman Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors
or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities
laws of any state in the United States, or (2) entertain original actions brought in the Cayman Islands against us or our directors or
officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.
Although there is no statutory enforcement in
the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to
any treaties for the reciprocal enforcement or recognition of such judgments), a judgment
in personam
obtained in such jurisdiction
will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying
dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (a) is given
by a competent foreign court with jurisdiction to give the judgment, (b) imposes a specific positive obligation on the judgment debtor
(such as an obligation to pay a liquidated sum or perform a specified obligation), (c) is final and conclusive, (d) is not in respect
of taxes, a fine or a penalty; (e) has not been obtained by fraud; and (f) was not obtained in a manner and is not of a kind the enforcement
of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to
enforce a judgment obtained from the U.S. courts under civil liability provisions of the U.S. federal securities law if such judgment
is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because
such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from
U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings
are being brought elsewhere.
Implication of the Holding Foreign Companies
Accountable Act (the "HFCA Act")
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.
4
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 the submission and disclosure requirements in the HFCA Act, which took effect on January 10, 2022. The
rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position
taken by an authority in foreign jurisdictions.
On December 16, 2021, PCAOB announced the PCAOB
HFCA Act determinations (the "PCAOB determinations") relating to the PCAOB's inability to inspect or investigate completely
registered public accounting firms headquartered in mainland China of the PRC or Hong Kong, a Special Administrative Region and dependency
of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.
On August 26, 2022, the PCAOB announced that
it had signed a Statement of Protocol (the "SOP") with the China Securities Regulatory Commission and the Ministry of Finance
of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreement"),
establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based
in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation
and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion
to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit
documentation without redaction. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to
inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous
determinations to the contrary.
YCM CPA Inc., the independent registered public
accounting firm that issues the audit report for the fiscal year ended March 31, 2023 and 2022 included in this annual report, is currently
subject to PCAOB inspections and the PCAOB is thus able to inspect YCM CPA Inc. YCM CPA Inc. is headquartered in Irvine, California and
has been inspected by the PCAOB.  Our former auditor, Friedman LLP ("Friedman"), the independent registered public accounting
firm that issued the audit report for the fiscal year ended March 31, 2021 included in this annual report, as an auditor of companies
that are traded publicly in the United States and a firm registered with the PCAOB, was subject to laws in the United States pursuant
to which the PCAOB conducts regular inspections to assess Friedman's compliance with applicable professional standards. Friedman
was headquartered in Manhattan, New York with no branches or offices outside the United States and had been inspected by the PCAOB on
a regular basis, with the last inspection in October 2020. Friedman LLP was merged with Marcum LLP on September 1, 2022 and filed its
application to withdraw the PCAOB registration on December 30, 2022. Notwithstanding the foregoing, in the future, if there is any regulatory
change or step taken by PRC regulators or the SEC or Nasdaq applies additional and more stringent criteria, and if PCAOB determines that
it is not able to inspect YCM CPA Inc. at such future time, Nasdaq may delist our Ordinary Shares and the value of our Ordinary Shares
may significantly decline or become worthless. See "Item 3. Key Information — 3.D. Risk Factors — Risks Relating
to Our Ordinary Shares—
Our Ordinary Shares may be prohibited from being traded on a national exchange under the Holding Foreign
Companies Accountable Act (the "HFCA Act"), if the Public Company Accounting Oversight Board (the "PCAOB") is
unable to inspect our auditors for two consecutive years beginning in 2021. The delisting of our Ordinary Shares, or the threat of their
being delisted, may materially and adversely affect the value of your investment.
"
5
Permission Required from the Hong Kong Authorities
Due to the licensing
requirements of the HKSFC, ZYSL and ZYCL are required to obtain necessary licenses to conduct their business in Hong Kong and their business
and responsible personnel are subject to the relevant laws and regulations and the respective rules of the HKSFC. ZYSL currently holds
a Type 1 license for dealing in securities and a Type 2 license for dealing in futures contracts. ZYCL currently holds a Type 4 license
for advising on securities, a Type 5 license for advising on futures contracts and a Type 9 license for asset management. See "
Item
4. Information on the Company—4.B. Business Overview—
Regulation—Licensing Regime Under the HKSFO". These
licenses have no expiration date and will remain valid unless they are suspended, revoked or cancelled by the HKSFC. We pay standard governmental
annual fees to the HKSFC and are subject to continued regulatory obligations and requirements, including the maintenance of minimum paid-up
share capital and liquid capital, maintenance of segregated accounts, and submission of audited accounts and other required documents,
among others. See "
Item 4. Information on the Company—4.B. Business Overview—
Regulation—Licensing
Regime Under the HKSFO".
Neither we nor any of
our subsidiaries are required to obtain any permission or approval from Hong Kong authorities to offer the securities of TFGL to foreign
investors.
Recent Regulatory Development in the PRC
We are aware that, recently, the PRC government
initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance
notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed
overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding
the efforts in anti-monopoly enforcement.
For example, 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.
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 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.
6
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.
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 complete filing
procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission of initial
public offerings or listing application. If a domestic company fails to complete required filing procedures or conceals any material fact
or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order
to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable
persons may also be subject to administrative penalties, such as warnings and fines.
In connection with our issuance of securities
to foreign investors, under current PRC laws, regulations and regulatory rules, as of the date of this annual report, we do not believe
we are currently required to obtain permissions from or complete any filing with the CSRC, or required to go through cybersecurity review
by the CAC, given that (1) our Operating Subsidiaries are incorporated in Hong Kong or the British Virgin Islands and are located in Hong
Kong, (2) we have no subsidiary, VIE structure nor any direct operations in mainland China, and (3) pursuant to the Basic Law of the Hong
Kong Special Administrative Region (the "Basic Law"), which is a national law of the PRC and the constitutional document for
Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is
confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong). In addition, we
have not been asked to obtain such permissions or to complete any filing by any PRC authority or received any denial to do so. However,
the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or
foreign investment by issuers like us. There remains significant uncertainty as to the enactment, interpretation and implementation of
regulatory requirements related to overseas securities offerings and other capital markets activities.
If (i) we inadvertently conclude that certain
regulatory permissions and approvals are not required or (ii) applicable laws, regulations, or interpretations change in a way that
requires us to complete such filings or obtain such approvals in the future, and (iii) we are required to obtain such permissions
or approvals in the future, but fail to receive or maintain such permissions or approvals, we may face sanctions by the CSRC, the CAC
or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on us, limit our operations, limit our ability
to pay dividends outside of China, limit our ability to list on stock exchanges outside of China or offer our securities to foreign investors
or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects,
may hinder our ability to offer Ordinary Shares to investors in the future and may cause the value of our Ordinary Shares to significantly
decline or be worthless.
7
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.
Should the Chinese government choose to exercise
significant oversight and discretion over the conduct of our business, they may intervene in or influence our operations. Such governmental
actions:
●
could result in a material change in our operations;
●
could hinder our ability to continue to offer securities to investors; and
●
may cause the value of our Ordinary Shares to significantly decline or be worthless.
3.A. [Reserved]
3.B. Capitalization and Indebtedness
Not applicable for annual reports on Form 20-F.
3.C. Reasons for the Offer and Use of Proceeds
Not applicable for annual reports on Form 20-F.
3.D. Risk Factors
Risk Factor Summary
You should carefully
consider all of the information in this annual report before making an investment in our Ordinary Shares. Below please find a summary
of the principal risks and uncertainties we face, organized under relevant headings. In particular, as we are a Hong Kong-based company
incorporated in the Cayman Islands, you should pay special attention to subsections headed "Item 3. Key Information—3.D. Risk
Factors—Risks Related to Our Corporate Structure." and "Item 3. Key Information—3.D. Risk Factors—Risks
Related to Doing Business in the Jurisdictions in which the Operating Subsidiaries Operate".
Our business is subject
to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business,
financial condition, results of operations, cash flows, and prospects. These risks are discussed more fully below and include, but are
not limited to, risks related to:
Risks Relating to Our Corporate Structure
●
We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business (page 4).
8
Risks Relating to Doing Business in the Jurisdictions
in which the Operating Subsidiaries Operate
●
Substantially all of the Operating Subsidiaries' operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may intervene in or influence such operations. at any time, which could result in a material change in the operations of the Operating Subsidiaries and/or the value of our Ordinary Shares. The PRC government may also intervene or impose restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also be quick with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain (page 11).
●
We may become subject to a variety of PRC laws and other obligations regarding data security, 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 (page 12).
●
If the Chinese government chooses to extend the oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China based issuers to Hong Kong-based issuers, such action may significantly limit or completely 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 (page 13).
●
The Hong Kong legal system embodies uncertainties which could limit the legal protections available to ZYSL and ZYCL (page 14).
●
The Hong Kong regulatory requirement of prior approval for the transfer of shares in excess of a certain threshold may restrict future takeovers and other transactions (page 14).
●
The enforcement of foreign civil liabilities in the Cayman Islands and Hong Kong is subject to certain conditions. Therefore, certain judgments obtained against us by our shareholders may be difficult to enforce in such jurisdictions (page 17).
Risks Relating to our Ordinary Shares
●
Our Ordinary Shares may be prohibited from being traded on a national exchange under the Holding Foreign Companies Accountable Act (the "HFCA Act"), if the Public Company Accounting Oversight Board (the "PCAOB") is unable to inspect our auditors for two consecutive years beginning in 2021. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment (page 14).
●
The trading price of our Ordinary Shares may be volatile, which could result in substantial losses to you. Such volatility, including any stock run-ups, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares (page 15).
●
There can be no assurance that we will not be a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which could subject United States investors in our Ordinary Shares to significant adverse United States income tax consequences (page 20).
Risks Relating to Our Business and Industry
●
Our Operating Subsidiaries have a relatively short operating history compared to some of our established competitors and face significant risks and challenges in a rapidly evolving market, which makes it difficult to effectively assess our future prospects (page 21).
●
Unfavorable financial market and economic conditions in Hong Kong, China, and elsewhere in the world could materially and adversely affect our business, financial condition, and results of operations (page 22).
9
●
Geopolitical risks and political uncertainty may adversely impact economic conditions, increase market volatility, cause operational disruption to us and impact our strategic plans, which could have adverse effects on our business and its profitability (page 23).
●
The online brokerage service industry and the financial services industry are intensely competitive. If we are unable to compete effectively, we may lose our market share and our results of operations and financial condition may be materially and adversely affected (page 23).
●
During the years ended March 31, 2023, 2022 and 2021, our top five customers accounted for a significant portion of our total revenues. The loss of any such customers or a material decline in their trading activities through us would have an adverse effect on our operating results (page 23).
●
We may not succeed in promoting and sustaining our brand, which could have an adverse effect on our future growth and business (page 25).
●
Our businesses depend on key management executives and professional staff, and our business may suffer if we are unable to recruit and retain them (page 25).
●
We are subject to extensive and evolving regulatory requirements, the non-compliance with which may result in penalties, limitations, and prohibitions on our future business activities or suspension or revocation of our licenses, and consequently may materially and adversely affect our business, financial condition, and results of operations. In addition, we may, from time to time, be subject to regulatory inquiries and investigations by relevant regulatory authorities or government agencies in Hong Kong or other applicable jurisdictions (page 26).
●
We face additional risks as we offer new products and services, transact with a broader array of clients and counterparties and expose ourselves to new geographical markets (page 27).
●
We may incur losses or experience disruption of our operations as a result of unforeseen or catastrophic events, including pandemics, terrorist attacks, or natural disasters (page 35).
●
Aggressive competition could reduce our market share, revenues and profits (page 35).
Risks Relating to
our Corporate Structure
We rely on dividends
and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any
limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to
conduct our business.
TFGL is a holding company,
and we rely on dividends and other distributions on equity paid by the Operating Subsidiaries for our cash and financing requirements,
including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. We
do not expect to pay cash dividends in the foreseeable future. We anticipate that we will retain any earnings to support operations and
to finance the growth and development of our business. If any of the Operating Subsidiaries incurs debt on its own behalf in the future,
the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us. See "Item 8. Financial
Information – A. Consolidated Statements and Other Financial Information – Dividend Policy" for more information.
According to the BVI
Business Companies Act 2004 (as amended), a British Virgin Islands company may make dividends distribution to the extent that immediately
after the distribution, such company's assets do not exceed its liabilities and that such company is able to pay its debts as they
fall due. According to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution out of profits available
for distribution. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect
of dividends paid by us. Any limitation on the ability of our Hong Kong subsidiaries to pay dividends or make other distributions to us
could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay
dividends, or otherwise fund and conduct our business.
10
Risks Relating to Doing Business in the Jurisdictions in which the
Operating Subsidiaries Operate
Substantially all of the Operating Subsidiaries'
operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, 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, which could result in a material change in our operations and/or the value of our Ordinary Shares. The PRC government may also
intervene or impose restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest
in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government
may also be quick with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system
cannot be certain.
TFGL is a holding company,
and our Operating Subsidiaries, ZYSL and ZYCL, both formed in Hong Kong, and WIN100 TECH, incorporated in the British Virgin Islands,
conduct operations in Hong Kong. Our operations are primarily located in Hong Kong and some of our clients are PRC individuals or companies
that have shareholders or directors that are PRC individuals. As of the date of this annual report, we do not expect to be materially
affected by recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are
conducted overseas and/or foreign investment in China-based issuers. However, 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. The PRC government
may choose to exercise significant oversight and discretion, and the policies, regulations, rules, and the enforcement of laws of the
Chinese government to which we are subject may change rapidly and with little advance notice to us or our shareholders. As a result, the
application, interpretation, and enforcement of new and existing laws and regulations in the PRC are often uncertain. In addition, these
laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, and may be inconsistent with
our current policies and practices. New laws, regulations, and other government directives in the PRC may also be costly to comply with,
and such compliance or any associated inquiries or investigations or any other government actions may:
●
delay or impede our development;
●
result in negative publicity or increase our operating costs;
●
require significant management time and attention; and/or
●
subject us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our current or historical operations, or demands or orders that we modify or even cease our business practices.
We are aware that recently, the PRC government
initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance
notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed
overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the
efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon legislative
or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations
will be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business
operation, the ability to accept foreign investments and list on an U.S. or other foreign exchange.
The Chinese government may intervene or influence
our operations at any time or may exert control over offerings conducted overseas and foreign investment in Hong Kong-based issuers, which
may result in a material change in our operations and/or the value of our Ordinary Shares. For example, there is currently no restriction
or limitation under the laws of Hong Kong on the conversion of HK dollar into foreign currencies and the transfer of currencies out of
Hong Kong and the laws and regulations of the PRC on currency conversion control do not currently have any material impact on the transfer
of cash between the ultimate holding company and the Operating Subsidiaries in Hong Kong. However, the Chinese government may, in the
future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and
from the other entities within our organization or to reinvest in our business outside of Hong Kong. Such restrictions and limitations,
if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive
funds from our Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing
laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require
us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase
costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent
any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be
adversely affected and such measured could materially decrease the value of our Ordinary Shares, potentially rendering it worthless.
11
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.
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 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.
On February 17, 2023, the 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 complete filing procedures with the CSRC pursuant to the requirements
of the Trial Measures within three working days following its submission of initial public offerings or listing application. If a domestic
company fails to complete required filing procedures or conceals any material fact or falsifies any major content in its filing documents,
such domestic company may be subject to administrative penalties, such as an order to rectify, warnings, fines, and its controlling shareholders,
actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties,
such as warnings and fines.
12
In connection with our issuance of securities
to foreign investors, under current PRC laws, regulations and regulatory rules, as of the date of this annual report, we do not believe
we are currently required to obtain permissions from or complete any filing with the CSRC, or required to go through cybersecurity review
by the CAC, given that (1) our Operating Subsidiaries are incorporated in Hong Kong or the British Virgin Islands and are located in Hong
Kong, (2) we have no subsidiary, VIE structure nor any direct operations in mainland China, and (3) pursuant to the Basic Law of the Hong
Kong Special Administrative Region (the "Basic Law"), which is a national law of the PRC and the constitutional document for
Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is
confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong). In addition, we
have not been asked to obtain such permissions or to complete any filing by any PRC authority or received any denial to do so. However,
the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or
foreign investment by issuers like us. There remains significant uncertainty as to the enactment, interpretation and implementation of
regulatory requirements related to overseas securities offerings and other capital markets activities.
If (i) we inadvertently conclude that certain
regulatory permissions and approvals are not required or (ii) applicable laws, regulations, or interpretations change in a way that
requires us to complete such filings or obtain such approvals in the future, and (iii) we are required to obtain such permissions
or approvals in the future, but fail to receive or maintain such permissions or approvals, we may face sanctions by the CSRC, the CAC
or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on us, limit our operations, limit our ability
to pay dividends outside of China, limit our ability to list on stock exchanges outside of China or offer our securities to foreign investors
or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects,
may hinder our ability to offer Ordinary Shares to investors in the future and may cause the value of our Ordinary Shares to significantly
decline or be worthless.
If the Chinese government chooses to extend
the oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong
Kong-based issuers, such action may significantly limit or completely 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.
Recent statements, laws and regulations by the
Chinese government, including the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law and the Trial
Measures, have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments
in China-based issuers. It is uncertain whether the Chinese government will adopt additional requirements or extend the existing requirements
to apply to our Operating Subsidiaries located in Hong Kong. We could be subject to approval or review of Chinese regulatory authorities
to pursue future offerings. Any future action by the PRC government expanding the categories of industries and companies whose foreign
securities offerings are subject to review by the CSRC or CAC or filing with the CSRC could significantly limit or completely hinder our
ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or
be worthless.
13
The Hong Kong
legal system embodies uncertainties which could limit the legal protections available to Our Operating Subsidiaries.
Hong Kong is a Special
Administrative Region of the PRC. Following British colonial rule from 1842 to 1997, China assumed sovereignty under the "one
country, two systems" principle. The Hong Kong Special Administrative Region's constitutional document, the Basic Law,
ensures that the current political situation will remain in effect for 50 years. Hong Kong has enjoyed the freedom to function
with a high degree of autonomy for its affairs, including currencies, immigration and customs operations, and its independent judiciary
system and parliamentary system. On July 14, 2020, the United States signed an executive order to end the special status enjoyed
by Hong Kong post-1997. As the autonomy currently enjoyed may be compromised, it could potentially impact Hong Kong's
common law legal system and may, in turn, bring about uncertainty in, for example, the enforcement of our contractual rights. This could,
in turn, materially and adversely affect our business and operations. Additionally, intellectual property rights and confidentiality protections
in Hong Kong may not be as effective as in the United States or other countries. Accordingly, we cannot predict the effect of
future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation
or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties could limit the legal protections
available to us, including our ability to enforce our agreements with our clients.
The Hong Kong
regulatory requirement of prior approval for the transfer of shares in excess of a certain threshold may restrict future takeovers and
other transactions.
Section 132 of Securities and Futures Ordinance
(Cap. 157 of the laws of Hong Kong) (the "SFO") requires prior approval from the HKSFC for any company or individual
to become a substantial shareholder of a HKSFC-licensed company in Hong Kong. Under the SFO, a person will be a "substantial
shareholder" of a licensed company if he, either alone or with associates, has an interest in, or is entitled to control the exercise
of, the voting power of more than 10% of the total number of issued shares of the licensed company, or exercises control of 35% or more
of the voting power of a company that controls more than 10% of the voting power of the licensed company. Further, all potential parties
who will be new substantial shareholder(s) of the HKSFC-licensed subsidiaries, which are ZYSL and ZYCL, are required to seek
prior approval from the HKSFC. This regulatory requirement may discourage, delay or prevent a change in control of TFGL, which could
deprive the holders of our Ordinary Shares the opportunity to receive a premium for their Ordinary Shares as part of a future sale and
may reduce the price of our Ordinary Shares upon the consummation of a future proposed business combination.
Risks Relating to
our Ordinary Shares
Our Ordinary Shares may be prohibited from
being traded on a national exchange under the Holding Foreign Companies Accountable Act (the "HFCA Act"), if the Public Company
Accounting Oversight Board (the "PCAOB") is unable to inspect our auditors for two consecutive years beginning in 2021. The
delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.
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 the submission and disclosure requirements in the HFCA Act, which took effect on January 10, 2022. The
rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position
taken by an authority in foreign jurisdictions.
On December 16, 2021, PCAOB announced the PCAOB
HFCA Act determinations (the "PCAOB determinations") relating to the PCAOB's inability to inspect or investigate completely
registered public accounting firms headquartered in mainland China of the PRC or Hong Kong, a Special Administrative Region and dependency
of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.
14
On August 26, 2022, the PCAOB announced that
it had signed a Statement of Protocol (the "SOP") with the China Securities Regulatory Commission and the Ministry of Finance
of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreement"),
establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based
in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation
and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion
to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit
documentation without redaction. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to
inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous
determinations to the contrary.
YCM CPA Inc., the independent registered public
accounting firm that issues the audit report for the fiscal year ended March 31, 2023 and 2022 included in this annual report, is currently
subject to PCAOB inspections and the PCAOB is thus able to inspect
YCM CPA Inc.
YCM CPA Inc. is headquartered in
Irvine, California
and
has not been inspected by the PCAOB, but according to YCM CPA Inc., it will be inspected by the PCAOB on a regular basis.. Our former auditor, Friedman LLP ("Friedman"), the
independent registered public accounting firm that issued the audit report for the fiscal year ended March 31, 2021 included in this annual
report, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, was subject to
laws in the United States pursuant to which the PCAOB conducts regular inspections to assess Friedman's compliance with applicable
professional standards. Friedman was headquartered in Manhattan, New York with no branches or offices outside the United States and had
been inspected by the PCAOB on a regular basis, with the last inspection in October 2020. Friedman LLP was merged with Marcum LLP on September
1, 2022 and filed its application to withdraw the PCAOB registration on December 30, 2022. Notwithstanding the foregoing,
in the future, if there is any regulatory change or step taken by PRC regulators or the SEC or Nasdaq applies additional and more stringent
criteria, and if PCAOB determines that it is not able to inspect YCM CPA Inc. at such future time, Nasdaq may delist our
Ordinary Shares and the value of our Ordinary Shares may significantly decline or become worthless.
The trading price
of our Ordinary Shares may be volatile, which could result in substantial losses to you. Such volatility, including any stock run-ups,
may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective
investors to assess the rapidly changing value of our Ordinary Shares.
The trading prices of
our Ordinary Shares may be volatile and could fluctuate widely due to factors beyond our control. There have been instances of extreme
stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial public offerings, especially
among those with relatively smaller public floats. As a relatively small-capitalization company with a relatively small public float,
we may experience greater share price volatility, extreme price run-ups, lower trading volume, and less liquidity than large-capitalization
companies. In particular, our Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades, and large
spreads in bid and ask prices. Such volatility, including any stock run-ups, may be unrelated to our actual or expected operating performance
and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary
Shares. The trading performances of other Hong Kong and Chinese companies' securities after their offerings may affect the attitudes
of investors towards Hong Kong-based, U.S.-listed companies, which consequently may affect the trading performance of our Ordinary Shares,
regardless of our actual operating performance.
In addition, if the trading
volumes of our Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence the price of our
Ordinary Shares. This low volume of trades could also cause the price of our Ordinary Shares to fluctuate greatly, with large percentage
changes in price occurring in any trading day session. Holders of our Ordinary Shares may also not be able to readily liquidate their
investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and
political conditions may also adversely affect the market price of our Ordinary Shares. As a result of this volatility, investors may
experience losses on their investment in our Ordinary Shares. A decline in the market price of our Ordinary Shares also could adversely
affect our ability to issue additional Ordinary Shares or other securities and our ability to obtain additional financing in the future.
No assurance can be given that an active market in our Ordinary Shares will develop or be sustained. If an active market does not develop,
holders of our Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.
Furthermore, any negative
news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure or matters of other
Hong Kong and Chinese companies may also negatively affect the attitudes of investors towards Hong Kong and Chinese companies in general,
including us, regardless of whether we have conducted any inappropriate activities. Furthermore, securities markets may from time to time
experience significant price and volume fluctuations that are not related to our operating performance, which may have a material and
adverse effect on the trading price of our Ordinary Shares.
15
In addition to the above
factors, the price and trading volume of our Ordinary Shares may be highly volatile due to multiple factors, including the following:
●
regulatory developments affecting us or our industry;
●
variations in our revenues, profit, and cash flow;
●
changes in the economic performance or market valuations of other financial services firms;
●
actual or anticipated fluctuations in our quarterly results of operations and changes or revisions of our expected results;
●
changes in financial estimates by securities research analysts;
●
detrimental negative publicity about us, our services, our officers, directors, Controlling Shareholder, other beneficial owners, our business partners, or our industry;
●
announcements by us or our competitors of new service offerings, acquisitions, strategic relationships, joint ventures, capital raisings or capital commitments;
●
additions to or departures of our senior management;
●
litigation or regulatory proceedings involving us, our officers, directors, or Controlling Shareholder;
●
release or expiry of lock-up or other transfer restrictions on our outstanding Ordinary Shares; and
●
sales or perceived potential sales of additional Ordinary Shares.
Any of these factors
may result in large and sudden changes in the volume and price at which our Ordinary Shares will trade.
In the past, shareholders
of public companies have often brought securities class action suits against those companies following periods of instability in the market
price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's
attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which
could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our
ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant
damages, which could have a material adverse effect on our financial condition and results of operations.
16
If securities or
industry analysts do not publish or publish inaccurate or unfavorable research about our business, or if they adversely change their recommendations
regarding our Ordinary Shares, the market price for our Ordinary Shares and trading volume could decline.
The trading market for
our Ordinary Shares will depend in part on the research and reports that securities or industry analysts publish about us or our business.
If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who covers us downgrades
our Ordinary Shares or publishes inaccurate or unfavorable research about our business, the market price for our Ordinary Shares would
likely decline. If one or more of these analysts cease coverage of the Company or fail to publish reports on us regularly, we could lose
visibility in the financial markets, which, in turn, could cause the market price or trading volume for our Ordinary Shares to decline.
The sale or availability
for sale of substantial amounts of our Ordinary Shares in the public market could adversely affect their market price.
Sales of substantial
amounts of our Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the market
price of our Ordinary Shares and could materially impair our ability to raise capital through equity offerings in the future. The 5,000,000
Ordinary Shares sold in our initial public offering completed on June 3, 2022 are freely tradable without restriction or further registration
under the Securities Act of 1933, as amended, or the Securities Act, and shares held by our existing shareholders may also be sold in
the public market in the future, subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and the applicable lock-up
agreements. We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholder
or the availability of these securities for future sale will have on the market price of our Ordinary Shares.
Because the amount,
timing, and whether or not we distribute dividends at all is entirely at the discretion of our board of directors, you must rely on price
appreciation of our Ordinary Shares for return on your investment.
Our board of directors has complete discretion
as to whether to distribute dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may
exceed the amount recommended by our board of directors. In either case, all dividends are subject to certain restrictions under the Cayman
Islands law, namely that the Company may only pay dividends out of profits or share premium, and provided that under no circumstances
may a dividend be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business.
Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend
on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions,
if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our
board of directors. Accordingly, the return on your investment in our Ordinary Shares will likely depend entirely upon any future price
appreciation of our Ordinary Shares. We cannot assure you that our Ordinary Shares will appreciate in value or even maintain the price
at which you purchased the Ordinary Shares. You may not realize a return on your investment in our Ordinary Shares and you may even lose
your entire investment in our Ordinary Shares. See "Item 8. Financial Information – A. Consolidated Statements and Other Financial
Information – Dividend Policy" for more information.
The enforcement
of foreign civil liabilities in the Cayman Islands and Hong Kong is subject to certain conditions. Therefore, certain judgments obtained
against us by our shareholders may be difficult to enforce in such jurisdictions
.
We are a company formed
under the laws of the Cayman Islands. We conduct our operations outside the United States and substantially all of our assets are located
outside the United States. In addition, substantially all of our directors and executive officers reside outside the United States, and
most of their assets are located outside the United States. As a result, it may be difficult or impossible for you to bring an action
against us or against them in the United States in the event that you believe that your rights have been infringed under the U.S. federal
securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands, Hong Kong,
or other relevant jurisdictions may render you unable to enforce a judgment against our assets or the assets of our directors and officers.
17
There is uncertainty
as to whether the courts of the Cayman Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors
or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities
laws of any state in the United States, or (2) entertain original actions brought in the Cayman Islands against us or our directors or
officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.
Although there is no statutory enforcement in
the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to
any treaties for the reciprocal enforcement or recognition of such judgments), a judgment
in personam
obtained in such jurisdiction
will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying
dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (a) is given
by a competent foreign court with jurisdiction to give the judgment, (b) imposes a specific positive obligation on the judgment debtor
(such as an obligation to pay a liquidated sum or perform a specified obligation), (c) is final and conclusive, (d) is not in respect
of taxes, a fine or a penalty) has not been obtained by fraud; and (f) was not obtained in a manner and is not of a kind the enforcement
of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to
enforce a judgment obtained from the U.S. courts under civil liability provisions of the U.S. federal securities law if such judgment
is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because
such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from
U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings
are being brought elsewhere.
Judgment of United States
courts will not be directly enforced in Hong Kong. There are currently no treaties or other arrangements providing for reciprocal enforcement
of foreign judgments between Hong Kong and the United States. However, the common law permits an action to be brought upon a foreign judgment.
That is to say, a foreign judgment itself may form the basis of a cause of action since the judgment may be regarded as creating a debt
between the parties to it. In a common law action for enforcement of a foreign judgment in Hong Kong, the enforcement is subject to various
conditions, including but not limited to, that the foreign judgment is a final judgment conclusive upon the merits of the claim, the judgment
is for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which
the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of
Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private
international law rules applied by the Hong Kong courts. The defenses that are available to a defendant in a common law action brought
on the basis of a foreign judgment include lack of jurisdiction, breach of natural justice, fraud, and contrary to public policy. However,
a separate legal action for debt must be commenced in Hong Kong in order to recover such debt from the judgment debtor.
You may face difficulties
in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated
under Cayman Islands law.
We are a company formed
under the laws of the Cayman Islands. Our corporate affairs are governed by our amended and restated memorandum and articles of association,
the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against our directors, actions by
our minority shareholders and the fiduciary duties of our directors to us under the Cayman Islands laws are to a large extent governed
by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent
in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not
binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under the Cayman Islands
laws are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States.
In particular, the Cayman Islands has a less developed body of securities laws than the United States. Some U.S. states, such as Delaware,
have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, the Cayman Islands
companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.
18
Shareholders of Cayman
Islands companies like us have no general rights under the Cayman Islands laws to inspect corporate records, other than the amended and
restated memorandum and articles of association and any special resolutions passed by such companies, and the registers of mortgages and
charges of such companies. Our directors have discretion under our amended and restated memorandum and articles of association to determine
whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them
available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary
for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.
Certain corporate governance
practices in the Cayman Islands, where our holding company was incorporated, differ significantly from requirements for companies incorporated
in other jurisdictions such as the United States. Currently, we do not plan to rely on home country practice with respect to our corporate
governance. However, if we choose to follow the Cayman Islands' practice in the future, our shareholders may be afforded less protection
than they otherwise would under rules and regulations applicable to U.S. domestic issuers.
As a result of all of
the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by our management,
members of our board of directors, or our Controlling Shareholder than they would as public shareholders of a company incorporated in
the United States.
We are a foreign
private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to
U.S. domestic public companies.
Because we qualify as
a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the
United States that are applicable to U.S. domestic issuers, including:
●
the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;
●
the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;
●
the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and
●
the selective disclosure rules by issuers of material nonpublic information under Regulation FD.
We are required to file
an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our results on a biannual
basis as press releases, distributed pursuant to the rules and regulations of Nasdaq Capital Market. Press releases relating to financial
results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish
to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result,
you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic
issuer.
As a company incorporated
in the Cayman Islands, we are permitted to adopt certain Cayman Islands' practices in relation to corporate governance matters that
differ significantly from the Nasdaq Capital Market listing standards; these practices may afford less protection to shareholders than
they would enjoy if we complied fully with the Nasdaq Capital Market listing standards.
As a Cayman Islands company
to be listed on the Nasdaq Capital Market, we are subject to the Nasdaq Capital Market listing standards. However, the Nasdaq Capital
Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate
governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq Capital Market listing
standards. Currently, we do not plan to rely on home country practices with respect to our corporate governance. However, if we choose
to follow home country practices in the future, our shareholders may be afforded less protection than they would otherwise enjoy under
the Nasdaq Capital Market listing standards applicable to U.S. domestic issuers.
19
There can be no
assurance that we will not be a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable
year, which could subject United States investors in our Ordinary Shares to significant adverse United States income tax consequences.
We will be classified
as a passive foreign investment company, or PFIC, for any taxable year if either (i) 75% or more of our gross income for such year consists
of certain types of "passive" income, or (ii) 50% or more of the value of our assets (determined on the basis of a quarterly
average) during such year produce or are held for the production of passive income (the "asset test"). Based upon our current
and expected income and assets, as well as projections as to the market price of our Ordinary Shares, we do not presently expect to be
classified as a PFIC for the current taxable year or the foreseeable future.
While we do not expect
to be a PFIC, because the value of our assets, for purposes of the asset test, may be determined by reference to the market price of our
Ordinary Shares, fluctuations in the market price of our Ordinary Shares may cause us to become a PFIC classification for the current
or subsequent taxable years. The determination of whether we will be or become a PFIC will also depend, in part, on the composition and
classification of our income, including the relative amounts of income generated by and the value of assets of our future strategic investment
business as compared to our other businesses. Because there are uncertainties in the application of the relevant rules, it is possible
that the U.S. Internal Revenue Service, or IRS, may challenge our classification of certain income and assets as non-passive which may
result in our being or becoming a PFIC in the current or subsequent years. In addition, the composition of our income and assets will
also be affected by how, and how quickly, we use our liquid assets and the cash raised in the initial public offering. If we determine
not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. Because there are
uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each
taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.
If we are a PFIC in any
taxable year, a U.S. Holder (as defined in "Taxation—United States Federal Income Tax Considerations") may incur significantly
increased United States income tax on gain recognized on the sale or other disposition of our Ordinary Shares and on the receipt of distributions
on our Ordinary Shares to the extent such gain or distribution is treated as an "excess distribution" under the United States
federal income tax rules, and such holder may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year
during which a U.S. Holder holds our Ordinary Shares, we will generally continue to be treated as a PFIC for all succeeding years during
which such U.S. Holder holds our Ordinary Shares. For more information see "Item 10. Additional Information—10.E. Taxation—United
States Federal Income Tax Considerations—Passive Foreign Investment Company Rules."
We are an "emerging
growth company," and the reduced disclosure requirements applicable to emerging growth companies may make our Ordinary Shares less
attractive to investors.
We are an "emerging
growth company," as defined in the JOBS Act. We will remain an emerging growth company until the earliest of (i) the
end of the fiscal year in which the market value of our Ordinary Shares that are held by non-affiliates exceeds US$700 million
as of September 30 (the last business day of the second fiscal quarter)  (ii) the end of the fiscal year in which we have total annual
gross revenues of US$1.235 billion or more during such fiscal year, (iii) the date on which we issue more than US$1 billion
in non-convertible debt in a three-year period, or (iv) the last day of our fiscal year following the fifth anniversary
of the completion of the initial public offering.
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We may take advantage
of certain exemptions from various requirements applicable to other public companies that are not emerging growth companies including,
most significantly, not being required to comply with the auditor attestation requirements of Section 404 of Sarbanes-Oxley Act of
2002 for so long as we are an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements,
our investors may not have access to certain information they may deem important.
The JOBS Act also provides
that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a
private company is otherwise required to comply with such new or revised accounting standards. Pursuant to the JOBS Act, we have elected
to take advantage of the benefits of this extended transition period for complying with new or revised accounting standards as required
when they are adopted for public companies. As a result, our operating results and financial statements may not be comparable to the operating
results and financial statements of other companies who have adopted the new or revised accounting standards.
After we are no longer
an "emerging growth company," we expect to incur significant expenses and devote substantial management effort toward ensuring
compliance with the requirements of Section 404 of the Sarbanes- Oxley Act of 2002 and the other rules and regulations of the SEC,
which may adversely affect our financial condition and results of operations.
Risks Relating to our Business and Industry
Our Operating Subsidiaries have a relatively
short operating history compared to some of our established competitors and face significant risks and challenges in a rapidly evolving
market, which makes it difficult to effectively assess our future prospects.
Our Operating Subsidiaries have a relatively short
operating history compared to some of our established competitors. You should consider our business and prospects in light of the risks
and challenges we encounter or may encounter given the rapidly evolving market in which we operate and our relatively short operating
history. These risks and challenges include our ability to, among other things:
●
build a well-recognized and respected brand;
●
establish and expand our client base;
●
maintain and enhance our relationships with our business partners;
●
attract, retain, and motivate talented employees;
●
anticipate and adapt to changing market conditions and a competitive landscape;
●
manage our future growth;
●
ensure that the performance of our products and services meets client expectations;
●
maintain or improve our operational efficiency;
21
●
navigate a complex and evolving regulatory environment;
●
defend ourselves in any legal or regulatory actions against us;
●
enhance our technology infrastructure and maintain the security of our system and the confidentiality of the information provided and utilized across our system;
●
avoid and remedy operating errors as a result of human or system errors;
●
identify and address conflicts of interest; and
●
identify and appropriately manage our related party transactions.
If we fail to address any or all of these risks
and challenges, our business may be materially and adversely affected.
Our Operating Subsidiaries have a relatively short
history in serving our current client base. As our business develops and as we respond to competition, we may continue to introduce new
service offerings, make adjustments to our existing services, or make adjustments to our business operations in general. Any significant
change to our business model that does not achieve expected results could have a material and adverse impact on our financial condition
and results of operations. It is therefore difficult to effectively assess our future prospects.
Unfavorable financial market and economic
conditions in Hong Kong, China, and elsewhere in the world could materially and adversely affect our business, financial condition, and
results of operations.
As a financial services firm based in Hong Kong,
our business is materially affected by conditions in the financial markets and economic conditions in Hong Kong, China, and elsewhere
in the world. Financial markets and economic conditions could be negatively impacted by many factors beyond our control, such as inability
to access capital markets, control of foreign exchange, changes in exchange rates, rising interest rates or inflation, slowing or negative
growth rate, government involvement in allocation of resources, inability to meet financial commitments in a timely manner, terrorism,
pandemics such as the COVID-19 pandemic, political uncertainty, civil unrest, fiscal or other economic policy of Hong Kong or other governments,
and the timing and nature of any regulatory reform. The current trade frictions between the United States and China may also give rise
to uncertainties in global economic conditions and adversely affect general investor confidence. Unfavorable financial market and economic
conditions in Hong Kong, China, and elsewhere in the world could negatively affect our clients' business and materially reduce demand
for our services and increase price competition among financial services firms seeking such engagements, and thus could materially and
adversely affect our business, financial condition, and results of operations. In addition, our profitability could be adversely affected
due to our fixed costs and the possibility that we would be unable to reduce our variable costs without reducing revenues or within a
timeframe sufficient to offset any decreases in revenues relating to changes in the market and economic conditions.
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Geopolitical risks and political uncertainty
may adversely impact economic conditions, increase market volatility, cause operational disruption to us and impact our strategic plans,
which could have adverse effects on our business and its profitability.
We are exposed to geopolitical risks and political
uncertainty in the markets in which we operate. Geopolitical risks and political uncertainty may adversely impact our operations and. 
Increased geopolitical tensions may increase cross-border cyber activity and therefore increase cyber security risks. Geopolitical tensions
may also lead to civil unrest and/or acts of civil disobedience. This includes the unrest in Hong Kong, where
mass anti-government demonstrations have given rise to increased disruption throughout the region. Such events could impact operational
resilience by disrupting our systems, operations, new business sales and renewals, distribution channels and services to customers, which
may result decreased profitability, financial loss, adverse customer impacts and reputational damage. Additionally, the degree and
nature of regulatory changes and our competitive position in some markets may be impacted, for example, through measures favoring local
enterprises, such as changes to the maximum level of non-domestic ownership by foreign companies.
The online brokerage
service industry and the financial services industry are intensely competitive. If we are unable to compete effectively, we may lose our
market share and our results of operations and financial condition may be materially and adversely affected.
The financial services
industry, including the online brokerage services industry, is intensely competitive, highly fragmented, and subject to rapid change,
and we expect it to remain so. We compete both in Hong Kong and globally, and on the basis of a number of factors, including the ability
to adapt to evolving financial needs of a broad spectrum of clients, our ability to identify market demands and business opportunities
to win client mandates, the quality of our advice, our employees and deal execution, the range and price of our products and services,
our innovation, our reputation, and the strength of our relationships. We expect to continue to invest capital and resources in our businesses
in order to grow and develop them to a size where they are able to compete effectively in their markets, have economies of scale, and
are themselves able to produce or consolidate significant revenues and profit. We cannot assure you that the planned and anticipated growth
of our securities and futures trading services business and margin financing business will be achieved or in what timescale. There may
be difficulties securing financing for investment for growth and in recruiting and retaining the skilled human resources required to compete
effectively. If we fail to compete effectively against our competitors, our business, financial conditions, results of operations, and
prospects will be materially and adversely affected.
As an online provider
of securities and futures trading services for Asian investors on a global basis, our business generally requires us to react promptly
to the evolving demand of our clients and be able to provide innovative financial solutions tailored to their needs. We may not be able
to compete effectively with our competitors at all times and always be able to provide appropriate financial solutions that promptly and
accurately address our clients' needs. If this were to happen, our ability to attract new or retain existing clients will suffer,
which would materially and adversely affect our revenues and earnings.
We primarily compete
with other providers of financial services to Asian investors. We may face pricing pressure as some of our competitors may seek to obtain
higher market share by reducing fees and commissions. Some of our competitors include large global financial institutions or state-owned
PRC financial institutions operating or headquartered in Hong Kong, many of which have longer operating histories, far broader financial
and other resources, and significantly greater name recognition than us and have the ability to offer a wider range of products, which
may enhance their competitive position. They also regularly support services we do not provide, such as commercial lending, margin lending
and other financial services and products, which puts us at a competitive disadvantage and could result in pricing pressures or lost opportunities,
which in turn could materially and adversely affect our results of operations. In addition, we may be at a competitive disadvantage with
regard to some of our competitors that have larger customer bases and greater human resources.
During the years
ended March 31, 2023, 2022 and 2021, our top five customers accounted for a significant portion of our total revenues. The loss of any
such customers or a material decline in their trading activities through us would have an adverse effect on our operating results.
Our top five customers
accounted for 43%, 77% and 92% of our total revenues for the years ended March 31, 2023, 2022 and 2021, respectively. Although our Operating
Subsidiaries strive to provide excellent service and experience to our customers, we cannot guarantee that these top customers will continue
to trade on our platform at levels commensurate with previous periods, or that they will not terminate the use of our services in the
future. The volume of trading and the type of futures products which these clients may decide to trade during any particular period depends
on their investment preferences at the time, which may be affected by their outlook of the market as well as factors beyond our control.
Any decline in our top customers' transaction volume would lower our revenues, which would adversely affect our profitability.
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Our current level
of commission and fee rates may decline in the future. Any material reduction in our commission or fee rates could reduce our profitability.
Our Operating Subsidiaries derive a significant
portion of our revenues from commissions and fees paid by our clients for trading futures through our online platforms. During the years
ended March 31, 2023, 2022 and 2021, our futures brokerage commission income amounted to US$4.3 million, US$4.3 million and US$16.09 million,
respectively, representing 44.6%, 54.9% and 95.15% of our total revenues, respectively. We did not generate any revenue from options trading
services or margin financing services during the years ended March 31, 2023, 2022 and 2021. During the years ended March 31, 2023, 2022
and 2021, our stock brokerage commission income amounted to US$58,266, US$14,827 and US$32,843, respectively. We may experience pressure
on our commission or fee rates as a result of competition we face in the online brokerage service industry. Some of our competitors offer
a broader range of services to a larger client base, and enjoy higher trading volumes, than we do. Consequently, our competitors may be
able and willing to offer trading services at lower commission or fee rates than we currently offer or may be able to offer. For example,
some banks in Hong Kong and the United States offer zero commission fees or similar policies to attract securities investors. As a result
of this pricing competition, we could lose both market share and revenues. We believe that any downward pressure on commission or fee
rates would likely continue and intensify as we continue to develop our business and gain recognition in our markets. A decline in our
commission or fee rates could lower our revenues, which would adversely affect our profitability. In addition, our competitors may offer
other financial incentives such as rebates or discounts in order to induce trading in their systems rather than in ours. If our commission
or fee rate decreases significantly, our operating and financial results may be materially and adversely affected.
The level of commission
and fee rate we need to pay our execution brokers may increase in the future. Any material increment in our commission or free rates could
reduce our profitability.
Commission expenses were
our largest type of expenses, which amounted to 29%, 35% and 61% of our revenues for the years ended March 31, 2023, 2022 and 2021, respectively.
Commission expenses represent the fees we paid to our broker partners, when we place a client order to an exchange market through these
partners. We rely on these partners to execute trades except for orders to the Hong Kong Stock Exchange and Hong Kong Futures Exchange.
Although there is a wide selection of broker partners we could choose from, if the commission and fee rate we need to pay to our execution
brokers increase significantly and we could not find cost-effective alternatives or pass on the extra cost to our customers, our operating
and financial results may be materially and adversely affected.
We may not be able
to develop our margin financing business as expected and may be exposed to credit risks related to such business. In addition, we need
adequate funding at reasonable costs to successfully operate our proposed margin financing business and access to adequate funding at
reasonable costs cannot be assured.
Our margin financing
business may not develop as expected if clients fail to perform contractual obligations or the value of collateral held to secure the
obligations is inadequate. We intend to adopt comprehensive internal policies and procedures designed to manage such risks. For example,
once the margin value falls below the outstanding amount of the relevant loan extended as a result of a market downturn or adverse movement
in the prices of the pledged securities, we will make a margin call requesting the client to deposit additional funds, sell securities
or pledge additional securities to top up their margin value. If the client's margin value still falls below the required standard,
we will initiate our liquidation protection mechanism on a real-time basis to bring the client's account into margin compliance.
Nevertheless, we cannot assure you that we will not be exposed to any credit risks associated with our margin financing business.
Moreover, the development,
growth and success of our margin financing business will depend on the availability of adequate funding to meet our client demand for
loans on our platform. We expect to derive the funding for our margin financing business from a variety of sources, including funding
secured from commercial banks, other licensed financial institutions and other parties as well as financing generated from our business
operations. To the extent there is insufficient funding from institutional funding partners who are willing to accept the credit risk
related to the collateral from our clients, the funds available for our margin financing business might be limited and our ability to
provide margin financing services to our clients to address their demand for loans would be adversely impacted. In addition, as we strive
to offer our clients competitively priced services and the online brokerage market is intensely competitive, we may attempt to further
reduce our interest expenses from our funding partners. If we cannot continue to maintain our relationship with these funding partners
and obtain adequate funding at reasonable costs, we may not be able to continue to offer or grow our margin financing business. To the
extent that our funding partners find the risk-adjusted returns with us less attractive, we may not be able to obtain the requisite level
of funding at reasonable costs, or at all. If our platform is unable to provide our clients with margin loans or fund the loans on a timely
basis due to insufficient funding or less favorable pricing compared to those of our competitors, it would harm our business, financial
condition and results of operations.
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We may not succeed
in promoting and sustaining our brand, which could have an adverse effect on our future growth and business.
A critical component
of our future growth is our ability to promote and sustain our brand. Promoting and positioning our brand and platform will depend largely
on the success of our marketing efforts, our ability to attract users and clients cost-efficiently and our ability to consistently provide
high- quality services and a superior experience. We have incurred and will continue to incur significant expenses related to advertising
and other marketing efforts, which may not be effective and may adversely affect our net margins.
In addition, to provide
a high-quality user and client experience, we have invested and will continue to invest substantial amounts of resources in the development
and functionality of our platform, website, technology infrastructure and client service operations. Our ability to provide a high-quality
user and client experience is also highly dependent on external factors over which we may have little or no control, including, without
limitation, the reliability and performance of software vendors and business partners. Failure to provide our users and clients with high
quality services and experience for any reason could substantially harm our reputation and adversely impact our efforts to develop a trusted
brand, which could have a material adverse effect on our business, results of operations, financial condition and prospects.
Our corporate actions
will be substantially controlled by our Controlling Shareholder, Zhong Yang Holdings (BVI) Limited, which will have the ability to control
or exert significant influence over important corporate matters that require approval of shareholders, which may deprive you of an opportunity
to receive a premium for your Ordinary Shares and materially reduce the value of your investment.
Zhong Yang Holdings (BVI)
Limited, our Controlling Shareholder, beneficially owns 85.70% of our total issued and outstanding Ordinary Shares as of the date of this
annual report. Accordingly, Zhong Yang Holdings (BVI) Limited will have significant influence in determining the outcome of any corporate
transaction or other matter submitted to the shareholders for approval, including mergers, consolidations, election of directors and other
significant corporate actions. Ms. Junli Yang, our Chairwoman of the Board of Directors, owns 82.3% of the equity interest in Zhong Yang
Holdings (BVI) Limited and is the sole director of Zhong Yang Holdings (BVI) Limited. Ms. Junli Yang may be deemed the beneficial owner
of all Ordinary Shares held by Zhong Yang Holdings (BVI) Limited. This concentration of ownership may also discourage, delay or prevent
a change in control of our company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part
of a sale of our company and might reduce the price of our Ordinary Shares. These actions may be taken even if they are opposed by our
other shareholders.
Our businesses
depend on key management executives and professional staff, and our business may suffer if we are unable to recruit and retain them.
Our businesses depend
on the skills, reputation, and professional experience of our key management executives, the network of resources and relationships they
generate during the normal course of their activities, and the synergies among the diverse fields of expertise and knowledge held by our
senior professionals. Therefore, the success of our business depends on the continued services of these individuals. If we lose their
services, we may not be able to execute our existing business strategy effectively, and we may have to change our current business direction.
These disruptions to our business may take up significant energy and resources of our company, and materially and adversely affect our
future prospects.
25
Moreover, our business
operations depend on our professional staff, our most valuable asset. Their skills, reputation, professional experience, and client relationships
are critical elements in obtaining and executing client engagements. We devote considerable resources and incentives to recruiting and
retaining these personnel. However, the market for quality professional staff is increasingly competitive. We expect to face significant
competition in hiring such personnel. Additionally, as we mature, current compensations scheme to attract employees may not be as effective
as in the past. The intense competition may require us to offer more competitive compensation and other incentives to our talent, which
could materially and adversely affect our financial condition and results of operations. As a result, we may find it difficult to retain
and motivate these employees, and this could affect their decisions about whether or not they continue to work for us. If we do not succeed
in attracting, hiring and integrating quality professional staff, or retaining and motivating existing personnel, we may be unable to
grow effectively.
We are subject
to extensive and evolving regulatory requirements, the non-compliance with which may result in penalties, limitations, and prohibitions
on our future business activities or suspension or revocation of our licenses, and consequently may materially and adversely affect our
business, financial condition, and results of operations. In addition, we may, from time to time, be subject to regulatory inquiries and
investigations by relevant regulatory authorities or government agencies in Hong Kong or other applicable jurisdictions.
The Hong Kong financial
market in which we primarily operate is highly regulated. Our business operations are subject to applicable laws, regulations, guidelines,
circulars, and other regulatory guidance, and many aspects of our businesses depend on obtaining and maintaining approvals, licenses,
permits, or qualifications from the relevant regulators. Serious non-compliance with regulatory requirements could result in investigations
and regulatory actions, which may lead to penalties, including reprimands, fines, limitations, or prohibitions on our future business
activities or, if significant, suspension or revocation of our licenses. Failure to comply with these regulatory requirements could limit
the scope of businesses in which we are permitted to engage. Furthermore, additional regulatory approvals, licenses, permits, or qualifications
may be required by relevant regulators in the future, and some of our current approvals, licenses, permits, or qualifications are subject
to periodic renewal. Although we have not been found by any relevant regulators to be in material non-compliance with any regulatory requirements
since we commenced our current businesses in 2015, any such finding or other negative outcome may affect our ability to conduct business,
harm our reputation and, consequently, materially and adversely affect our business, financial condition, results of operations, and prospects.
Two of our Operating
Subsidiaries, ZYSL and ZYCL, are HKSFC-licensed companies subject to various requirements, such as remaining fit and proper at all times,
minimum liquid and paid-up capital requirements, notification requirements, submission of audited accounts, submission of financial resources
returns and annual returns, continuous professional training, under the Securities and Futures Ordinance (Cap. 571) of Hong Kong and its
subsidiary legislation and the codes and the guidelines issued by the HKSFC. If any of these HKSFC licensed companies fails to meet the
regulatory capital requirements in Hong Kong, the local regulatory authorities may impose penalties on us or limit the scope of our business,
which could, in turn, have a material adverse effect on our financial condition and results of operations. Moreover, the relevant capital
requirements may be changed over time or subject to different interpretations by relevant governmental authorities, all of which are out
of our control. Any increase of the relevant capital requirements or stricter enforcement or interpretation of the same may adversely
affect our business activities. Any non-compliance with applicable regulatory requirements by our company or any of our subsidiaries may
result in penalties, limitations, and prohibitions on our future business activities and thus may materially and adversely affect our
business, financial condition, and results of operations.
From time to time, ZYSL
and ZYCL may be subject to or required to assist in inquiries or investigations by relevant regulatory authorities or government agencies
in Hong Kong or other jurisdictions, including the HKSFC and the SEC, relating to its own activities or activities of third parties such
as its clients. The HKSFC conducts on- site reviews and off-site monitoring to ascertain and supervise our business conduct and compliance
with relevant regulatory requirements and to assess and monitor, among other things, our financial soundness. We, our directors, or our
employees, may be subject to such regulatory inquiries and investigations from time to time, regardless of whether we are the target of
such regulatory inquiries and investigations. If any misconduct is identified as a result of inquiries, reviews or investigations, the
HKSFC may take disciplinary actions that would lead to revocation or suspension of licenses, public or private reprimand or imposition
of pecuniary penalties against us, our responsible officers, licensed representatives, directors, or other officers. Any such disciplinary
actions taken against us, our responsible officers, licensed representatives, directors, or other officers may have a material and adverse
impact on our business operations and financial results. In addition, we are subject to statutory secrecy obligations under the Securities
and Futures Ordinance (Cap. 571) of Hong Kong whereby we may not be permitted to disclose details on any HKSFC inquiries, reviews or investigations
without the consent of the HKSFC. For further details, see "Regulation—Disciplinary Power of the HKSFC".
26
Our revenues and
profits are highly volatile, and fluctuate significantly from quarter to quarter, which may result in volatility of the price of our Ordinary
Shares.
Our revenues and profits
are highly volatile and could fluctuate significantly. For example, the revenues generated from our businesses are highly dependent on
market conditions, regulatory environment and policies, and the decisions and actions of our clients and interested third parties. Almost
all of our revenues were derived from brokerage fees generated from customers who traded futures on our platform, therefore our revenues
are highly influenced by the futures trading volume of our customers and the commission rates we charge. Futures brokerage commission
is likely to remain our main source of revenues in the near future, until we start to generate revenue from margin financing and CFD products.
The willingness of our customers to trade futures on our platform can be affected by a number of factors which are difficult to predict,
for example, general economic and political conditions in Hong Kong, the PRC and fluctuations in interest rates, and changes in investor
confidence in the market. Where our customers decide to reduce their trading volume in future contracts or to not trade at all, our revenues
will be reduced. As a result, our results of operations will likely fluctuate from quarter to quarter based on the timing of when those
fees are earned. It may be difficult for us to achieve steady earnings growth on a quarterly basis, which could, in turn, lead to large
adverse movements in the price of our Ordinary Shares or increasing volatility in our Ordinary Share price generally.
We face additional
risks as we offer new products and services, transact with a broader array of clients and counterparties and expose ourselves to new geographical
markets.
Our Operating Subsidiaries
are committed to providing new products and services in order to strengthen our market position in the financial services industry and
client relationships. We expect to expand our product and service offerings as permitted by relevant regulatory authorities, transact
with new clients not in our traditional client base and enter into new markets. These activities expose us to new and increasingly challenging
risks, including, but not limited to:
●
we may have insufficient experience or expertise in offering new products and services and dealing with inexperienced counterparties and clients may harm our reputation;
●
we may be subject to stricter regulatory scrutiny, or increasing tolerance of credit risks, market risks, compliance risks, and operational risks;
●
we may be unable to provide clients with adequate levels of service for our new products and services;
●
our new products and services may not be accepted by our clients or meet our profitability expectations;
●
our new products and services may be quickly copied by our competitors so that its attractiveness to our clients may be diluted; and
●
our internal information technology infrastructure may not be sufficient to support our product and service offerings.
If we are unable to achieve
the expected results with respect to our offering of new products and services, our business, financial condition, and results of operations
could be materially and adversely affected.
In addition, engaging
in business internationally may expose us to additional risks and uncertainties. As we have limited experience in operating our business
outside of Hong Kong, we may be unable to attract a sufficient number of clients, fail to anticipate competitive conditions, or face difficulties
in operating effectively in overseas markets. We may also fail to adapt our business models to local markets due to various legal requirements
and market conditions. Compliance with applicable foreign laws and regulations, especially financial regulations, increases the costs
and risk exposure of doing business in foreign jurisdictions. In addition, in some cases, compliance with the laws and regulations of
one country could nevertheless cause violation of the laws and regulations of another country. Violations of these laws and regulations
could materially and adversely affect our brand, international growth efforts, and business.
27
We may undertake
acquisitions, investments, joint ventures, or other strategic alliances, which could present unforeseen integration difficulties or costs
and may not enhance our business as we expect.
Our strategy includes
plans to grow both organically and through possible acquisitions, joint ventures, or other strategic alliances. Joint ventures and strategic
alliances may expose us to new operational, regulatory, and market risks, as well as risks associated with additional capital requirements.
We may not be able, however, to identify suitable future acquisition targets or alliance partners. Even if we identify suitable targets
or partners, the evaluation, negotiation, and monitoring of the transactions could require significant management attention and internal
resources and we may be unable to complete an acquisition or alliance on terms commercially acceptable to us. The costs of completing
an acquisition or alliance may be costly and we may not be able to access funding sources on terms commercially acceptable to us. Even
when acquisitions are completed, we may encounter difficulties in integrating the acquired entities and businesses, such as difficulties
in retention of clients and personnel, challenge of integration and effective deployment of operations or technologies, and assumption
of unforeseen or hidden material liabilities or regulatory non-compliance issues. Any of these events could disrupt our business plans
and strategies, which in turn could have a material adverse effect on our financial condition and results of operations. Such risks could
also result in our failure to derive the intended benefits of the acquisitions, strategic investments, joint ventures, or strategic alliances,
and we may be unable to recover our investment in such initiatives. We cannot assure you that we could successfully mitigate or overcome
these risks.
Any negative publicity
with respect to the Company, our directors, officers, employees, shareholders, or other beneficial owners, our peers, business partners,
or our industry in general, may materially and adversely affect our reputation, business, and results of operations.
Our reputation and brand
recognition play an important role in earning and maintaining the trust and confidence of our existing and prospective clients. Our reputation
and brand are vulnerable to many threats that can be difficult or impossible to control, and costly or impossible to remediate. Negative
publicity about us, such as alleged misconduct, other improper activities, or negative rumors relating to our business, shareholders,
or other beneficial owners, affiliates, directors, officers, or other employees, can harm our reputation, business, and results of operations,
even if they are baseless or satisfactorily addressed. These allegations, even if unproven or meritless, may lead to inquiries, investigations,
or other legal actions against us by any regulatory or government authorities. Any regulatory inquiries or investigations and lawsuits
against us, and perceptions of conflicts of interest, inappropriate business conduct by us or perceived wrongdoing by any key member of
our management team, among other things, could substantially damage our reputation regardless of their merits, and cause us to incur significant
costs to defend ourselves. As we reinforce our ecosystem and stay close to our clients and other stakeholders, any negative market perception
or publicity on our business partners that we closely cooperate with, or any regulatory inquiries or investigations and lawsuits initiated
against them, may also have an impact on our brand and reputation, or subject us to regulatory inquiries or investigations or lawsuits.
Moreover, any negative media publicity about the financial services industry in general or product or service quality problems of other
firms in the industry in which we operate, including our competitors, may also negatively impact our reputation and brand. If we are unable
to maintain a good reputation or further enhance our brand recognition, our ability to attract and retain clients, third-party partners,
and key employees could be harmed and, as a result, our business, financial position, and results of operations would be materially and
adversely affected.
Our operations
may be subject to transfer pricing adjustments by competent authorities.
We may use transfer pricing
arrangements to account for business activities between us and our Controlling Shareholder, the different entities within our consolidated
group, or other related parties. We cannot assure you that the tax authorities in the jurisdictions where we operate would not subsequently
challenge the appropriateness of our transfer pricing arrangements or that the relevant regulations or standards governing such arrangements
will not be subject to future changes. If a competent tax authority later finds that the transfer prices and the terms that we have applied
are not appropriate, such authority may require us or our subsidiaries to re-assess the transfer prices and re-allocate the income or
adjust the taxable income. Any such reallocation or adjustment could result in a higher overall tax liability for us and may adversely
affect our business, financial condition, and results of operations.
28
Our risk management
and internal control systems, as well as the risk management tools available to us, may not fully protect us against various risks inherent
in our business.
We follow our comprehensive
internal risk management framework and procedures to manage our risks, including, but not limited to, reputational, legal, regulatory,
compliance, operational, market, liquidity, and credit risks. However, our risk management policies, procedures, and internal controls
may not be adequate or effective in mitigating our risks or protecting us against unidentified or unanticipated risks. In particular,
some methods of managing risks are based upon observed historical market behavior and our experience in the financial industry. These
methods may fail to predict future risk exposures, which could be significantly greater than those indicated by our historical measures.
Other risk management methods depend upon an evaluation of available information regarding operating and market conditions and other matters,
which may not be accurate, complete, up-to-date, or properly evaluated. In addition, the capital markets are constantly developing, the
information and experience that we rely on for our risk management methods may become quickly outdated as capital markets and regulatory
environment continue to evolve. Any deficiencies or failures in our risk management and internal control systems and procedures may adversely
affect our ability to identify or report our deficiencies or non-compliance. For a discussion of risks relating to the material weakness
in our internal control over financial reporting, see "Risks Relating to Our Business and Industry—
We have identified certain
material weakness in our internal control over financial reporting. If we fail to implement and maintain an effective system of internal
control to remediate our material weakness over financial reporting, we may be unable to accurately report our results of operations,
meet our reporting obligations, or prevent fraud
." In addition, failure of our employees to effectively enforce such risk management
and internal controls procedures, or any of the foregoing risks, may have a material and adverse effect on our business, financial condition
and operating results.
Our business is
subject to various cyber-security and other operational risks.
We face various cyber-security
and other operational risks relating to our businesses on a daily basis. We rely heavily on financial, accounting, communication and other
data processing systems as well as the people who operate them to securely process, transmit, and store sensitive and confidential client
information, and communicate globally with our staff, clients, partners, and third-party vendors. We also depend on various third-party
software and cloud-based storage platforms as well as other information technology systems in our business operations. These systems,
including third-party systems, may fail to operate properly or become disabled as a result of tampering or a breach of our network security
systems or otherwise, including for reasons beyond our control.
Our clients typically
provide us with sensitive and confidential information as part of our business arrangements. We are susceptible of attempts to obtain
unauthorized access of such sensitive and confidential client information. We also may be subject to cyber-attacks involving leak and
destruction of sensitive and confidential client information and our proprietary information, which could result from an employee's
or agent's failure to follow data security procedures or as a result of actions by third parties, including actions by government
authorities. Although cyber-attacks have not had a material impact on our operations to date, breaches of our or third-party network security
systems on which we rely could involve attacks that are intended to obtain unauthorized access to and disclose sensitive and confidential
client information and our proprietary information, destroy data or disable, degrade, or sabotage our systems, often through the introduction
of computer viruses and other means, and could originate from a wide variety of sources, including state actors or other unknown third
parties. The increase in using mobile technologies can heighten these and other operational risks.
We cannot assure you
that we or the third parties on which we rely will be able to anticipate, detect, or implement effective preventative measures against
frequently changing cyber-attacks. We may incur significant costs in maintaining and enhancing appropriate protections to keep pace with
increasingly sophisticated methods of attack. In addition to the implementation of data security measures, we require our employees to
maintain the confidentiality of the proprietary information that we hold. If an employee's failure to follow proper data security
procedures results in the improper release of confidential information, or our systems are otherwise compromised, malfunctioning or disabled,
we could suffer a disruption of our business, financial losses, liability to clients, regulatory sanctions, and damage to our reputation.
We operate in businesses
that are highly dependent on proper processing of financial transactions. We have to reliably obtain securities and other pricing information,
properly execute and process client transactions, and provide reports and other customer service to our clients. The occurrence of trade
or other operational errors or the failure to keep accurate books and records can render us liable to disciplinary action by regulatory
authorities, as well as to claims by our clients. We also rely on third-party service providers for certain aspects of our business. Any
interruption or deterioration in the performance of these third parties or failures of their information systems and technology could
impair our operations, affect our reputation, and adversely affect our businesses.
29
Fraud or misconduct
by our directors, officers, employees, agents, clients, or other third parties could harm our reputation and business and may be difficult
to detect and deter.
It is not always possible
to detect and deter fraud or misconduct by our directors, officers, employees, agents, clients, business partners, or other third parties.
The precautions that we take to detect and prevent such activity may not be effective in all cases. Fraud or misconduct by any of these
persons or entities may cause us to suffer significant reputational harm and financial loss or result in regulatory disciplinary actions.
The potential harm to our reputation and to our business caused by such fraud or misconduct is impossible to quantify.
We are subject to a number
of obligations and standards arising from our businesses. The violation of these obligations and standards by any of our directors, officers,
employees, agents, clients, or other third parties could materially and adversely affect us and our investors. For example, our businesses
require that we properly handle confidential information. If our directors, officers, employees, agents, clients, or other third parties
were to improperly use or disclose confidential information, we could suffer serious harm to our reputation, financial position, and existing
and future business relationships. Although we have not identified any material fraud or misconduct by our directors, officers, employees,
agents, clients, or other third parties since we commenced our current businesses in 2015, if any of these persons or entities were to
engage in fraud or misconduct or were to be accused of such fraud or misconduct, our business and reputation could be materially and adversely
affected.
We may be subject
to litigation and regulatory investigations and proceedings and may not always be successful in defending ourselves against such claims
or proceedings.
Although we have not
been subject to any lawsuits and arbitration claims in relation to our current business since the commencement in 2015, operating in the
financial services industry may subject us to significant risks, including the risk of lawsuits and other legal actions relating to compliance
with regulatory requirements in areas such as information disclosure, sales or underwriting practices, product design, fraud and misconduct,
and protection of sensitive and confidential client information. From time to time, we may be subject to lawsuits and arbitration claims
in the ordinary course of our business brought by external parties or disgruntled current or former employees, inquiries, investigations,
and proceedings by regulatory and other governmental agencies. Any such claims brought against us, with or without merits, may result
in administrative measures, settlements, injunctions, fines, penalties, negative publicities, or other results adverse to us that could
have material adverse effect on our reputation, business, financial condition, results of operations, and prospects even if we are successful
in defending ourselves against.
In market downturns,
the number of legal claims and the amount of damages sought in litigation and regulatory proceedings may increase. In addition, our affiliates
may also encounter litigation, regulatory investigations, and proceedings for the practices in their business operations. Our clients
may also be involved in litigation, investigation, or other legal proceedings, some of which may relate to transactions that we have advised,
whether or not there has been any fault on our part.
We may not be able
to fully detect money laundering and other illegal or improper activities in our business operations on a timely basis or at all, which
could subject us to liabilities and penalties.
We are required to comply
with applicable anti-money laundering and anti-terrorism laws and other regulations in the jurisdictions where we operate. Although we
have adopted policies and procedures aimed at detecting, and preventing being used for, money-laundering activities by criminals or terrorist-related
organizations and individuals or improper activities (including but not limited to market manipulation and aiding and abetting tax evasion),
such policies and procedures may not completely eliminate instances where our networks may be used by other parties to engage in money
laundering and other illegal or improper activities. Furthermore, we primarily comply with applicable anti-money laundering laws and regulations
in Hong Kong and we may not fully detect violations of anti-money laundering regulations in other jurisdictions or be fully compliant
with the anti-money laundering laws and regulations in other jurisdictions to which we are required. After we become a publicly listed
company in the United States, we will also be subject to the U.S. Foreign Corrupt Practices Act of 1977 and other laws and regulations
in the United States, including regulations administered by the U.S. Department of Treasury's Office of Foreign Asset Control. Although
we have not identified any failure to detect material money laundering activities since we commenced our current businesses in 2015, if
we fail to fully comply with applicable laws and regulations, the relevant government agencies may impose fines and other penalties on
us, which may adversely affect our business.
30
We regularly encounter
potential conflicts of interest, and failure to identify and address such conflicts of interest could adversely affect our business.
We face the possibility
of actual, potential, or perceived conflicts of interest in the ordinary course of our business operations. Conflicts of interest may
exist between (i) our different businesses; (ii) us and our clients; (iii) our clients; (iv) us and our employees; (v) our clients and
our employees, or (vi) us and our Controlling Shareholder and other beneficial owners. As our Operating Subsidiaries expand the scope
of our business and our client base, it is critical for us to be able to timely address potential conflicts of interest, including situations
where two or more interests within our businesses naturally exist but are in competition or conflict. We have put in place extensive internal
control and risk management procedures that are designed to identify and address conflicts of interest. However, appropriately identifying
and managing actual, potential, or perceived conflicts of interest is complex and difficult, and our reputation and our clients'
confidence in us could be damaged if we fail, or appear to fail, to deal appropriately with one or more actual, potential, or perceived
conflicts of interest. It is possible that actual, potential, or perceived conflicts of interest could also give rise to client dissatisfaction,
litigation, or regulatory enforcement actions. Regulatory scrutiny of, or litigation in connection with, conflicts of interest could have
a material adverse effect on our reputation, which could materially and adversely affect our business in a number of ways, including a
reluctance of some potential clients and counterparties to do business with us. Any of the foregoing could materially and adversely affect
our reputation, business, financial condition, and results of operations.
The current tensions
in international economic relations may negatively affect the demand for our services, and our results of operations and financial condition
may be materially and adversely affected.
Recently there have been
heightened tensions in international economic relations, such as the one between the United States and China. The U.S. government has
imposed, and has continued to propose to impose additional, new, or higher tariffs on certain products imported from China to penalize
China for what it characterizes as unfair trade practices. China has responded by imposing, and proposing to impose additional, new, or
higher tariffs on certain products imported from the United States.
Amid these tensions,
the U.S. government has imposed and may impose additional measures on entities in China, including sanctions. As a financial services
firm based in Hong Kong, our businesses are materially affected by the financial markets and economic conditions in Hong Kong, China,
and elsewhere in the world. Escalations of the tensions that affect trade relations may lead to slower growth in the global economy in
general, which in turn could negatively affect our clients' businesses and materially reduce demand for our services, thus potentially
negatively affect our business, financial condition, and results of operations.
We may need additional
funding but may not be able to obtain it on favorable terms or at all.
We may require additional
funding for further growth and development of our business, including any investments or acquisitions we may decide to pursue. If our
existing resources are insufficient to satisfy our requirements, we may seek to issue additional equity or debt securities or obtain new
or expanded credit facilities. Our ability to obtain external financing in the future is subject to a variety of uncertainties, including
our future financial condition, results of operations, cash flows, share price performance, liquidity of international capital and lending
markets, and the Hong Kong financial industry. Pursuant to the terms of the medium term notes issued by our Controlling Shareholder, so
long as the notes remain outstanding, our Controlling Shareholder will not and will ensure that none of its subsidiaries, including us,
create or have outstanding any mortgage, charge, lien, pledge, or other security interest, upon the whole or any part of its present or
future undertaking, assets, or revenues to secure any indebtedness in the form of bonds, notes, debentures, loan stock, or other securities
that are, or are intended to be, listed or traded on any stock exchange or over-the-counter or other securities market. This provision
may affect our ability to obtain external financing through the issuance of debt securities in the public market. In addition, incurring
indebtedness would subject us to increased debt service obligations and could result in operating and financing covenants that would restrict
our operations. We cannot assure you that we will be able to secure financing in a timely manner or in amounts or on terms favorable to
us, or at all. Any failure to raise needed funds on terms favorable to us, or at all, could severely restrict our liquidity as well as
have a material adverse effect on our business, financial condition, and results of operations. Moreover, any issuance of equity or equity-linked
securities could result in significant dilution to our existing shareholders.
31
We may be exposed
to legal or regulatory liabilities if we are unable to protect the personal and sensitive data and confidential information of our clients.
Our Operating Subsidiaries
collect, store, and process certain personal and sensitive data from our clients. We are required to protect the personal and sensitive
data and confidential information of our clients under applicable laws, rules, and regulations. While we have taken steps to protect the
personal and sensitive data and confidential information of clients that we have access to, our security measures could be breached. The
relevant authorities may impose sanctions or issue orders against us if we fail to protect the personal and sensitive data and confidential
information of our clients, and we may have to compensate our clients if we fail to do so. We routinely transmit and receive personal
and sensitive data and confidential information of our clients through the internet and other electronic means. Any misuse or mishandling
of such personal and sensitive data and confidential information could result in legal liabilities, regulatory actions, reputational damage
to us, which could in turn materially and adversely affect our business prospects and results of operation.
If our insurance
coverage is insufficient, we may be subject to significant costs and business disruption.
We have limited business
insurance coverage. We currently carry limited insurance in connection with our brokerage business covered by the Type 1 license from
HK SFC against certain risks in accordance with the requirements under the Securities and Futures (Insurance) Rules of Hong Kong. We are
not required to and do not carry insurance for futures brokerage business because we are not a participant of the Hong Kong Futures Exchange.
Our futures brokers who are a participant of the Hong Kong Futures Exchange are required to have insurant coverage for their business.
However, we do not carry business interruption insurance to compensate for losses that could occur to the extent not required. We do not
currently carry insurance that covers the other aspects of our business operations. Nor do we currently maintain key man insurance covering
our key personnel. We consider our insurance coverage to be reasonable in light of the nature of our business, but we cannot assure you
that our insurance coverage is sufficient to prevent us from any loss or that we will be able to successfully claim our losses under our
current insurance policies on a timely basis, or at all. If we incur any loss that is not covered by our insurance policies, or the compensated
amount is significantly less than our actual loss, our business, financial condition, and results of operations could be materially and
adversely affected.
We have
identified a material weakness in our internal control over financial reporting. If we fail to implement and maintain an
effective system of internal control to remediate our material weakness over financial reporting, we may be unable to accurately
report our results of operations, meet our reporting obligations, or prevent fraud.
We are a public company
in the United States subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002 and the rules and regulations
of Nasdaq Capital Market. Section 404 of the Sarbanes-Oxley Act, or Section 404, require us to include a report from management on the
effectiveness of our internal control over financial reporting in our annual report on Form 20-F. In addition, once we cease to be an
"emerging growth company" as such term is defined in the JOBS Act, our independent registered public accounting firm must
attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal
control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial
reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue an
adverse report if it is not satisfied with our internal control or the level at which our control is documented, designed, operated, or
reviewed, or if it interprets relevant requirements differently from us.
32
In addition, our internal
control over financial reporting will not prevent or detect all errors and all fraud. A control system, no matter how well designed and
operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Because of the
inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error
or fraud will not occur or that all control issues and instances of fraud will be detected.
During the course of
documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify other weaknesses
and deficiencies in our internal control over financial reporting. In addition, if we fail to maintain proper and effective of our internal
control over financial reporting, as these standards are modified, supplemented, or amended from time to time, we may not be able to conclude
on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404. If we fail to achieve
and maintain an effective internal control environment, we could suffer material misstatements in our financial statements and fail to
meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could
in turn limit our access to capital markets, harm our results of operations, and lead to a decline in the trading price of our Ordinary
Shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate
assets and subject us to potential delisting from the stock exchange on which we list, regulatory investigations, and civil or criminal
sanctions. We may also be required to restate our financial statements from prior periods.
Our management has
completed an assessment of the effectiveness of our internal control over financial reporting. In the course of preparing our
consolidated financial statements as of and for each of the three years ended March 31, 2023, 2022 and 2021, we identified a
material weakness in our internal control over financial reporting. As defined in the standards established by the PCAOB, a
"material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of our company's annual or interim financial
statements will not be prevented or detected on a timely basis.
The material weakness
identified relates to the lack of sufficient competent financial reporting and accounting personnel with appropriate understanding of
US GAAP and SEC rules and regulations to address complex technical accounting issues and SEC reporting requirements. To remedy the
identified material weaknesses, we have implemented and will continue to implement several measures to improve our internal control over
financial reporting, including: (i) that we engaged experienced financial consultant who worked closely with our internal finance team
to assist us in preparing our financial statements and related disclosures in accordance with U.S. GAAP; (ii) that our Chief Financial
Officer received additional training in U.S. GAAP through self-study and webinar courses, and began to periodically review major accounting
literature updates provided by a major accounting firm which provide an overview of recent U.S. accounting pronouncements. (iii) conducting
regular and continuous U.S. GAAP training programs and webinars for our financial reporting and accounting personnel; (iv) improving financial
oversight function for handling complex accounting issues under U.S. GAAP. However, we cannot assure you that these measures may fully
address the material weakness in our internal control over financial reporting or that we may not identify additional material weaknesses
or significant deficiencies in the future. See also "Item 15. Controls and Procedures" of this annual report.
We may face intellectual
property infringement claims, which could be time-consuming and costly to defend and may result in the loss of significant rights by us.
Although we have not
been subject to any litigation, pending or threatened, alleging infringement of third parties' intellectual property rights, we
cannot assure you that such infringement claims will not be asserted against us in the future. Third parties may own copyrights, trademarks,
trade secrets, ticker symbols, internet content, and other intellectual properties that are similar to ours in jurisdictions where we
currently have no active operations. If we expand our business to or engage in other commercial activities in those jurisdictions using
our own copyrights, trademarks, trade secrets, and internet content, we may not be able to use these intellectual properties or face potential
lawsuits from those third parties and incur substantial losses if we fail to defend ourselves in those lawsuits. We have policies and
procedures in place to reduce the likelihood that we or our employees may use, develop, or make available any content or applications
without the proper licenses or necessary third-party consents. However, these policies and procedures may not be effective in completely
preventing the unauthorized posting or use of copyrighted material or the infringement of other rights of third parties.
Intellectual property
litigation is expensive and time-consuming and could divert resources and management attention from the operation of our business. If
there is a successful claim of infringement, we may be required to alter our services, cease certain activities, pay substantial royalties
and damages to, and obtain one or more licenses from third parties. We may not be able to obtain those licenses on commercially acceptable
terms, or at all. Any of those consequences could cause us to lose revenues, impair our client relationships and harm our reputation.
33
Any failure to
protect our intellectual property could harm our business and competitive position.
Our Operating Subsidiaries
own and maintain a number of registered domain names (including our website
www.ZYFGL.com
) and, although we do not currently own
any registered trademarks other than our company logo, registered in Hong Kong, we may in the future acquire new intellectual property
such as trademarks, copyrights, domain names, and know-how. We will rely on a combination of intellectual property laws and contractual
arrangements to protect our intellectual property rights. It is possible that third parties may copy or otherwise obtain and use our trademarks
without authorization or otherwise infringe on our rights. We may not be able to successfully pursue claims for infringement that interfere
with our ability to use our trademarks, website, or other relevant intellectual property or have adverse impact on our brand. We cannot
assure you that any of our intellectual property rights would not be challenged, invalidated, or circumvented, or such intellectual property
will be sufficient to provide us with competitive advantages. In addition, other parties may misappropriate our intellectual property
rights, which would cause us to suffer economic or reputational damages.
Fluctuations in
the value of Renminbi and regulatory controls on the convertibility and offshore remittance of Renminbi may adversely affect our results
of operations and financial condition.
Many of our clients are
Chinese nationals, institutions, or corporates, and they are subject to the relevant controls of the PRC government as well as risks relating
to foreign currency exchange rate fluctuations. The change in value of Renminbi against Hong Kong dollars and other currencies is affected
by various factors, such as changes in political and economic conditions in China. Any significant revaluation of Renminbi may materially
and adversely affect the cash flows, revenues, earnings, and financial position of our Chinese clients. In addition, the PRC government
imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, currency remittance out of China. Since
2016, the PRC government has tightened its foreign exchange policies and stepped up its scrutiny of outbound capital movement. In addition,
under the existing regulations on offshore investment, approval from or registration with appropriate government authorities is required
when Renminbi is to be converted into foreign currency for the purpose of offshore investment. Revaluation of the Renminbi and PRC laws
and regulations in connection with the convertibility of the Renminbi into foreign currencies or offshore remittance of the Renminbi may
limit the ability of our Chinese clients to engage our services, especially in our asset management business, which may in turn have a
material adverse effect on our results of operations and financial condition.
We may be affected
by the currency peg system in Hong Kong.
Since 1983, Hong Kong
dollars have been pegged to the U.S. dollars at the rate of approximately HK$7.80 to US$1.00. We cannot assure you that this policy will
not be changed in the future. If the pegging system collapses and Hong Kong dollars suffer devaluation, the Hong Kong dollar cost of our
expenditures denominated in foreign currency may increase. This would in turn adversely affect the operations and profitability of our
business.
Increases in labor
costs may adversely affect our business and results of operations.
The economy in Hong Kong
and globally has experienced general increases in inflation and labor costs in recent years. As a result, average wages in Hong Kong and
certain other regions are expected to continue to increase. In addition, we are required by Hong Kong laws and regulations to pay various
statutory employee benefits, including mandatory provident fund to designated government agencies for the benefit of our employees. The
relevant government agencies may examine whether an employer has made adequate payments to the statutory employee benefits, and those
employers who fail to make adequate payments may be subject to fines and other penalties. We expect that our labor costs, including wages
and employee benefits, will continue to increase. Unless we are able to control our labor costs or pass on these increasing labor costs,
our financial condition and results of operations may be adversely affected.
34
We may incur losses
or experience disruption of our operations as a result of unforeseen or catastrophic events, including pandemics, terrorist attacks, or
natural disasters.
Our business could be
materially and adversely affected by catastrophic events or other business continuity problems, such as natural or man-made disasters,
pandemics such as COVID-19, war, riots, terrorist attacks, or other public safety concerns. If we were to experience a natural or man-
made disaster, disruption due to political unrest, or disruption involving electronic communications or other services used by us or third
parties with which we conduct business, our operations will partially depend on the availability of our people and office facilities and
the proper functioning of our computer, software, telecommunications, transaction processing, and other related systems. A disaster or
a disruption in the infrastructure that supports our businesses, a disruption involving electronic communications or other services used
by us or third parties with whom we conduct business, or a disruption that directly affects our headquarters, could have a material adverse
impact on our ability to continue to operate our business without interruption. Our business could also be adversely affected if our employees
are affected by pandemics. In addition, our results of operations could be adversely affected to the extent that any pandemic harms the
Chinese or Hong Kong economy in general. The incidence and severity of disasters or other business continuity problems are unpredictable,
and our inability to timely and successfully recover could materially disrupt our businesses and cause material financial loss, regulatory
actions, reputational harm, or legal liability.
Aggressive competition
could reduce our market share, revenues and profits.
The market for online
securities brokerage services directed towards Chinese investors or Asian investors in general is continually evolving and is intensely
competitive. The securities brokerage industry, in general, has experienced significant consolidation, which may continue in the future,
likely increasing competitive pressures in the industry. Consolidation could enable other firms to offer a broader range of products and
services than we do, or offer them on better terms, such as higher interest rates paid on cash held in client accounts. We expect this
intensely competitive environment to continue in the future. We face direct competition from numerous securities brokerage firms geared
towards Chinese investors, including UP Fintech Holding Limited and Futu Holdings Limited. We also encounter competition from the broker-dealer
affiliates of established full-commission brokerage firms as well as from banks, mutual fund sponsors, online wealth management services
(including so-called "robo-advisors") and other financial institutions and organizations, some of which provide online brokerage
services. Some of our competitors have greater financial, technical, marketing and other resources, offer a wider range of services and
financial products, and have greater name recognition and a more extensive client base than we do. Others offer a narrower range of products
and services but benefit from a lower cost structure than we have. We believe that the general financial success of companies within the
securities brokerage industry will continue to attract new competitors to the industry, such as software development companies, insurance
companies, providers of online financial information and others. These companies may provide a more comprehensive suite of services than
we do or offer services at lower prices. Increased competition could have adverse effects on our business such as reducing our market
share, revenues and profits.
Our ability to compete
successfully in the securities brokerage industry depends on a number of factors, such as:
●
maintaining and expanding our market position;
●
retaining existing customers and attracting and retaining new customers;
●
providing easy to use and innovative financial products and services;
●
our reputation and the market perception of our brand and overall value;
●
maintaining competitive pricing;
●
competing in a concentrated competitive landscape;
●
optimizing our costs of doing business;
●
the effectiveness of our technology (including cybersecurity defenses), products and services;
●
deploying a secure and scalable technology and back office platform;
●
complying with the differences in regulatory oversight regimes;
●
attracting new employees and retaining our existing employees; and
●
general economic and industry trends, including customer demand for financial products and services.
35
Our competitive position
within the industry could be adversely affected if we were unable to address these factors adequately.
Failure to protect
client data or prevent breaches of our information systems could expose us to liability or reputational damage.
We are dependent on information
technology networks and systems to securely process, transmit and store electronic information and to communicate among our locations
and with our clients and vendors. As the breadth and complexity of this infrastructure continue to grow, the potential risk of security
breaches and cyber-attacks increases. Developing and enhancing new products and services, which is necessary for us to remain competitive,
may involve the use or creation of new technologies, exposes us to cybersecurity and privacy risks that cannot be completely anticipated
and increases the risk of security breaches and cyber-attacks. As a financial services company, we are continuously subject to cyber-attacks,
distributed denial of service attacks and ransomware attacks, malicious code and computer viruses by activists, hackers, organized crime,
foreign state actors and other third parties. Such breaches could lead to shutdowns or disruptions of our systems, account takeovers and
unauthorized gathering, monitoring, misuse, loss, total destruction and disclosure of data and confidential information of ours, our clients,
our employees or other third parties, or otherwise materially disrupt our or our clients' or other third parties' network
access or business operations. In addition, vulnerabilities of our external service providers and other third parties could pose security
risks to client information. The secure transmission of confidential information over public networks is also a critical element of our
operations. Despite our efforts to assure the integrity of our systems, we may not be able to anticipate or to implement effective preventive
measures against all security breaches, especially because the techniques that are used change frequently or are not recognized until
launched and because security attacks can originate from a wide variety of sources. Data security breaches may also result from non-technical
means (such as employee misconduct).
Although we have taken
steps to reduce the risk of such threats, our risk and exposure to a cyber-attack or related breach remains heightened due to the evolving
nature of these threats, our plans to continue to implement mobile access solutions to serve our clients, our routine transmission of
sensitive information to third parties, the current global economic and political environment, external extremist parties and other developing
factors. If a cyber-attack or similar breach were to occur, we could suffer damage to our reputation and incur significant remediation
costs and losses.
In providing services
to clients, we manage, utilize and store sensitive and confidential client data, including personal data. As a result, we are subject
to numerous laws and regulations designed to protect this information. These laws and regulations are increasing in complexity and number,
change frequently and sometimes conflict. If any person, including any of our employees, negligently disregards or intentionally breaches
our established controls with respect to client data, or otherwise mismanages or misappropriates that data, we could be subject to significant
monetary damages, regulatory enforcement actions, fines and/or criminal prosecution.
Unauthorized disclosure
of sensitive or confidential client data, whether through systems failure, employee negligence, fraud or misappropriation, could damage
our reputation and cause us to lose clients. Similarly, unauthorized access to or through our information systems, whether by our employees
or third parties, including a cyber-attack by third parties who may deploy viruses, worms or other malicious software programs, could
result in negative publicity, significant remediation costs, legal liability, regulatory fines, financial responsibility under our asset
protection guarantee to reimburse clients for losses in their accounts resulting from unauthorized activity in their accounts (through
no fault of the client) and damage to our reputation and could have adverse effects on our results of operations.
Any actual or perceived
breach of the security of our technology, or media reports of perceived security vulnerabilities of our systems or the systems of our
third-party service providers, could damage our reputation, expose us to the risk of litigation and liability, disrupt our operations,
increase our costs with respect to investigations and remediation, reduce our revenues as a result of the theft of intellectual property,
and otherwise adversely affect our business. Further, any actual or perceived security breach or cyber-attack directed at other financial
institutions or financial services companies, whether or not we are impacted, could lead to a general loss of customer confidence in the
use of technology to conduct financial transactions, which could negatively impact us. The occurrence of any of these events could have
adverse effects on our business and results of operations.
If any person, including
any of our employees, negligently disregards or intentionally breaches our established controls with respect to client or employee data,
or otherwise mismanages or misappropriates that data, we could be subject to significant monetary damages, regulatory enforcement actions,
fines and criminal prosecutions.
36
Although we maintain
insurance coverage that we believe is reasonable, prudent and adequate for the purpose of our business, it might be insufficient in type
or amount to protect us against all losses and costs stemming from security breaches, cyber-attacks and other types of unlawful activity
or any resulting disruptions from such events.
We also face risk related
to external fraud involving the misappropriation and use of clients' user-names, passwords or other personal information to gain
access to their accounts. This could occur from the compromise of clients' personal electronic devices or as a result of a data
security breach at an unrelated company where clients' personal information is taken and then made available to fraudsters. This
risk has grown in recent years due to the increased sophistication and activities of organized crime and other external parties. Losses
in client accounts reimbursed under our asset protection guarantee against unauthorized account activity (through no fault of the client)
could have adverse effects on our business, financial condition and results of operations.
Attrition of customer
accounts and failure to attract new accounts could have a material adverse effect on our business, financial condition and results of
operations.
Our customer base is
mainly comprised of individual customers. Although our Operating Subsidiaries offer services designed to educate, support and retain our
customers, our efforts to attract new customers or reduce the attrition rate of our existing customers may not be successful. If we were
unable to maintain or increase our customer retention rates or generate new customers in a cost-effective manner, our business, financial
condition and results of operations would likely be adversely affected. Although we have spent significant financial resources on marketing
expenses and plan to continue doing so, these efforts may not be cost-effective to attract new customers. We cannot assure you that we
will be able to maintain or grow our customer base in a cost-effective way. If we are unable to maintain high quality services, or maintain
or reduce our service fee rate, or introduce new products and services, we may fail to attract new customers or lose our existing customers,
which could adversely affect our growth and profitability.
A failure in our
information technology, or IT, systems could cause interruptions in our services, undermine the responsiveness of our services, disrupt
our business, damage our reputation and cause losses.
Our IT systems support
all phases of our operations, including marketing, customer development and the provision of customer support services, and are an essential
part of our technology infrastructure. If our systems fail to perform, we could experience disruptions in operations, slower response
time or decreased customer satisfaction. We must process, record and monitor a large number of transactions and our operations are highly
dependent on the integrity of our technology systems and our ability to make timely enhancements and additions to our systems. System
interruptions, errors or downtime can result from a variety of causes, including changes in customer usage patterns, technological failures,
changes to our systems, linkages with third-party systems and power failures. Our systems are vulnerable to disruptions from human error,
execution errors, errors in models such as those used for risk management and compliance, employee misconduct, unauthorized trading, external
fraud, computer viruses, distributed denial of service attacks, computer viruses or cyberattacks, terrorist attacks, natural disaster,
power outage, capacity constraints, software flaws, events impacting key business partners and vendors, and similar events.
It could take an extended
period of time to restore full functionality to our technology or other operating systems in the event of an unforeseen occurrence, which
could affect our ability to process and settle customer transactions. Moreover, instances of fraud or other misconduct might also negatively
impact our reputation and customer confidence in us, in addition to any direct losses that might result from such instances. Despite our
efforts to identify areas of risk, oversee operational areas involving risks, and implement policies and procedures designed to manage
these risks, there can be no assurance that we will not suffer unexpected losses, reputational damage or regulatory actions due to technology
or other operational failures or errors, including those of our vendors or other third parties.
While we devote substantial
attention and resources to the reliability, capacity and scalability of our systems, extraordinary trading volume could cause our computer
systems to operate at unacceptably slow speeds or even fail, affecting our ability to process customer transactions and potentially resulting
in some customers' orders being executed at prices they did not anticipate. Disruptions in service and slower system response time
could result in substantial losses and decreased customer satisfaction. We are also dependent on the integrity and performance of securities
exchanges, clearinghouses and other intermediaries to which customer orders are routed for execution and clearing. System failures and
constraints and transaction errors at such intermediaries could result in delays and erroneous or unanticipated execution prices, cause
substantial losses for our customers and for us, and subject us to claims from our customers for damages.
37
Failure of third-party
systems upon which we rely could adversely affect our business operation.
Our Operating Subsidiaries
conduct brokerage business through two trading platforms licensed from third parties. Our proposed CFD trading business will also be conducted
through a trading platform licensed from a third party. Any interruption in the third parties' services, or deterioration in the
third parties' performance or quality could adversely affect our business operation. Moreover, we may not be able to obtain or continue
to obtain licenses and technologies from these third parties on reasonable terms, or at all, which could materially impact our business
and results of operations.
Our brokerage operations
have exposure to liquidity risk.
Our brokerage operations
have exposure to liquidity risk. Maintaining adequate liquidity is crucial to our brokerage operations, including key functions such as
transaction settlement. We are subject to liquidity and capital adequacy requirements in various jurisdictions. Our liquidity needs are
primarily met by equity contribution and revenues generation. A reduction of funds available from these sources may require us to seek
other potentially more expensive forms of financing, such as potential borrowings on revolving credit facilities. Our liquidity could
be constrained if we are unable to obtain financing on acceptable terms, or at all, due to a variety of unforeseen market disruptions.
Inability to meet our funding needs in a timely manner would have a material adverse effect on our business.
Our management
team lacks experience in managing a U.S. public company and complying with laws applicable to such company, the failure of which may adversely
affect our business, financial condition and results of operations.
Our current management
team lacks experience in managing a U.S. publicly traded company, interacting with public company investors and complying with the increasingly
complex laws pertaining to U.S. public companies. As a public company, we are subject to significant regulatory oversight and reporting
obligations under the federal securities laws and the scrutiny of securities analysts and investors, and our management currently has
no experience in complying with such laws, regulations and obligations. Our management team may not successfully or efficiently manage
our transition to becoming a U.S. public company. These new obligations and constituents will require significant attention from our senior
management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business,
financial condition and results of operations.
We may fail to
update our risk management policies and procedures as needed and such policies and procedures may otherwise be ineffective, which may
expose us to unidentified or unexpected risks.
Although we adopt an
integrated risk management system, we may fail to update our risk management system as needed and the system may fail to effectively function,
thus exposing us to unidentified or unexpected risks. We are dependent on our risk management policies and procedures and the adherence
to such policies and procedures by our risk management and other staff to manage the risks inherent in our business. Our policies, procedures
and practices used to identify, monitor and control a variety of risks are carried out by the corresponding departments. However, some
of our methods for managing risks are discretionary by nature and are based on internally developed controls and observed historical market
behavior, and also involve reliance on standard industry practices. These methods may not adequately prevent losses, particularly as they
relate to extreme market movements, which may be significantly greater than historical fluctuations in the market. In addition, we may
fail to update our risk management system as needed or as fast as the industry evolves, weakening our ability to identify, monitor and
control new risks.
New lines of business
or new services may subject us to additional risks.
From time to time, we
may implement new lines of business or offer new services within existing lines of business. There are substantial risks and uncertainties
associated with these efforts, particularly in instances where the markets are not fully developed. In developing and marketing new lines
of business and/or new services, we may invest significant time and resources. Initial timetables for the introduction and development
of new lines of business and/or new services may not be achieved and profitability targets may not prove feasible. External factors, such
as compliance with regulations, competition and shifting market preferences, may also impact the successful implementation of a new line
of business or a new service. Our personnel and technology systems may fail to adapt to the changes in such new areas or we may fail to
effectively integrate new services into our existing operations and we may lack experience in managing new lines of business or new services.
In addition, we may be unable to proceed with our operations as planned or compete effectively due to different competitive landscapes
in these new areas. Even if we expand our businesses into new jurisdictions or areas, the expansion may not yield intended profitable
results. Furthermore, any new line of business and/or new service could have a significant impact on the effectiveness of our internal
control system. Failure to successfully manage these risks in the development and implementation of new lines of business or new services
could have a material adverse effect on our business, results of operations and financial condition.
38
We may not be able
to obtain additional capital when desired, on favorable terms or at all. If we fail to meet the capital requirement pursuant to the Securities
and Futures (Financial Resources) Rules, our business operations and performance will be adversely affected.
We anticipate that our
current cash, and cash provided by operating activities, will be sufficient to meet our current and anticipated needs for general corporate
purposes for at least the next 12 months. However, we need to make continued investments in facilities, hardware, software, technological
systems and to retain talented personnel to remain competitive. Due to the unpredictable nature of the capital markets and our industry,
we cannot assure you that we will be able to raise additional capital on terms favorable to us, or at all, if and when required, especially
if we experience disappointing operating results. If adequate capital is not available to us as required, our ability to fund our operations,
take advantage of unanticipated opportunities, develop or enhance our infrastructure or respond to competitive pressures could be significantly
limited, which would adversely affect our business, financial condition and results of operations. If we do raise additional funds through
the issuance of equity or convertible debt securities, the ownership interests of our shareholders could be significantly diluted. These
newly issued securities may have rights, preferences or privileges senior to those of existing shareholders. In addition, our HKSFC licensed
subsidiaries, ZYSL and ZYCL are required under the Securities and Futures (Financial Resources) Rules to maintain certain levels of liquid
capital. If they fail to maintain the required levels of liquid capital, the HKSFC may take actions against us and our business will be
adversely affected.
Internet-related
issues may reduce or slow the growth in the use of our services in the future. In particular, our future growth depends on the further
acceptance of the internet and particularly the mobile internet as an effective platform for assessing trading and other financial services
and content.
Critical issues concerning
the commercial use of the internet, such as ease of access, security, privacy, reliability, cost, and quality of service, remain unresolved
and may adversely impact the growth of internet use. If internet usage continues to increase rapidly, the internet infrastructure may
not be able to support the demands placed on it by this growth, and its performance and reliability may decline. Continuous rapid growth
in internet traffic may cause decreased performance, outages and delays. Our ability to increase the speed with which we provide services
to users and clients and to increase the scope and quality of such services is limited by and dependent upon the speed and reliability
of our users' and clients' access to the internet, which is beyond our control. If periods of decreased performance, outages
or delays on the internet occur frequently or other critical issues concerning the internet are not resolved, overall internet usage or
usage of our web-based services could increase more slowly or decline, which would cause our business, results of operations and financial
condition to be materially and adversely affected.
Furthermore, while the
internet and the mobile internet have gained increased popularity in Hong Kong and China as platforms for financial products and content
in recent years, many investors have limited experience in trading and using other financial services online. For example, investors may
not find online content to be reliable sources of financial product information. If we fail to educate investors about the value of our
platform and our services, our growth will be limited and our business, financial performance and prospects may be materially and adversely
affected. The further acceptance of the internet and particularly the mobile internet as an effective and efficient platform for trading
and other financial services and content is also affected by factors beyond our control, including negative publicity around online and
mobile brokerage services. If online and mobile networks do not achieve adequate acceptance in the market, our growth prospects, results
of operations and financial condition could be harmed.
39
Our Operating Subsidiaries
currently conduct our futures and stock brokerage business through trading platforms licensed from third parties. Our reputation, business,
financial position, results of operations and cash flows may be harmed if these parties do not perform their obligations or if they suffer
interruptions to their own operations, or if alternative are unavailable or if cost of such alternatives are unfavorable.
Our Operating Subsidiaries currently conduct our
futures and stock brokerage business through two trading platforms, Esunny for futures trading and 2GoTrade for stock trading, both of
which were licensed from third parties. The cost, quality and accessibility of the two trading platforms are essential to our services.
We are subject to the risk of our licensors discontinue or modify the licensing agreements or increase the price thereof. If any such
licensors were to go out of business, alternative trading platforms or service providers may not be available on acceptable terms or at
all. Further, any increase in fees for such licenses and services may harm our ability to provide our services on a cost-effective basis.
Reliable and cost-effective replacement sources may not be available on short notice or at all, and this may force us to increase prices
and face a corresponding decrease in demand for our services. This would harm our ability to market our services in order to meet market
demand and could materially and adversely affect our reputation, business, financial position, results of operations and cash flows.
We have limited control
over these parties on which our business depends. If any of these parties fails to perform its obligations, or breaches or ends its relationship
with us, finding alternate service providers would be time consuming, difficult and costly and we may be unable to satisfy demand for
our services. Delays, inaccessibility and other problems could impair our operation and brand image and make it difficult for us to attract
new customers. Accordingly, a loss or interruption in the service of any key party could adversely impact our reputation, business, financial
position, results of operations and cash flows.
Item
4. Information on the Company
4.A. History and Development of the Company
Corporate Structure
The following diagram illustrates the corporate structure of TOP Financial
Group Limited and its subsidiaries as of the date of this annual report:
Our Subsidiaries
and Business Functions
ZYSL (BVI) was formed as the investment holding
company of ZYSL under the laws of the British Virgin Islands on August 29, 2019 as part of the reorganization. It does not engage in any
material operation. It is a direct subsidiary of TFGL.
ZYCL (BVI) was formed as the investment holding
company of ZYCL under the laws of the British Virgin Islands on August 29, 2019 as part of the reorganization. It does not engage in any
material operation. It is a direct subsidiary of TFGL.
40
ZYAL (BVI) was formed under the laws of the British
Virgin Islands on January 7, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.
ZYTL (BVI) was formed under the laws of the British
Virgin Islands on January 12, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.
ZYNL (BVI) was formed under the laws of the British
Virgin Islands on January 20, 2021. It is a holding company and does not engage in any material operation. It is a direct subsidiary of
TFGL.
ZYPL (BVI) and ZYXL (BVI) were formed under the
laws of the British Virgin Islands on July 14, 2022. Each of ZYXL (BVI) and ZYPL (BVI) is a holding company and does not engage in any
material operation and each is a direct subsidiary of TFGL.
ZYFL (BVI) and ZYIL (BVI) were formed under the
laws of the British Virgin Islands on November 11, 2022. Each of ZYFL (BVI) and ZYIL (BVI) is a holding company and does not engage in
any material operation and each is a direct subsidiary of TFGL.
ZYSL was formed in accordance with laws and regulations
of Hong Kong on April 22, 2015 with a registered capital of HKD 18,000,000 (approximately US$2.3 million). ZYSL is a limited liability
corporation licensed with HKSFC to carry out regulated activities including Type 1 Dealing in Securities and Type 2 Dealing in Futures
Contracts. It is a direct subsidiary of ZYSL (BVI) and an indirect subsidiary of TFGL.
ZYCL was established in accordance with laws and
regulations of Hong Kong on September 29, 2016 with a registered capital of HKD 5,000,000 (approximately US$0.6 million). ZYCL is a limited
liability corporation licensed with the HKSFC to carry out regulated activities Type 4 Advising on Securities, Type 5 Advising on Futures
Contracts and Type 9 Asset Management. It is a direct subsidiary of ZYCL (BVI) and an indirect subsidiary of TFGL.
WIN100 TECH was formed under the laws of the British
Virgin Islands on May 14, 2021. WIN100 TECH is a Fintech development and IT support company. It provides trading solutions for clients trading
on the world's major derivatives and stock exchanges. It is a direct subsidiary of ZYTL (BVI) and an indirect subsidiary of TFGL.
WIN100 WEALTH was formed under the laws of the
British Virgin Islands on July 21, 2021. WIN100 WEALTH borrowed $6 million from TGFL in the form of intra-company
loans and invest such amount in financial products. It is a direct subsidiary
of ZYIL (BVI) and an indirect subsidiary of TFGL.
Winrich was formed under the laws of Hong Kong
on February 24, 2023. It does not engage in any material operation. We plan to apply the Money Lenders License in Hong Kong through Winrich.
It is a direct subsidiary of ZYFL (BVI) and an indirect subsidiary of TFGL.
TOP 500 was formed under the laws of Australia
on October 22, 2008. TOP 500 owns an Australian Financial Services License (AFSL: 328866). It does not have any material operation as
of the date of this annual report. We plan to provide financial services in Australia that includes arranging or providing financial advice
on financial products such as derivatives, foreign exchange contracts, stock and bond issuance etc. through TOP 500. It is a direct subsidiary
of ZYAL (BVI) and an indirect subsidiary of TFGL.
TOP ASSET MANAGEMENT was formed under the laws
of Singapore on November 28, 2022. It does not engage in any material operation. We plan to register with the Monetary Authority of Singapore
as a Registered Fund Management Company to carry out Fund Management services. It is a direct subsidiary of ZYXL (BVI) and an indirect
subsidiary of TFGL.
TOP FINANCIAL was formed under the laws of Singapore
on November 28, 2022. It does not engage in any material operation. We plan to acquire the CMS license from the Monetary Authority of
Singapore to carry out regulated activities in Dealing in Capital Market. It is a direct subsidiary of ZYPL (BVI) and an indirect subsidiary
of TFGL.
41
Corporate History
We established ZYSL as a company with limited
liability under the laws of Hong Kong and commenced our securities and futures brokerage business after obtaining licenses from the HKSFC
on March 4, 2016 and October 18, 2016, respectively. To expand our services into asset management services, we obtained the relevant HKSFC
licenses on in February 2018 through our subsidiary, ZYCL.
On March 26, 2020, we carried out a series of
transactions to reorganize the legal structure of the Company. As part of the reorganization, Zhong Yang Financial Group Limited ("TFGL")
was formed under the laws of the Cayman Islands and two wholly-owned British Virgin Islands subsidiaries of TFGL, ZYSL (BVI) Limited ("ZYSL
(BVI)") and ZYCL (BVI) Limited ("ZYCL (BVI)"), were then incorporated on August 29, 2019. With the approval obtained
from HKSFC, the ownership interests in ZYSL and ZYCL were transferred from Zhong Yang Holdings Limited to ZYSL (BVI) and ZYCL (BVI), respectively
on March 26, 2020.
In support of our plan to expand our securities
and futures brokerage services to additional foreign exchanges, two new investment holding companies, namely ZYAL (BVI) Limited ("ZYAL
(BVI)") and ZYNL (BVI) Limited ("ZYNL (BVI)"), were established, under the laws of the British Virgin Islands on January
7, 2021 and January 20, 2021, respectively. ZYNL (BVI) aims at providing financial service in New Zealand and accordingly, intends to
register as a Financial Service Provider ("FSP") on the Financial Service Providers Register ("FSPR") governed
by the New Zealand Companies Office through acquisition of or merger with local licensed entities. ZYNL (BVI) is actively seeking suitable
acquisition targets in order to obtain the relevant licenses. As of the date of this prospectus, ZYNL (BVI) has not entered into any agreement
with any targets.
Furthermore, on January 12, 2021, we incorporated
an IT company, namely ZYTL (BVI) Limited ("ZYTL (BVI)"), under the laws of the British Virgin Islands for the purpose of strengthening
our online trading platform by either the potential acquisition of a software development company or by independent development. ZYTL
(BVI) does not engage in any material operation as of the date of this prospectus.
On May 14, 2021, we incorporated WIN100 TECH under
the laws of the British Virgin Islands. WIN100 TECH is a Fintech development and IT support company. It provides trading solutions
for clients trading on the world's major derivatives and stock exchanges.
On September 9, 2021, the sole shareholder
of the Company surrendered 20,000,000 ordinary shares of US$0.001 par value each for no consideration. In addition, on September 9, 2021,
the sole shareholder of the Company approved and effected an increase of the Company's authorized share capital from US$50,000,
divided into 50,000,000 ordinary shares of a par value of US$0.001 per share, to US$150,000, divided into 150,000,000 ordinary shares
of a par value of US$0.001 per share. All references to Ordinary Shares, share data, per share data, and related information have been
retroactively adjusted, where applicable, in this prospectus to reflect the surrender of Ordinary Shares by the sole shareholder and the
increase of our authorized Ordinary Shares as if these events had occurred at the beginning of the earliest period presented.
On June 3, 2022, the Company completed its initial
public offering on the
National Association of Securities Dealers Automated Quotations
("NASDAQ").
In this offering, 5,000,000 Ordinary Shares were issued at a price of US$5.00 per share. The gross proceeds received from the initial
public offering totaled US$25 million. The Offering closed on June 3, 2022 and the Ordinary Shares began trading on June 1, 2022 on The
Nasdaq Capital Market under the ticker symbol "TOP."
In June 2022, the Company
completed its initial public offering of 5,000,000 Ordinary Shares at a price of $5.00 per share. The gross proceeds received from the
initial public offering totaled USD 25 million. The Ordinary Shares began trading on June 1, 2022 on The Nasdaq Capital Market under the
ticker symbol "TOP."
Effective July 13, 2022, the Company changed its
name from "Zhong Yang Financial Group Limited" to "TOP Financial Group Limited".
42
On July 14, 2022, we incorporated ZYXL (BVI) Limited
("ZYXL (BVI)") and ZYPL (BVI) Limited ("ZYPL (BVI)") under the laws of the British Virgin Islands. Each of ZYXL
(BVI) and ZYPL (BVI) is a holding company and does not engage in any material operation.
On November 11, 2022, we incorporated ZYFL (BVI)
Limited ("ZYFL (BVI)") and ZYIL (BVI) Limited ("ZYIL (BVI)") under the laws of the British Virgin Islands. Each
of ZYFL (BVI) and ZYIL (BVI) is a holding company and does not engage in any material operation.
On November 28, 2022, ZYPL (BVI) incorporated
TOP Financial Pte. Ltd. under the laws of Singapore.
On November 28, 2022, ZYXL (BVI) incorporated
TOP Asset Management Pte. Ltd. under the laws of Singapore.
On February 9, 2023, ZYIL(BVI) completed an acquisition
of WIN100 WEALTH a company formed under the laws of the British Virgin Islands, at a purchase price of $10,000 in exchange for 100% of
the equity interest in WIN100 WEALTH, pursuant to a Share Purchase Agreement dated February 9, 2023 by and among the Company, ZYIL(BVI),
WIN100 WEALTH and the sole shareholder of WIN100 WEALTH. The sole shareholder of WIN100 WEALTH is Junli Yang, the Chairwoman of the Board
of Directors of the Company. The Agreement was negotiated at arm's length and was approved by the Board of Directors of the Company.
On April 12, 2023, ZYAL (BVI) completed an acquisition
of TOP 500 SEC PTY LTD ("TOP 500"), a company formed under the laws of Australia that owns an Australian Financial Services
License (AFSL: 328866), at a purchase price of $700,000 in exchange for 100% of the equity interest in TOP 500, pursuant to a Share Purchase
Agreement dated August 31, 2022 by and among the Company, ZYAL (BVI), TOP 500 and the sole shareholder of TOP 500. The sole shareholder
of TOP 500 is a company controlled by Junli Yang, the Chairwoman of the Board of Directors of the Company. The Agreement was negotiated
at arm's length and was approved by the Board of Directors of the Company.
Corporate Information
Our principal executive offices are located at
Flat 1101, 118 Connaught Road West, Hong Kong. Our telephone number at this address is +852 3107 0731. Our registered office in the Cayman
Islands is located at the offices of Vistra (Cayman) Limited, P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman,
KY1 - 1205 Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc. located at 122
Ea
st
42nd Str
ee
t, 18th Floor, New York, NY 10168.
Investors should contact us for any inquiries
through the address and telephone number of our principal executive offices. Our website is
www. ZYFGL.com
. The information contained
on our website is not a part of this annual report.
Implication of the Holding Foreign Companies
Accountable Act (the "HFCA Act")
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.
43
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 the submission and disclosure requirements in the HFCA Act, which took effect on January 10, 2022. The
rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position
taken by an authority in foreign jurisdictions.
On December 16, 2021, PCAOB announced the PCAOB
HFCA Act determinations (the "PCAOB determinations") relating to the PCAOB's inability to inspect or investigate completely
registered public accounting firms headquartered in mainland China of the PRC or Hong Kong, a Special Administrative Region and dependency
of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.
On August 26, 2022, the PCAOB announced that
it had signed a Statement of Protocol (the "SOP") with the China Securities Regulatory Commission and the Ministry of Finance
of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreement"),
establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based
in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation
and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion
to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit
documentation without redaction. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to
inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous
determinations to the contrary.
YCM CPA Inc., the independent registered public
accounting firm that issues the audit report for the fiscal year ended March 31, 2023 and 2022 included in this annual report, is currently
subject to PCAOB inspections and the PCAOB is thus able to inspect YCM CPA Inc. YCM CPA Inc. is headquartered in Irvine, California and
has not been inspected by the PCAOB, but according to YCM CPA Inc., it will be inspected by the PCAOB on a regular basis. Our former
auditor, Friedman LLP ("Friedman"), the independent registered public accounting firm that issued the audit report for the
fiscal year ended March 31, 2021 included in this annual report, as an auditor of companies that are traded publicly in the United States
and a firm registered with the PCAOB, was subject to laws in the United States pursuant to which the PCAOB conducts regular inspections
to assess Friedman's compliance with applicable professional standards. Friedman was headquartered in Manhattan, New York with no
branches or offices outside the United States and had been inspected by the PCAOB on a regular basis, with the last inspection in October
2020. Friedman LLP was merged with Marcum LLP on September 1, 2022 and filed its application to withdraw the PCAOB registration on December
30, 2022. Notwithstanding the foregoing, in the future, if there is any regulatory change or step taken by PRC regulators or the SEC or
Nasdaq applies additional and more stringent criteria, and if PCAOB determines that it is not able to inspect YCM CPA Inc. at such future
time, Nasdaq may delist our Ordinary Shares and the value of our Ordinary Shares may significantly decline or become worthless. See "
Item
3. Key
Information — 3.D. Risk Factors — Risks Relating to Our Ordinary Shares—
Our Ordinary Shares may
be prohibited from being traded on a national exchange under the Holding Foreign Companies Accountable Act (the "HFCA Act"),
if the Public Company Accounting Oversight Board (the "PCAOB") is unable to inspect our auditors for two consecutive years
beginning in 2021. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the
value of your investment.
"
Permission Required from the Hong Kong Authorities
Due to the licensing
requirements of the HKSFC, ZYSL and ZYCL are required to obtain necessary licenses to conduct their business in Hong Kong and their business
and responsible personnel are subject to the relevant laws and regulations and the respective rules of the HKSFC. ZYSL currently holds
a Type 1 license for dealing in securities and a Type 2 license for dealing in futures contracts. ZYCL currently holds a Type 4 license
for advising on securities, a Type 5 license for advising on futures contracts and a Type 9 license for asset management. See "
Item
4. Information on the Company—4.B. Business Overview—
Regulation—Licensing Regime Under the HKSFO." These
licenses have no expiration date and will remain valid unless they are suspended, revoked or cancelled by the HKSFC. We pay standard governmental
annual fees to the HKSFC and are subject to continued regulatory obligations and requirements, including the maintenance of minimum paid-up
share capital and liquid capital, maintenance of segregated accounts, and submission of audited accounts and other required documents,
among others. See "
Item 4. Information on the Company—4.B. Business Overview—
Regulation—Licensing
Regime Under the HKSFO."
44
Neither we nor any of
our subsidiaries are required to obtain any permission or approval from Hong Kong authorities to offer the securities of TFGL to foreign
investors.
Recent Regulatory Development in the PRC
We are aware that, recently, the PRC government
initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance
notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed
overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding
the efforts in anti-monopoly enforcement.
For example, 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.
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 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.
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 complete filing
procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission of initial
public offerings or listing application. If a domestic company fails to complete required filing procedures or conceals any material
fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as
an order to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly
liable persons may also be subject to administrative penalties, such as warnings and fines.
45
In connection with our issuance of securities
to foreign investors, under current PRC laws, regulations and regulatory rules, as of the date of this annual report, we do not believe
we are currently required to obtain permissions from or complete any filing with the CSRC, or required to go through cybersecurity review
by the CAC, given that (1) our Operating Subsidiaries are incorporated in Hong Kong or the British Virgin Islands and are located in Hong
Kong, (2) we have no subsidiary, VIE structure nor any direct operations in mainland China, and (3) pursuant to the Basic Law of the Hong
Kong Special Administrative Region (the "Basic Law"), which is a national law of the PRC and the constitutional document for
Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is
confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong). In addition, we
have not been asked to obtain such permissions or to complete any filing by any PRC authority or received any denial to do so. However,
the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or
foreign investment by issuers like us. There remains significant uncertainty as to the enactment, interpretation and implementation of
regulatory requirements related to overseas securities offerings and other capital markets activities.
If (i) we inadvertently conclude that certain
regulatory permissions and approvals are not required or (ii) applicable laws, regulations, or interpretations change in a way that
requires us to complete such filings or obtain such approvals in the future, and (iii) we are required to obtain such permissions
or approvals in the future, but fail to receive or maintain such permissions or approvals, we may face sanctions by the CSRC, the CAC
or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on us, limit our operations, limit our ability
to pay dividends outside of China, limit our ability to list on stock exchanges outside of China or offer our securities to foreign investors
or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects,
may hinder our ability to offer Ordinary Shares to investors in the future and may cause the value of our Ordinary Shares 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.
Should the Chinese government choose to exercise
significant oversight and discretion over the conduct of our business, they may intervene in or influence our operations. Such governmental
actions:
●
could result in a material change in our operations;
●
could hinder our ability to continue to offer securities to investors; and
●
may cause the value of our Ordinary Shares to significantly decline or be worthless.
46
4.B. Business Overview
Overview
Our Operating Subsidiaries
operate an online brokerage firm in Hong Kong specializing in the trading of local and overseas equities, futures, and options products.
Our clients primarily reside in Asia and we are currently focusing on expanding our customer base to Southeast Asian investors. Our trading
platforms, which our Operating Subsidiaries license from third parties, enable investors to trade approximately more than 100 futures
products on multiple exchanges around the world including the member exchanges of Chicago Mercantile Exchange (CME), Hong Kong Futures
Exchange (HKFE), The New York Mercantile Exchange (NYMEX), The Chicago Board of Trade (CBOT), The Commodity Exchange (COMEX), Eurex Exchange
(EUREX), ICE Clear Europe Limited (ICEU), Singapore Exchange (SGX), Australia Securities Exchange (ASX), Bursa Malaysia Derivatives Berhad
(BMD), and Osaka Exchange (OSE). Our continuous efforts focusing on offering value-added services and access to exchanges around the globe,
compounded with user friendly experience, have enabled us to become one of the fast-growing online trading platforms for our clients.
Our trading volume of futures contracts was 9.61 million trades in fiscal year 2021, 2.64 million trades in fiscal year 2022 and 2.97
million trades in fiscal year 2023. Our total registered customer number increased from 247 as of March 31, 2021 to 292 as of March 31,
2022 and further increased to 296 as of March 31, 2023. In fiscal year 2021, we had 49 revenue-generating accounts in total, including
33 accounts for futures trading and 16 accounts for securities trading. In fiscal year 2022, we had 74 revenue-generating accounts in
total, including 16 accounts for futures trading, 15 accounts for securities trading, 34 accounts for structured notes subscriber services
and 9 accounts for trading solution service. In fiscal year 2023, we had 34 revenue-generating accounts in total, including 12 accounts
for futures trading, 12 accounts for securities trading, no account for structured notes subscriber services and 10 accounts for trading
solution service.
Our Operating Subsidiaries conduct the futures
and stock brokerage business through two trading platforms, Esunny for futures trading and 2Go for stock trading, both of which were licensed
from third parties and can be easily accessed through our application, or APP, software, and websites. The two platforms are designed
to empower our clients to enjoy a seamless, efficient, and secure trading platform. We offer our customers comprehensive brokerage and
value-added services, including trade order placement and execution, account management, and customer support. Given the importance of
trading systems in our services, we strive to continuously enhance our IT infrastructure.
During the years ended March 31, 2023, 2022 and
2021, our Operating Subsidiaries provided futures brokerage services and other services (including stock brokerage, options brokerage,
consulting services, currency exchange services, structured note subscriber services, margin financing services). We generate revenues
primarily from brokerage fees we charge clients for executing and/or arranging the trades and transactions for them. Our revenues for
the years ended March 31, 2023, 2022 and 2021 were US$9.7 million, US$7.8 million and US$16.9 million, respectively. The commissions on
futures brokerage accounted for 44.6%, 54.9% and 95.1% of the total revenues for the years ended March 31, 2023, 2022 and 2021, respectively.
During the fiscal year ended March 31, 2022, our Operating Subsidiaries commenced trading solution services. Revenues from the trading
solution services accounted for 45.3% and 42.3% of the total revenues for the fiscal year ended March 31, 2023 and 2022. Revenues from
the structure note subscription fees accounted for 0%, 9.4% and 0.5% of the total revenues for the fiscal year ended March 31, 2023, 2022
and 2021, respectively. Our Operating Subsidiaries also provide other financial services including stock brokerage, options brokerage,
consulting services, currency exchange services, and margin financing services to our clients. Revenues generated from stock brokerage,
consulting services, and currency exchange services accounted for 3.0%, 3.6% and 1.6% of total revenues, during the fiscal years ended
March 31, 2023, 2022 and 2021, respectively. We did not generate revenue from options trading services or margin financing services for
the fiscal years 2023, 2022 and 2021. Our top five customers accounted for 43%, 77% and 92% of our total revenues for the years ended
March 31, 2023, 2022 and 2021.
47
Our Operating Subsidiaries have achieved substantial
growth since the launch of our operation of online brokerage services, as illustrated by the chart below which sets forth the number of
future contracts we have executed from April 1, 2020 to March 31, 2023, organized by calendar quarter.
The number of futures contracts executed in each period depends on
factors including, but not limited to, economic and political conditions, market conditions, pricing of futures contracts, and the clients'
risk appetite. By the end of 2019 to the first half of 2020, the Southeast Asian financial market faced a number of uncertainties such
as the COVID-19 pandemic. Trading activities dropped which impacted our fiscal quarters ended December 31, 2019 and March 31, 2020. The
trading activities recover and remain moderately stable from the fiscal quarter ended on June 30, 2020 to the fiscal quarter ended March
31, 2021. However, the travel restrictions in Hong Kong from time to time and the economic and financial impact brought about by the COVID-19
pandemic had caused a decrease in our customers' disposable income and in their willingness to trade and make investments, and therefore
had negatively affected our results of operation since the fiscal quarter ended June 30, 2021. Given the uncertainties surrounding the
duration and the impact of the COVID-19 pandemic, we continue to closely monitor the impact and navigate the significant challenges created
by the COVID-19 pandemic.
We intend to leverage our competitive strengths
to sustain and grow our business, namely, to provide our clients with fast and reliable access to the financial market through our personalized
client services and efficient organizational structure. In particular, we plan to expand our services offering and continue integrating
value-added services, including CFD products and services and asset management services.
Our Revenues Model and Core Services
Overview
During the years ended March 31, 2023, 2022 and 2021, our Operating
Subsidiaries provided futures brokerage services and other services (including stock brokerage, options brokerage, consulting services,
currency exchange services, structured note subscriber services, margin financing services). Our revenues were US$9.7 million, US$7.8
million and US$16.9 million for the years ended March 31, 2023, 2022 and 2021, respectively. The commissions on futures brokerage accounted
for 44.6%, 54.9% and 95.1% of total revenues for the years ended March 31, 2023, 2022 and 2021, respectively. Trading solution services
fees accounted for 45.3% and 42.3% of total revenues during fiscal year ended March 31, 2023 and 2022. Revenues from the structure note
subscriber services accounted for 0%, 9.4% and 0.5% of the total revenues for the fiscal year ended March 31, 2023, 2022 and 2021, respectively.
Our Operating Subsidiaries also provide other financial services including stock brokerage, options brokerage, consulting services, currency
exchange services and margin financing services to our clients. Revenues generated from stock brokerage, consulting services, and currency
exchange services accounted for 3.0%, 3.6% and 1.6% of total revenues, during the fiscal years ended March 31, 2023, 2022 and 2021, respectively.
We did not generate revenue from options trading services or margin financing services for the fiscal years 2023, 2022 and 2021. Our top
five customers accounted for 43%, 77% and 92% of our total revenues for the years ended March 31, 2023, 2022 and 2021, respectively.
48
Futures Brokerage Services
Our Operating Subsidiaries deliver a comprehensive
and user-friendly online trading experience for investors through our platform that can be accessed through our APP, software, or website.
We commenced online trading operations and made our services accessible in May 2016. Our trading platforms enable our customers to execute
trades in a secure, reliable, and cost-efficient environment.
Our platform licensed by Esunny allows investors
to trade options and futures contracts on our trading platform in 11 member exchanges of CME, HKEX, CBOT, COMEX, NYMEX, EUREX, ICEU, ASX,
BMD, OSE, and SGX. Our futures/options brokering services are our main service and our Operating Subsidiaries provide the services to
our clients in respect of futures and options products traded on the aforementioned exchanges globally. Investors can also trade stocks
listed on the major stock exchanges around the world, including Nasdaq Stock Market, New York Stock Exchange, and Hong Kong Stock Exchange
through our platform licensed by 2GoTrade.
Our Operating Subsidiaries have obtained various
licenses to conduct our operation and have also obtained stock exchange trading rights to supplement our service offerings. The table
below sets forth the licenses obtained by us under the jurisdiction of Hong Kong.
License type and trading right
Entity name
HKSFC Type 1 License – Dealing in securities
ZYSL
HKSFC Type 2 License – Dealing in futures contracts
ZYSL
HKSFC Type 4 License – Advising on securities
ZYCL
HKSFC Type 5 License – Advising on futures contracts
ZYCL
HKSFC Type 9 License – Asset management
ZYCL
SEHK Participants (Participant ID: 02011)
ZYSL
HKSCC Participants (Participant ID: B02011)
ZYSL
We conduct our operation through our wholly owned
subsidiaries, ZYSL and ZYCL. ZYSL is licensed with the SFC of Hong Kong to carry out type 1 (dealing in securities) and type 2 (dealing
in futures contracts) regulated activities. ZYCL is licensed with the SFC of Hong Kong to carry out type 4 (advising on securities),
type 5 (advising on futures contracts), and type 9 (asset management) regulated activities in Hong Kong.
49
As of March 31, 2021, we had 247 registered customer
accounts. As of March 31, 2022, we had 292 registered customer accounts. As of March 31, 2023, we had 296 registered customer accounts.
Below is the table of the registered customer accounts and active clients segmented by account types as of the dates or for the periods
from April 1, 2020 to March 31, 2023, organized by calendar quarter. Active clients are clients for whom we are required to prepare and
deliver monthly statement of accounts in respect of the relevant reporting month in accordance with Securities and Futures (Contract Notes,
Statements of Account and Receipts) Rules.
Revenues from futures brokerage accounted for
44.6%, 54.9% and 95.1% of the total revenues for the fiscal years ended March 31, 2023, 2022 and 2021, respectively.
For options trading, we have the capacity to offer
options trading services and they are available to our clients. However, there was no revenue generated from options trading services
for fiscal years 2023, 2022 and 2021.
Types of Accounts
Our Operating Subsidiaries offer three types of
customer accounts, individual account, corporate account, and omnibus account, depending on the nature of the account owner.
For the individual and corporate accounts, we
are responsible for the "know your client", or KYC, and anti-money laundering, or AML, procedures including customer identity
verification, account approval and disapproval, record keeping, monitoring and supervision of the accounts and other compliance functions.
We would activate the accounts only after all necessary procedures have been performed and completed with proper sign-off by the Responsible
Officer of the Company. We believe that with our well-established IT infrastructure and streamlined organizational structure, the account
opening process for individual and corporate accounts is smooth and efficient.
50
For the omnibus accounts, we also perform our
KYC procedures to the futures commission merchants by obtaining supporting documents including, among others, Identity credentials and
address Proof of Significant Controllers and Directors, Addendum to Agreement for Financial Intermediary, Certificate of Incorporation,
Licensing Information, Board Minutes, Company Search Result and Annual Return / Certificate of Incumbency. Omnibus accounts enable the
managements of trades by more than one person and offer anonymity of the persons in the account. Omnibus accounts are used by futures
commission merchants. Transactions within the account are carried out in the name of the broker, protecting the individual identities
of the two or more people invested in the omnibus account. The broker managing the omnibus account typically can execute trades on behalf
of investors with funds inside the omnibus account. Trades are made in the name of the broker, although trade confirmations and statements
are provided to customers within the account.
Product Offering and Services
Description of futures contracts
We offer our clients a wide variety of futures
products traded on the futures exchanges. These products include, (i) index futures, (ii) Forex futures, (iii) agricultural product futures,
(iv) energy futures, and (v) precious metal futures.
Futures products are standardized contracts traded
on futures exchanges. They are a leveraged investment and in general, the futures contracts traded in our platform are settled in cash
rather than physically settled.
The following table sets forth the non-exhaustive
description of futures projects we have made available to our clients.
(i)
Index futures
: cash-settled futures contracts on a stock or financial index whereby buyers and sellers agree to pay or receive payment in the future for the cash value of an underlying stock index; these allow investors to speculate on the entire or substantial part of a stock market's performance as well as to hedge the downside price risk of the broader market. We provide our clients access to a wide variety of index futures including, without limitation, the Hang Sang Index futures, Nikkei 225 Index futures, or the FTSE China index.
(ii)
Forex futures
: futures contracts to exchange a currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date. We provide access to a wide variety of forex futures including USD to CNH futures, Euro to USD futures, and British Pound futures.
(iii)
Agricultural product futures
: futures contracts for the delivery of agricultural products futures such as sugar, cotton, corn, soybean, wheat, cocoa, oat, coffee and rough rice at a specified future date based on a price fixed on the purchase date. We offer our clients access to agricultural product futures, for instance, the US soybean futures, the US corn futures, and the US wheat futures.
(iv)
Energy futures
: futures contracts for the delivery of crude oil, unleaded gas, heating oil, or natural gas at a specified future date based on a price fixed on the purchase date. The major energy futures to which we provide access encompass the natural gas futures, unleaded gasoline futures, and crude oil futures.
(v)
Precious metal futures
: futures contracts for the delivery of selected precious metals such as gold, silver, nickel, platinum, and palladium at a specified future date based on a price fixed on the purchase date. The precious metal futures we provided access to include platinum futures, palladium futures, or gold futures.
When our clients buy or sell futures contracts,
they have to deposit with us as an initial margin. At the end of every trading day, the client's position is marked-to-market. If
the contract prices move against the view of the client and as a result, the initial margin deposit falls below the maintenance margin
level, we will make a margin call, which means that the client will have to deposit additional money to restore the initial margin level.
Failure to maintain the margin level may result in the liquidation of the client's positions at the market in our discretion to
limit our risk exposure. The clients will have to bear the loss arising from such liquidation caused by the failure to restore to the
maintenance margin level.
51
The requirements of the aforementioned initial
margin level and maintenance margin levels for each type of futures contract are established by the relevant futures exchanges on which
the relevant futures contracts are traded.
The following table sets forth the range of margin
requirement as of March 31, 2023 for major futures products that are traded by our clients (currencies other than US$ are converted into
US$ for reference purpose):
Initial
margin
(US$)
Maintenance
margin
(US$)
Index futures
Hang Seng Index
13,240.80
10,592.62
Dow Jones Small Cap Index
8,800
8,000
Nasdaq US Small Cap Index
18,480
16,800
Forex futures
Japanese Yen
4,510
4,100
British Pound
3,080
2,800
Energy futures
Crude Oil
6,600
6,000
Brent Crude Oil (CME)
6,380
5,800
Brent Crude Oil (ICE)
5,980
5,980
Natural gas
4,400
4,000
Precious metal futures
Gold
8,800
8,000
Revenue Models
Our revenues from future brokerage commissions
are generated by customer trades and are largely determined by trading volume and commission rates. We charge commission fees based on
the lots or contracts of futures in each order.
We adopt diversified pricing terms to better serve
our customers with individualized needs. The cost we charge generally varies in accordance with the type of products or services discussed
above. Moreover, our directors will review customers' transactions, transaction volume, and trading behaviors each week and offer
volume rebates on service charges to specific customers with large volume transactions by month. Below is a summary of the currently effective
pricing terms for certain of our products and services, which are subject to change from time to time. The actual executed pricing may
differ from this official pricing terms, depending on various factors such as customer tiers.
Products and services
Pricing terms
Futures contracts in COMEX, CBOT, ASX
Transaction fees
: US$20.0 per contract
Futures contracts in CME, NYMEX, SGX
Transaction fees
: US$15.0 to 20.0 per contract
Futures contracts in HKEX
US Gold, CNH to USD
Transaction fees
: US$10.0 per contract
Mini-Hang Seng Index, H-Share Index, Mini H-Share Index, Hang Seng Index
Transaction fees
: HK$50.0 to 100.0 per contract
USD to CNH
Transaction fees
: US$20.0 per contract
Futures contracts in EUREX
DAX Performance Index, Mini DAX Performance Index
Transaction fees
: EUR20.0 per contract
Futures contracts in NYBOT
Cocoa, Cotton, Coffee, Sugar
Transaction fees
: US$20.0 per contract
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Trading Solution Services
During the fiscal year ended March 31, 2022, we
commenced trading solution services to customers (including individuals, proprietary trading companies or brokerage companies) for their
trading on derivatives, equity, CFD and financial products, through our internally developed proprietary investment management software.
We provide a variety of functions suitable for front-end transaction executions and back-office settlement operations. We charge each
customer a fixed amount of initial installation fee and the monthly service fee based on a fixed rate per transaction executed on the
platform with a minimum monthly fee. Trading solution services fees accounted for 45.3% and 42.3% of total revenues during the fiscal
year ended March 31, 2023 and 2022.
Structured Note Subscriber Services
Our Operating Subsidiaries provide subscriber
services to structured note products issued by investment holdings companies. Our Operating Subsidiaries enter into distributions agreements
with fund houses or asset management companies and are responsible for providing subscriber services for structured note products to our
clients who are professional investors. The subscriber services we provide include but are not limited to subscription and switching redemption
services. We generally receive subscription fee calculated with reference to the amount of the structured note products subscribed by
our clients and the management fee rebate as subscription fee. Structured note subscriber services accounted for 0%, 9.4% and 0.5% of
total revenues during the fiscal year ended March 31, 2023, 2022 and 2021, respectively.
Other Services
Consulting Services
Our Operating Subsidiaries provide consultancy
services and act as an escrow agent in transactions relating to securities sales and transfers.
Currency Exchange Services
Our Operating Subsidiaries provide currency exchange
services to clients every time when they need to convert one currency to another when they trade futures contacts in different currencies.
Revenues from stock brokerage, consulting services,
and currency exchanges services accounted for 3.0%, 3.6% and 1.6% of total revenues for the fiscal years ended March 31, 2023, 2022 and
2021, respectively.
Margin Financing Services
Our Operating Subsidiaries
launched the margin financing services in 2019. The margin financing services did not generate any revenue as during the years ended March
31, 2023, 2022 and 2021. Clients can trade on margin through our trading platform licensed by 2GoTrade. The minimum deposit that customers
must have to open and maintain a margin account so as to conduct margin trading is currently set at US$2,000. The margin loan or funding
is offered by our platform for consolidated account clients. We generate interest income arising from margin financing offered by us to
consolidated account clients and earn financing service fees related to the margin financing provided to our customers.
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Agreements between
ZYSL and Vision Financial Markets LLC and between ZYSL and Zinvest Global Limited
We have entered into
agreements with Vision Financial Markets LLC ("Vision") and Zinvest Global Limited ("Zinvest") for our margin
financing business. Below is the summary of the material terms of the agreements with:
(i) Vision Financial
Markets LLC
On January 26, 2018, ZYSL, our indirect subsidiary,
signed an agreement with Vision. Pursuant to the agreement, the annual rate of interest the Company will be charged for a margin loan
may vary from a minimum of the current broker's call loan rate ("BCL") to a maximum of 2.00% above the BCL, depending
upon the amount of the Company's average debit balance. The BCL is published daily in the Wall Street Journal. Since January 2022,
we have not used Vision for margin financing business.
(ii) Zinvest Global Limited
On May 14, 2020, ZYSL signed an agreement with
Zinvest. The agreement has an initial term of 12 months. Either party may terminate the agreement at the end of such initial term by giving
30 days prior written notification of termination. If no written notification is given, the agreement will be deemed to have been renewed
for a subsequent and recurring twelve-month period, subject to termination by either party at any time by giving 30 days prior written
notification of termination. ZYSL may terminate the agreement at any time by giving 30 days prior written notification if Zinvest (i)
fails to comply with the agreement and fails to cure such breach within 10 days, or (ii) is prohibited from engaging in securities business
for a period of more than 30 days as a result of an administrative or judicial proceeding. Zinvest may terminate the agreement at any
time by giving 30 days prior written notification if ZYSL (i) fails to comply with the agreement and fails to cure such breach within
10 days, (ii) is prohibited from engaging in securities business for a period of more than 30 days as a result of an administrative or
judicial proceeding or (iii) conducts or participates in any activity, transaction, or conduct which, in Zinvest's reasonable business
judgment, may present a material adverse impact upon Zinvest's reputation. Pursuant to the agreement, the Company agrees to pay
commission fee ranging from 0 to 0.02%. Zinvest also charges the Company for the clearing services and other transaction fees which derived
from different products and features. The interest rate for any credit balance is the federal interest rate less 50 basis points or Zinvest's
interest rate (whichever is lower). The interest rate for any debit balance is the federal interest rate plus 100 basis points or Zinvest's
interest rate (whichever is high). The interest rate for liquidity and value at risk (VAR) charges is 8%.
Our Operating Subsidiaries
currently derive substantially all our revenues from our futures and securities brokerage services through commission fees we charge our
clients and other financial services including consulting services. currency exchange services and structured note subscriber services.
Our revenues from commission
fees are generated by client trades and are largely determined by trading volume and commission rates. We charge commission fees based
on the amount of transaction, or the number of shares, lots or contracts in each order. We from time-to-time award rebates to new and
existing clients for large volume transactions as part of our marketing scheme to attract more clients and boost client retention.
Pursuant to the agreement with third parties clearing
agents, we receive a portion of commission fees paid by our clients every time third-party clearing agents execute and clear a trade order.
For consolidated accounts, we receive commission and pay a pre-determined portion to third parties clearing agents as execution and clearing
fees
License Agreement between Junli Yang and
WIN100 TECH
On August 11, 2022, WIN100 Tech entered into a
license agreement with Ms. Junli Yang, the Chairwoman of the Board of the Company, to document a non-exclusive, non-sublicensable, and
non-transferable license granted by Ms. Yang on May 14, 2021 and for an initial term of 10 years to use a software that supports algorithm
trading, order analytics, risk control and technical monitoring which can be integrated with different vendors' API. WIN100 Tech
uses such software to provides trading solutions for clients trading on the world's major derivatives and stock exchanges.
The license agreement will automatically renew for up to 10 additional successive 5-year terms unless earlier termination. Either party
may give the other party written notice of non-renewal at least 30 days prior to the expiration of the then-current term. In addition,
either party may terminate the license agreement effective on written notice to the other party, if the other party materially breaches
the license agreement, and such breach is incapable of cure or being capable of cure, remains uncured 30 days after the non-breaching
party provides the breaching party with written notice of such breach. Furthermore, either party may terminate the license agreement effective
immediately upon written notice to the other party, if the other party: (A) becomes insolvent or is generally unable to pay, or fails
to pay, its debts as they become due; (B) files or has filed against it, a petition for voluntary or involuntary bankruptcy or otherwise
becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law; (C) makes
or seeks to make a general assignment for the benefit of its creditors; or (D) applies for or has appointed a receiver, trustee, custodian,
or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion of its property
or business. In consideration for such license, WIN100 Tech agreed to pay Ms. Yang $100 in license fee.
54
Proposed Products and Services
Contract for difference ("CFD")
Our Operating Subsidiaries
are preparing the launch of CFD products and services and expect to generate CFD trading revenues from (i) commissions, (ii) bid/offer
spreads, (iii) difference in interest rates. In particular, our Operating Subsidiaries plan to:
i.
charge commissions for all CFD transactions. The amount of
commissions we charge is largely based on the trading volume, with commission rates varying between US$2.25 to US$50 per lot, based on
the per-lot value and the type of product traded, as well as discounts offered to different clients.
ii.
mark up the bid/offer spreads for CFD products on top of
the prices offered by our clients, exchanges or third-party market makers, as the case may be. Our price mark-ups over the price offered
by an exchange vary depending on the underlying product.
iii.
automatically roll-over currency positions each day and provide
either a credit or debit for the interest rate difference between the two currencies in the pairs being held. The clients' debits
are our gains.
Asset Management Services
To respond to the various
needs of our clients, our Operating Subsidiaries plan to provide personalized investment strategies to optimize their asset allocations.
Our clients can purchase a wide variety of investment portfolios, which include assets such as stocks, bonds, ETFs, investment funds and
derivatives. We charge management fees based on their assets under management as well as commissions for certain transactions.
Our Customers
We classify those who have opened accounts to
trade on our platform as customers. Our customers can open and activate trading accounts in person, via mail, or through a combination
of electronic signature and registering with us a bank account in Hong Kong designated by the customers. The account opening documents
can be downloaded for free from our website. After filling in personal information online, our customers are required to complete a series
of questions and upload various documents to verify their identity and assess potential risks.
The Company had a concentration of revenues of
43%, 77% and 92% from the top five customers for the years ended March 31, 2023, 2022 and 2021, respectively. The following table outlines
the concentration of each of the top five customers comparing to the Company's total revenues:
For the Fiscal
Year Ended
March 31,
2023
Concentration
(%)
For the Fiscal
Year Ended
March 31,
2022
Concentration
(%)
For the Fiscal
Year Ended
March 31,
2021
Concentration
(%)
Largest customer
13
%
35
%
59
%
2
nd
largest customer
10
%
18
%
22
%
3
rd
largest customer
8
%
11
%
5
%
4
th
largest customer
6
%
8
%
3
%
5
th
largest customer
6
%
5
%
2
%
Total
43
%
77
%
91
%
55
Our Operating Subsidiaries charge fees and commissions
from futures brokerage services based on a fixed rate for each transaction. Such rate is the same among all customers. We also offer trading
incentives such as volume rebates from time to time as a promotion.
We have experienced significant growth in both
the number of customers and trading volume due to our reliable and secure trading platform, comprehensive brokerage and value-added services,
and superior user experience. Our total registered customer number increased from 247 as of March 31, 2021 to 292 as of March 31, 2022,
and further increased to 296 as of March 31, 2023. In fiscal year 2021, we had 49 revenue-generating accounts in total, including 33 accounts
for futures trading and 16 accounts for securities trading. In fiscal year 2022, we had 74 revenue-generating accounts in total, including
16 accounts for futures trading, 15 accounts for securities trading, 34 accounts for structured notes subscriber services and 9 accounts
for trading solution service. In fiscal year 2023, we had 34 revenue-generating accounts in total, including 12 accounts for futures trading,
12 accounts for securities trading, 0 accounts for structured notes subscriber services and 10 accounts for trading solution service.
Our trading volume of futures contracts was 9.61 million trades in fiscal year 2021, 2.64 million trades in fiscal year 2022 and 2.97
million trades in fiscal year 2023.
Marketing, Branding, Customer Development,
and Customer Support
Our Operating Subsidiaries attract and retain
customers to use our trading platform through marketing and branding, customer development, and customer support.
Marketing and Branding
We did not launch any marketing campaign in the
past, but we are planning to carry out our marketing campaign through online marketing channels. Our major online marketing initiatives
will be centered around our expansion of CFD trading services including optimization of Internet search results, advertisement on financial-related
websites, and the Company's website.
To facilitate the development of CFD trading services,
our marketing strategies aim to attract new and existing customers to use our CFD trading services. Therefore, we will leverage two channels
of customer acquisition to promote our services:
(i)
Direct channel
. We plan to leverage our websites and brand awareness to attract new customers in a cost-effective manner and adopt a "one-to-one" direct marketing strategy. In executing our direct marketing strategy, we intend to employ a combination of traditional marketing campaigns, such as online and offline advertisement, optimization of Internet search results, email marketing, and participation in industry trade exhibitions. Specifically, we plan to increase our brand awareness by putting advertisements on TV and the national commercial broadcast network, and we believe that such marketing efforts will significantly improve the brand's recognition.
(ii)
Indirect channel
. We plan to adopt a "one-to-many" strategy by establishing partnerships with financial services companies, including white-label partnerships and introducing brokers. These companies and brokers can provide their existing customers with CFD trading services through our channel.
We intend to employ a combination of traditional
marketing campaigns, such as online and offline advertisement, optimization of Internet search results, email marketing, and participation
in industry trade exhibitions. Specifically, we plan to increase our brand awareness by putting advertisements on TV and the national
commercial broadcast network, and we believe that such marketing efforts will significantly improve the brand's recognition.
56
We believe the best marketing strategy is inviting
our prospective customers to experience the services we can offer. Hence, we plan to provide our prospective customers with access to
free-trial demo trading accounts for a 30-day period. During the trial period, our customer service team can offer help and training to
prospective customers. We have confidence that this will be a simple but effective approach to attract new customers. First, it can serve
as a promotion tool that educates potential customers on how CFD functions and operates in a risk-free environment without incurring actual
costs. Secondly, it allows potential clients to experience the functions of our trading platforms, tools, and services. The demo trading
account features the same functions as the regular accounts used by our existing customers, including the availability of real-time streaming
quotes. We consider this free CFD demo trading account to be a successful strategy in converting trial accounts into active trading accounts.
On top of the online marketing activities, we
also engaged with a well-known martial arts movie star in Hong Kong, Mr. Yuen Piu, to be the Company's brand ambassador. We believe
we can enhance our brand image and awareness by engaging with Mr. Yuen as our brand ambassador to embody our Company's identity.
Customer Development
Our current and potential customers can initiative
contact with us by means of phone calls, online messages, and email. To enhance the relationship with our customers, we generally have
a team dedicated to following up with customers to handle their questions about our platforms and services.
Additionally, our member of the management team
review customers' transactions and trading behaviors each week to ensure that we continue to provide personalized and quality services
and maintain good relationships with our existing clients. We offer volume rebates to customers for large volume transactions. We believe
this cultivates our customers' loyalties to our Company and encourage customers to use our Company's services.
Our Existing Technology and Infrastructure
Our technology and infrastructure are critical
to our goal of providing the most user-friendly trading experience to our customers. Since the Company's inception, we have leveraged
two third-party trading platforms – Esunny Morning Star Futures and Options as well as 2Go Trade – to create an efficient
conduit for the global flow of capital across exchanges around the world, while at the same time maintaining competitive fees. We strongly
believe in enhancing the technology to adapt to the constantly evolving environment and to increase customer satisfaction by improving
customers' experience and providing smooth transactions. Esunny Morning Star Futures and Options System and 2Go Trade have agreed
to provide application services, support, and hosting services to us at a fixed charge over a period of time. The fees charged are independent
from the trading volume or our revenues. The contract terms are reviewed and renegotiated annually. See "
Item
3. Key
Information — 3.D. Risk Factors – Risks Relating to Our Business and Industry –
Our Operating
Subsidiaries currently conduct our futures and stock brokerage business through trading platforms licensed from third parties. Our reputation,
business, financial position, results of operations and cash flows may be harmed if these parties do not perform their obligations or
if they suffer interruptions to their own operations, or if alternative are unavailable or if cost of such alternatives are unfavorable.
"
Esunny Morning Star Futures and Options
The Esunny Morning Star Futures and Options System
is developed by Zhengzhou Esunny Information Technology Co., Ltd., which was solely owned by Zhengzhou Commodity Exchange, an exchange
in China regulated by China Securities Regulatory Commission (CSRC). It is specialized in mobile application, software development, and
internet technical support in the financial industry.
The Esunny Morningstar Futures & Options Trading
System is a leading system designed for futures and derivatives trading. It employs the latest architecture and advanced technologies
to ensure system stability while maintaining flexibilities for sophisticated investors in their investment management under different
situations. The trading system supports trades with major global futures and derivative exchanges including CME, LME, HKEX, SGX, and EUREX
while covering more than 1,000 derivatives, namely commodities, currency, stock futures, or stock options.
The trading system bundles with powerful client
software that contains a set of functions to assist investors in trading. These functions include market analysis, fast trading, stop-loss
orders, and arbitrage transaction.
57
Main features of the client software
Timely market information.
The client software
can provide timely market information to investors stably and quickly as the system sources data from high-end data providers in the industry.
Indicator analysis.
The client software
offers tools and indicators to help investors to do their trading. These indicators and tools encompass trend analysis, trading volume
analysis, volatility analysis, among others.
Multiple-accounts.
The trading system supports
investors to register with multiple accounts logged in simultaneously, providing flexibility to investors to carry out arbitrage transactions
and large-volume transactions.
Practical trading functions.
The client
software supports various types of trading instructions and ordering tools, saving investors troubles and time.
Open-source platform.
The client software
supports investors to build their functions via an open-source platform, offering great flexibilities to high-end investors.
Also, the mobile application and desktop application
of Esunny Morning Star Futures and Options are supported and interacted with a back-end system that is able to support a variety of functions
including account management, market real-time information, trading execution, order routing, and toolkit for technical analysis.
Material Agreements with Esunny Morning Star
Futures and Options
Below is the summary of the material agreements
in connection with the Esunny Morning Star Futures and Options:
Esunny International Financial Derivatives
Trading Analysis System Sales Contract
On December 13, 2016, ZYSL, our indirect subsidiary,
entered into a Esunny International Financial Derivatives Trading Analysis System Sales Contract with Zhengzhou Esunny Information Technology
Co., Ltd. ("Esunny") in connection with the Esunny International Financial Derivatives Trading Analysis Platform V3.0 ("Esunny
International 3.0" or "Software"). This contract has a term of two years and has been automatically renewed.
Pursuant to the sales contract, we purchased a
copy of the Software from Esunny and we agreed to pay an annual maintenance service fee in the amount of HK$900,000 per year (approximately
US$115,138). We also agreed to (i) prepare the hardware equipment, system, and network environment in accordance with Esunny's requirements
for installation and maintenance of the Software, (ii) avoid transferring, selling, or disclosing of product designs, system structure
and technical documents to third parties, and (iii) protect the commercial pricing policies, financial invoices, and contracts of Esunny.
Esunny agreed to (i) provide remote maintenance service and technical support and (ii) protect our commercial information and trade secrets.
System Operation Service Contract
In connection with the Esunny International Financial
Derivatives Trading Analysis System Sales Contract as described above, on December 13, 2016, ZYSL entered into a System Operation Service
Contract with Esunny pursuant to which the Software will be installed at a location operated by Esunny. This contract has a term of two
years and has been automatically renewed.
Pursuant to the agreement, we agreed to pay the
annual operation service charge in the amount of HK$450,000 per year (approximately US$57,600). We agreed to (i) prepare the hardware
equipment, system, and network environment in accordance with Esunny's requirements for operation of the Software and (ii) to operate
and run the Software abide by relevant laws, regulations, and Esunny's system operation requirements. Esunny agrees to (i) provide
remote system operation services and technical support and (ii) provide safe and applicable storage space for our hardware equipment.
58
Epolestar Intelligent Platform V9.0 Licensing
Service Contract
On May 23, 2017, ZYSL entered into a Licensing
Service Contract with Esunny in connection with the use of Epolestar Intelligent Platform V9.0 ("Epolestar"). The term of
this contract is two years starting and has been automatically renewed.
Pursuant to the agreement, we agreed to pay the
annual licensing fee in the amount of HK$180,000 per year (approximately US$23,000). All copyright of Epolestar is owned by Esunny.
Pursuant to the contract, we agreed to (i) contact
Esunny in time and accurately describe the current failure phenomenon so that Esunny can make a timely diagnosis; (ii) designate a specific
person to cooperate with Esunny regarding software maintenance and technical support; and (iii) avoid transferring, selling, or disclosing
of product designs, system structure and technical documents to third parties. Esunny agreed to (i) provide remote maintenance service
and technical support and (ii) protect our commercial information and trade secrets.
2Go Trade
We leveraged 2GoTrade to provide access to our
clients for security trading. 2GoTrade is developed by 2Go Trade Limited, a Hong Kong company. It is specialized in providing solutions
for complex trading in the HK/China financial market with a simple, yet all-inclusive proposition. The key advantage of the system lies
in the manner of low latency, mission-critical technology, and brokerage applications are developed, managed, and operated using an innovative,
cloud-centric, proactive service model. Being a leading innovator in front- and back-office applications since 2001, 2GoTrade delivers
mission-critical trading and processing IT service to a growing mix of institutional and retail brokers.
Mobile application
The 2Go Trade provides a user-friendly customer
experience. The user interface of 2Go Trade contains five major tabs, "List", "Quote", "Trading",
"Me" and "Others".
List
. The list tab contains a list of securities
that are marked by the client, and the list allows clients to get quick access to the marked securities.
Quote
. The quote tab provides the real-time
market information of the stock, including the sticker, current bid and ask price, trading volume, and historical prices.
Trading
. The trading tab contains the functions
which empower the clients to trade stocks conveniently. The client can choose various means to place orders, including market order, limited
price order, and conditional order, among others.
Me
. The "me" tab stores information
of profit and loss, order history, account statement, and account balance, allowing the clients to effectively manage their funds.
Other
. The other tab contains functions
allowing clients to customize the system settings and search for legal statements.
Desktop application
The desktop application has the same functions
as that of the mobile version. The desktop application allows clients to get access to market information and engage in trading on a larger
screen.
Material Agreements with 2Go Trade
Below is the summary of the material agreements
in connection with 2Go Trade:
59
Service Level Agreement
On December 12, 2017, ZYSL entered into a Licensing
Agreement with 2GoTrade Limited in connection with the real-time brokerage systems "Go.Exchange" and an application service
platform "Go.ExchangeVS". This agreement has an initial term of 24 months and has been automatically renewed.
Pursuant to the agreement, we have paid a one-time set up fee in the
amount of HK$50,000 (approximately US$6,400) and agreed to pay a monthly fee of HK$20,300 (approximately US$2,600).
Either party may terminate the agreement if the
other party breaches any terms of the agreement and does not cure the breach within 30 days after receiving written notice from the non-breaching
party. If this agreement is terminated due to a breach of ZYSL, ZYSL shall be liable to pay within 30 days of termination an early termination
fee to 2GoTrade Limited which is equal to 100% of all then service charges.
2GoTrade Limited granted us a non-transferable
and a non-exclusive license to use the systems and services. All intellectual property rights therein and in all improvements or enhancements
to the equipment, software and materials shall remain the property of 2GoTrade Limited.
Business continuity measures
We also maintain formal business continuity policies
and practices that are designed for rapid recovery should any business disruption or disaster occurs in the middle of our business operation.
We regularly review and test our recovery plans and controls to ensure the effectiveness of such plans and controls in meeting our business
needs.
Insurance
As per the Securities and Futures Ordinance, we,
as the Participants of The Stock Exchange of Hong Kong Limited and carry out Type 1 regulated activities (dealing with securities), are
required to take out and maintain insurance in relation to fidelity and crime risks in the manner prescribed by the Securities and Futures
(Insurance) Rules.
ZYSL has in place the License Holders Insurance
Scheme (LHI). The LHI does not cover professional indemnity or pure unauthorized trading where there is no intent or direct fund. The
LHI, however, covers fidelity and crime risks, such as loss of client assets due to theft of employees or other fraudulent acts. The LHI
has the expiring Policy Limit of HK$15,000,000 with an Excess of HK$ 3,000,000 for every claim/loss.
In addition to the LHI, we also maintain property
insurance which covers risks of Office Content, Business Interruption, Money Protection, Personal Accident, Public Liability, and Employee's
Compensation. Our Directors consider that our company currently maintains adequate insurance policies.
Aside from the insurance coverage described above,
we do not currently maintain nor plan to purchase directors and officers liability insurance in the future. Our directors consider the
existing insurances that we have in place are adequate for our business.
Compliance
We believe that our comprehensive compliance framework
covering regulatory compliance and AML procedures protects the assets and interests of our customers. Our Compliance Committee along with
our three Responsible Officers carry out routine day-to-day compliance tasks and transaction reporting, business monitoring, and customer
due diligence to ensure compliance with all applicable laws and regulations. Besides, they monitor complaints and compile responses to
these complaints. The Compliance Committee also oversees general compliance with all applicable KYC rules and AML procedures, carries
out the compliance policies, and prepares reports to any regulatory agencies if needed. Lastly, all compliance employees are required
to undergo continuous intensive on-the-job training to become familiar with the latest regulatory environment developments.
60
Data Privacy
In the course of our operation, we will collect
personal data from our customers in connection with the account opening and our business operations and this information may be subject
to data privacy laws in the jurisdiction of Hong Kong. According to the relevant law in relation to data privacy, it is necessary for
customers, or data owners, to provide consent to the data collector for his/her agreement to its usage. Our data privacy statement states
that the personal data being collected can be used for purposes of data analysis and supporting us to develop and to improve our products.
We believe that we are in compliance with all relevant laws and regulations in all material respects with respect to data privacy.
Risk Management
Our business activities
expose us to various risks. Identifying and measuring our risks is critical to our ability to manage risk within acceptable tolerance
levels in order to minimize the effect on our business, results of operations and financial condition. Our management team is responsible
for managing risk. It is overseen by our board of directors. We use risk management processes and have policies and procedures for identifying,
measuring and managing risks, including establishing threshold levels for our most significant risks.
Our business exposes
us to the following broad categories of risk:
Operational Risk —
Operational
risk is the risk of loss resulting from inadequate or failed internal processes or controls, human error or misconduct, systems and technology
problems or from external events. It also involves compliance with regulatory and legal requirements. Operational risk is the most prevalent
form of risk in our risk profile. We manage operational risk by establishing policies and procedures to accomplish timely and efficient
processing, obtaining periodic internal control attestations from management and conducting internal audit reviews to evaluate the effectiveness
of internal controls.
Cybersecurity Risk
—
Cybersecurity
risk is the risk of a malicious technological attack intended to impact the confidentiality, availability, or integrity of our systems
and data, including, but not limited to, sensitive client data. Our technology and security teams rely on a layered system of preventive
and detective technologies, practices, and policies to detect, mitigate, and neutralize cybersecurity threats. Cyber-attacks can also
result in financial and reputational risk.
Market Risk
— Market
risk is the risk of loss resulting from adverse movements in market factors, such as asset prices, foreign exchange rates and interest
rates. Our market risk related to asset prices is mitigated by us routing client trades for execution, primarily on an agency rather than
on a principal basis, and our maintenance of fixed-income securities to meet client requirements. Interest rate risk is our most prevalent
form of market risk.
Credit Risk
— Credit
risk is the risk of loss resulting from failure of obligors to honor their payment obligations. Our exposure to credit risk mainly arises
from client margin lending and leverage activities, securities lending activities and other counterparty credit risks.
Liquidity Risk
—
Liquidity risk is the risk of loss resulting from the inability to meet current and future cash flow needs.
Strategic Risk
— Strategic
risk is the risk of loss arising from ineffective business strategies, improper implementation of business strategies, or lack of responsiveness
to changes in the business and competitive environment. Our executive management is responsible for establishing an appropriate corporate
strategy intended to create value for shareholders, clients and employees, with oversight by our board of directors. Our management is
responsible for defining the priorities, initiatives and resources necessary to execute the strategic plan, the success of which is regularly
evaluated by the board of directors.
61
Reputational Risk
— Reputational
risk is the risk arising from possible negative perceptions, whether true or not, of the Company among our clients, counterparties, shareholders,
suppliers, employees and regulators. The potential for either enhancing or damaging our reputation is inherent in almost all aspects of
business activity. We manage this risk through our commitment to a set of core values that emphasize and reward high standards of ethical
behavior, maintaining a culture of compliance and by being responsive to client and regulatory requirements.
Risk is inherent in our
business, and therefore, despite our efforts to manage risk, there can be no assurance that we will not sustain unexpected losses. For
a discussion of the factors that could materially affect our business, financial condition or future results of operations, see "
Item
3. Key
Information — 3.D. Risk Factors."
Competition
We believe that the principal
determinants of success in the retail brokerage market are brand recognition, size of client base and client assets, ability to attract
new clients and client assets, client trading activity, efficiency of operations, technology infrastructure and advancements and access
to financial resources. We also believe that the principal factors considered by clients in choosing a brokerage firm are reputation,
client service quality, price, convenience, product offerings, quality of trade execution, platform capabilities, innovation and overall
value. Based on our experience and the success we have enjoyed to date, we believe that we presently compete successfully in each of these
categories. The market for brokerage services, particularly electronic brokerage services, continues to evolve and is highly competitive.
We experience significant competition and expect this competitive environment to continue. We encounter direct competition from numerous
other brokerage firms, many of which provide online brokerage services. These competitors include UP Fintech Holding Limited and Futu
Holdings Limited. We also encounter competition from the broker-dealer affiliates of established full-commission brokerage firms as well
as from banks, mutual fund sponsors, online wealth management services (including so-called "robo-advisors") and other financial
institutions and organizations, some of which provide online brokerage services.
Technology and Information
Systems
Our technological capabilities
and systems are central to our business and are critical to our goal of providing the best execution at the best value for our clients.
Our operations require reliable, scalable systems that can handle complex financial transactions for our clients with speed and accuracy.
Our third-party licensed sophisticated technology automates securities transactions. Our ability to effectively leverage and adopt new
technology to improve our services is a key component of our success.
We continue to make investments
in technology and information systems. We have spent a significant amount of resources to increase capacity and improve speed, reliability
and security. To provide for system continuity during potential power outages, we have equipped our data centers with uninterruptible
power supply units and back-up generators. We invest annually in our cybersecurity capabilities and utilize leading risk mitigation approaches
to benchmark ourselves and to continually enhance client and systems protection.
Clearing Operations
Futures Clearing
In order to gain access to futures and options
traded on global futures exchanges in which we are not a clearing member and/or which we are not admitted as a trading participant, we
have entered into arrangements with various execution brokerage firms who have requisite trading rights with the relevant global futures
exchanges. We maintain an omnibus client account with each of these execution brokerage firms through which our clients may place their
trade orders in respect of futures products traded on global futures exchanges through our online trading platform.
As with our clearing operations, these execution
brokers carry out similar "mark-to-market" valuations and assessments, reviews of account equity positions and evaluate the
necessity to make margin calls prior to executing trades through the omnibus account we maintain with them. Although trades are carried
out through an omnibus account with each execution broker, the margin requirements are to be met individually by each of our clients placing
a trade order and we would take steps to ensure that the failure of a single client, or clients, to meet margin requirements would not
affect the trades of other clients.
For a trade which is carried out through an execution
broker, the execution broker will charge: (i) a brokerage fee; and (ii) disbursements including the trading exchange fee charged by the
relevant futures exchange for executing the relevant trade order. The fee which we will charge our client for an executed trade will include
the total amount of fees charged by the execution broker, together with a brokerage fee which we will charge for arranging the trade through
the execution broker.
62
Securities Clearing
As we are a licensed broker in Hong Kong with
integration into the trading systems of the Hong Kong Stock Exchange and the CCASS clearing system, we manage all steps involved in processing
securities transactions independently for securities listed on the Hong Kong Stock Exchange or qualified under the Hong Kong.
For securities traded on the major stock exchanges
in the U.S., we aggregate trade instructions from clients and, without disclosing underlying client names or fund details, collaborate
with qualified execution broker for execution and settlement. From the client's perspective, the process is seamless as we handle
all client communications and touchpoints, including delivery and receipt of funds.
Licenses
Due to the licensing
requirements of the HKSFC, ZYSL and ZYCL are required to obtain necessary licenses to conduct their business in Hong Kong and their business
and responsible personnel are subject to the relevant laws and regulations and the respective rules of the HKSFC. ZYSL currently holds
a Type 1 license for dealing in securities and a Type 2 license for dealing in futures contracts. ZYCL currently holds a Type 4 license
for advising on securities, a Type 5 license for advising on futures contracts and a Type 9 license for asset management. See "
Item
4. Information on the Company—4.B. Business Overview—
Regulation—Licensing Regime Under the HKSFO." These
licenses have no expiry date and will remain valid unless they are suspended, revoked or cancelled by the HKSFC. We pay standard governmental
annual fees to the HKSFC and are subject to continued regulatory obligations and requirements, including the maintenance of minimum paid-up
share capital and liquid capital, maintenance of segregated accounts, and submission of audited accounts and other required documents,
among others. See "
Item 4. Information on the Company—4.B. Business Overview—
Regulation—Licensing
Regime Under the HKSFO."
Regulation
Our business operations
are conducted in Hong Kong and are subject to Hong Kong laws and regulations. This section summarizes the most significant rules and regulations
that affect our business activities in Hong Kong.
The Securities and Futures
Ordinance (Cap. 571) of Hong Kong, or the HKSFO, including its subsidiary legislation, is the principal legislation regulating the securities
and futures industry in Hong Kong, including the regulation of securities and futures markets and leveraged foreign exchange trading,
the offering of investments to the public in Hong Kong, and intermediaries and their conduct of regulated activities. In particular, Part
V of the HKSFO and the relevant guidelines and codes issued by the HKSFC deal with licensing and registration matter.
The HKSFO is administered
by the HKSFC, which is the statutory regulatory body that governs the securities and futures markets and non-bank retail leveraged foreign
exchange market in Hong Kong.
In addition, the Companies
(Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong including its subsidiary legislation also provides that the
HKSFC is responsible for authorizing the registration of prospectuses for offerings of shares and debentures in Hong Kong and/or granting
exemptions from strict compliance with the provisions in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of
Hong Kong. The HKSFO provides that the HKSFC is also responsible for authorizing certain securities (including the relevant offering documents)
that are not shares or debentures.
The Hong Kong securities
and futures market (with respect to listed instruments) is also governed by the rules and regulations introduced and administered by the
Stock Exchange of Hong Kong Limited, or SEHK, and the Hong Kong Futures Exchange Limited, or HKFE.
The HKSFC
The HKSFC is an independent
statutory body which administers the HKSFO and is responsible for regulating the securities and the futures industry in Hong Kong. The
HKSFC works to strengthen and protect the integrity and soundness of Hong Kong's securities and futures markets for the benefit
of investors and the industry.
63
As set out in the HKSFO,
HKSFC's regulatory objectives are:
●
to maintain and promote the fairness, efficiency, competitiveness, transparency, and orderliness of the securities and futures industry;
●
to promote understanding by the public of financial services including the operation and functioning of the securities and futures industry;
●
to provide protection for members of the public investing in or holding financial products;
●
to minimize crime and misconduct in the securities and futures industry;
●
to reduce systemic risks in the securities and futures industry; and
●
to assist the Financial Secretary of Hong Kong in maintaining the financial stability of Hong Kong by taking appropriate actions in relation to the securities and futures industry.
The HKSFC has five operational
divisions, which are corporate finance, enforcement, intermediaries (including licensing and intermediaries supervision), investment products,
and supervision of markets. The HKSFC is also supported by the corporate affairs and legal services divisions.
Below are some of the
participants in the securities and futures market that HKSFC regulates in achieving the regulatory objectives under the HKSFO:
●
Brokers, investment advisers, fund managers, and intermediaries carrying out the regulated activities as listed in "— Licensing Regime Under the HKSFO—Types of Regulated Activities" below,
●
Listed companies,
●
Hong Kong Exchanges and Clearing Limited, and
●
Market participants (including investors).
Licensing Regime Under
the HKSFO
The functions of the
HKSFC, as a gatekeeper of standards for individuals and corporations seeking approval to enter into the securities and futures markets
of Hong Kong, include the following:
●
grant licenses to those who are appropriately qualified and can demonstrate their fitness and properness to be licensed under the HKSFO;
●
maintain online a public register of licensed persons and registered corporations;
●
monitor the ongoing compliance of licensing requirements by licensees, substantial shareholders of licensed corporations, and directors of licensed corporations; and
●
initiate policies on licensing issues.
●
The HKSFC operates a system of authorizing corporations and individuals (through licenses) to act as financial intermediaries. Under the HKSFO, a corporation that is not an authorized financial institution (as defined in section 2(1) of the Banking Ordinance (Cap. 155) of Hong Kong) and is:
●
carrying on a business in a regulated activity (or holding out as carrying on a regulated activity), or
●
actively marketing, whether in Hong Kong or from a place outside Hong Kong, to the public such services it provides, would constitute a regulatory activity if provided in Hong Kong, must be licensed by the HKSFC to carry out that regulatory activity, unless one of the exemptions under the HKSFO applies.
64
In addition to the licensing
requirements on corporations, any individual who: (i) performs any regulated function in relation to a regulated activity carried on as
a business, or (ii) holds himself out as performing such regulated activity, must be licensed separately under the HKSFO as a Licensed
Representative accredited to his principal.
Types of Regulated
Activities
The HKSFO provides a
licensing regime under which a person needs a license to carry on different types of regulated activities as specified in Schedule 5 of
the HKSFO. The different types of regulated activities are set out as follows:
Type 1: dealing
in securities;
Type 2: dealing
in futures contracts;
Type 3: leveraged
foreign exchange trading;
Type 4: advising
on securities;
Type 5: advising
on futures contracts;
Type 6: advising
on corporate finance;
Type 7: providing
automated trading services;
Type 8: securities
margin financing;
Type 9: asset
management;
Type 10: providing
credit rating services;
Type 11: Dealing
in OTC derivative products or advising on OTC derivative products; and
Type 12: Providing
client clearing services for OTC derivative transactions.
The amendments to the
HKSFO in relation to Type 11 regulated activity is, as of the date of this annual report, not yet in operation. The day on which the Type
11 regulated activity will come into operation will be appointed by the Hong Kong Secretary for Financial Services and the Treasury by
notice published in the Gazette.
The Type 12 regulated
activity came into operation on September 1, 2016 pursuant to the Securities and Futures (Amendment) Ordinance 2014 (Commencement) Notice
2016 (L.N. 27 of 2016), in so far as it relates to paragraph (c) of the new definition of "excluded services" in Part 2 of
Schedule 5 to the HKSFO. The licensing requirement with respect to Type 12 regulated activity is, as of the date of this annual report,
not yet in operation and the effective date will be appointed by the Hong Kong Secretary for Financial Services and the Treasury by notice
published in the Gazette.
As of the date of this
annual report, we and our subsidiaries were licensed under the HKSFO to conduct the following regulated activities:
Company
Type of Regulated Activities
ZYSL
Type 1 and 2
ZYCL
Type 4, 5 and 9
Minimum Amount of Paid-Up Share Capital
ZYSL
HK$10,000,000
ZYCL
HK$5,000,000
Minimum Amount of Required Liquid Capital
ZYSL
Higher of HK$3,000,000 or
(1)
ZYCL
Higher of HK$3,000,000 or
(1)
Subject to certain exemptions
specified under the Securities and Futures (Financial Resources) Rules of Hong Kong (the "FRR"), ZYSL and ZYCL, as securities
dealers and asset management companies registered with the HKSFC, are required to maintain minimum paid-up share capital and to maintain
minimum amounts of liquid capital in accordance with the FRR.
(1)
In the case of a corporation licensed for any regulated activities other than Type 3 regulated activities, its variable required liquid capital which means 5% of the aggregate of (i) its adjusted liabilities, (ii) the aggregate of the initial margin requirements in respect of outstanding futures contracts and outstanding options contracts held by it on behalf of its clients, and (iii) the aggregate of the amounts of margin required to be deposited in respect of outstanding futures contracts and outstanding options contracts held by it on behalf of its clients, to the extent that such contracts are not subject to the requirement of payment of initial margin requirements.
65
Use of proceeds to
fulfill requirements under the Financial Resources Rules
Currently,
neither of ZYSL or ZYCL needs to rely on any of the IPO proceeds to fulfill the requirements under the Financial Resources Rules Nevertheless,
ZYSL and ZYCL may use part of the IPO proceeds for its future business development, and its liquidity position under the Financial Resources
rules will be strengthened as a result.
There is no condition
on the HKSFC license of ZYSL. The following conditions are currently imposed on the HKSFC license of ZYCL:
The licensee shall only
provide services to professional investors. The term "professional investor" is as defined in the Securities and Futures Ordinance
and its subsidiary legislation.
For Type 9 regulated
activity, prior to March 22, 2022, the licensee shall not conduct business involving the discretionary management of any collective investment
scheme. The term "collective investment scheme" is as defined under the Securities and Futures Ordinance.   On March
22, 2022, ZYCL successfully removed this condition on the license.
Licensed Corporation
For application as a
licensed corporation, the applicant has to be incorporated in Hong Kong or an overseas company registered with the Companies Registry
of Hong Kong. The licensed corporation has to satisfy the HKSFC that it has proper business structure, good internal control systems and
qualified personnel to ensure the proper management of risks that it will encounter in carrying on the proposed regulated activities as
detailed in its business plan submitted to the HKSFC.
Detailed guidelines to
meet the requirements and expectations of the HKSFC are contained in the following publications of the HKSFC:
●
"Guidelines on Competence";
●
"the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission," or the Code of Conduct;
●
"the Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the HKSFC";
●
"Corporate Finance Adviser Code of Conduct"; and
●
"Fund Manager Code of Conduct."
Responsible Officers
For each regulated activity
conducted by a licensed corporation, it must appoint no less than two responsible officers, at least one of them must be an executive
director, to directly supervise the business of such regulated activity. A responsible officer is an individual approved by the HKSFC
to supervise the regulated activity or activities of the licensed corporation to which he or she is accredited. For each regulated activity
of a licensed corporation, it should have at least one responsible officer available at all times to supervise the business.
Qualification and
Experience Required for Being a Responsible Officer
A person who intends
to apply to be a responsible officer must demonstrate that he or she fulfils the requirements on both competence and sufficient authority.
An applicant should possess appropriate ability, skills, knowledge, and experience to properly manage and supervise the corporation's
regulated activity or activities. Accordingly, the applicant has to fulfil certain requirements on academic and industry qualifications,
relevant industry experience, management experience, and local regulatory framework paper as stipulated by the HKSFC.
66
Managers-in-Charge
of Core Functions, or MICs
A licensed corporation
is required to designate certain individuals as MICs and provide to the HKSFC information about its MICs and their reporting lines. MICs
are individuals appointed by a licensed corporation to be principally responsible, either alone or with others, for managing each of the
following eight core functions of the licensed corporation:
(i)
overall management oversight;
(ii)
key business lines;
(iii)
operational control and review;
(iv)
risk management;
(v)
finance and accounting;
(vi)
information technology;
(vii)
compliance; and
(viii)
anti-money laundering and counter-terrorist financing.
The management structure
of a licensed corporation (including its appointment of MICs) should be approved by the board of the licensed corporation. The board should
ensure that each of the licensed corporation's MICs has acknowledged his or her appointment as MIC and the particular core function(s)
for which he or she is principally responsible.
Fit and Proper
Requirement
Persons who apply for
licenses under the HKSFO must satisfy and continue to satisfy after the grant of such licenses by the HKSFC that they are fit and proper
persons to be so licensed. Generally, a fit and proper person means one who is financially sound, competent, honest, reputable, and reliable.
Section 129(1) of the
HKSFO sets out a number of matters that the HKSFC shall have regard to in assessing the fitness and properness of a person, an individual,
corporation, or institution, which includes:
●
financial status or solvency;
●
educational or other qualifications or experience having regard to the nature of the functions to be performed;
●
ability to carry on the regulated activity concerned competently, honestly, and fairly; and
●
reputation, character, reliability, and financial integrity of the applicant and other relevant persons as appropriate.
The above fit and proper
criteria serve as the fundamental basis when the HKSFC considers each license or registration application. Detailed guidelines are contained
in "the Fit and Proper Guidelines," "the Licensing Information Booklet," and "the Guidelines on Competence"
published by the HKSFC.
67
The Fit and Proper Guidelines
apply to a number of persons including the following:
●
an individual who applies for license or is licensed under Part V of the HKSFO;
●
a licensed representative who applies for approval or is approved as a responsible officer under Part V of the HKSFO;
●
a corporation which applies for license or is licensed under Part V of the HKSFO;
●
an authorized financial institution which applies for registration or is registered under Part V of the HKSFO;
●
an individual whose name is to be or is entered in the register maintained by the Hong Kong Monetary Authority under section 20 of the Banking Ordinance (Cap. 155) of Hong Kong; and
●
an individual who applies to be or has been given consent to act as an executive director of a registered institution under section 71C of the Banking Ordinance (Cap. 155 of Hong Kong).
●
Section 129(2) of the HKSFO empowers the HKSFC to take into consideration any of the following in considering whether a person is fit and proper:
●
decisions made by such relevant authorities as stated in section 129(2)(a) of the HKSFO or any other authority or regulatory organization, whether in Hong Kong or elsewhere, in respect of that person;
●
in the case of a corporation, any information relating to:
o
any other corporation within the group of companies; or
o
any substantial shareholder or officer of the corporation or of any of its group companies;
●
in the case of a corporation licensed under section 116 or 117 of the HKSFO or registered under section of the HKSFO or an application for such license or registration:
o
any information relating to any other person who will be acting for or on its behalf in relation to the regulated activity; and
o
whether the person has established effective internal control procedures and risk management systems to ensure its compliance with all applicable regulatory requirements under any of the relevant provisions;
●
in the case of a corporation licensed under section 116 or section 117 of the HKSFO or an application for the license, any information relating to any person who is or to be employed by, or associated with, the person for the purposes of the regulated activity; and
●
the state of affairs of any other business which the person carries on or proposes to carry on.
The HKSFC is obliged
to refuse an application to be licensed if the applicant fails to satisfy the HKSFC that the applicant is a fit and proper person to be
licensed. The onus is on the applicant to make out a case that the applicant is fit and proper to be licensed for the regulated activity.
68
Continuing Obligations
of Licensed Corporations
Licensed corporations,
licensed representatives, and responsible officers must remain fit and proper as defined under the HKSFO at all times. They are required
to comply with all applicable provisions of the HKSFO and its subsidiary rules and regulations as well as the codes and guidelines issued
by the HKSFC.
Outlined below are some
of the key continuing obligations of our licensed corporations under the HKSFO:
●
maintenance of minimum paid-up share capital and liquid capital, and submission of financial returns to the HKSFC in accordance with the requirements under the Securities and Futures (Financial Resources) Rules (as discussed in more detail below);
●
maintenance of segregated account(s), and custody and handling of client securities in accordance with the requirements under the Securities and Futures (Client Securities) Rules (Chapter 571H of the Laws of Hong Kong);
●
maintenance of segregated account(s), and holding and payment of client money in accordance with the requirements under the Securities and Futures (Client Money) Rules (Chapter 571I of the Laws of Hong Kong);
●
maintenance of proper records in accordance with the requirements prescribed under the Securities and Futures (Keeping of Records) Rules (Chapter 571O of the Laws of Hong Kong);
●
maintenance of insurance against specific risks for specified amounts in accordance with the requirements under the Securities and Futures (Insurance) Rules (Chapter 571AI of the Laws of Hong Kong);
●
payment of annual fees and submission of annual returns to the HKSFC within one month after each anniversary date of the license; and
●
implementation of appropriate policies and procedures relating to client acceptance, client due diligence, record keeping, identification, and reporting of suspicious transactions and staff screening, education, and training in accordance with the requirements under the Guideline on Anti-Money Laundering and Counter-Terrorist Financing issued by the HKSFC;
Obligation for
substantial shareholders
A person shall, in relation
to a corporation, be regarded as a substantial shareholder of the corporation if he, either alone or with any of his associates—
(i)
has an interest in shares in the corporation—
(a)
the aggregate number of which shares is equal to more than 10% of the total number of issued shares of the corporation; or
(b)
which entitles the person, either alone or with any of his associates and either directly or indirectly, to exercise or control the exercise of more than 10% of the voting power at general meetings of the corporation; or
(i)
holds shares in any other corporation which entitles him, either alone or with any of his associates and either directly or indirectly, to exercise or control the exercise of 35% or more of the voting power at general meetings of the other corporation, or of a further corporation, which is itself entitled, either alone or with any of its associates and either directly or indirectly, to exercise or control the exercise of more than 10% of the voting power at general meetings of the corporation.
69
A person shall be regarded
as being entitled to exercise or control the exercise of 35% or more of the voting power at general meetings of a corporation indirectly
if he, either alone or with any of his associates, has an interest in shares in a further corporation which entitles him, either alone
or with any of his associates, to exercise or control the exercise of 35% or more of the voting power at general meetings of the further
corporation which is itself entitled, either alone or with any of its associates, to exercise or control the exercise of 35% or more of
the voting power at general meetings of the first-mentioned corporation.
Under section 132 of
the HKSFO, a person (including a corporation) has to apply for HKSFC's approval prior to becoming or continuing to be, as the case
may be, a substantial shareholder of a corporation licensed under section 116 of the HKSFO. A person who has become aware that he has
become a substantial shareholder of a licensed corporation without HKSFC's prior approval should, as soon as reasonably practicable
and in any event within three business days after he becomes so aware, apply to the HKSFC for approval to continue to be a substantial
shareholder of the licensed corporation.
Supervision by
the HKSFC
HKSFC supervises licensed
corporations and intermediaries operating in the market. HKSFC conducts on-site inspections and off-site monitoring to ascertain and supervise
intermediaries' business conduct and compliance with relevant regulatory requirements and to assess and monitor the financial soundness
of intermediaries.
Disciplinary Power
of the HKSFC
Under Part IX of the
HKSFO and subject to the due process for exercising disciplinary powers laid down in section 198 of the HKSFO, the HKSFC may exercise
any of the following disciplinary actions against a regulated person (including a licensed person or a registered institution) if that
person is found to be guilty of misconduct or the HKSFC is of the opinion that a regulated person is not fit and proper to be or remain
the same type of regulated person (sections 194 and 196 of the HKSFO).
●
revocation or suspension of a license or a registration; revocation or suspension of part of a license or registration in relation to any of the regulated activities for which a regulated person is licensed or registered;
●
revocation or suspension of the approval granted to a responsible officer;
●
public or private reprimand on a regulated person;
●
prohibition of a regulated person from applying to be licensed or registered or to be approved as a responsible officer;
●
prohibition of a regulated person from applying to be given consent to act or continue to act as an executive officer of a registered institution;
●
prohibition of a regulated person from re-entry to be licensed or registered; and
●
pecuniary penalty of not exceeding the amount of HK$10 million or three times the amount of the profit gained or loss avoided as a result of the misconduct.
70
Exchange and Clearing
Participantship
As of the date of this
annual report, ZYSL is a participant of the following exchanges or clearing houses:
Exchange/Clearing House
Type of Participantship
SEHK
Type 1 Participants (Participant ID: 02011)
HKSCC
Type 1 Participants (Participant ID: B02011)
Trading Rights
In addition to the licensing
requirements under the HKSFO, the rules promulgated by the SEHK and the HKFE require any person who wishes to trade on or through their
respective facilities to hold a trading right, or Trading Right. The Trading Right confers on its holder the eligibility to trade on or
through the relevant exchange. However, the holding of a Trading Right does not, of itself, permit the holder to actually trade on or
through the relevant exchange. In order to do this, it is also necessary for the person to be registered as a participant of the relevant
exchange in accordance with its rules.
Stock Exchange Trading
Rights and Futures Exchange Trading Rights are issued by the SEHK and HKFE at a fee and in accordance with the procedures set out in their
respective rules. Alternatively, Stock Exchange Trading Rights and Futures Exchange Trading Rights can be acquired from existing Trading
Right holders subject to the rules of the respective exchanges.
As of the date of this
annual report, we only hold a Stock Exchange Trading Right.
Exchange Participantship
The table below sets
out a summary of the requirements for becoming an exchange participant of the relevant exchange:
Stock Exchange Participant /
Stock Options Exchange Participant
Futures Exchange
Participant
Legal Status
Being a company limited by shares incorporated in Hong Kong
SFC Registration
Being a licensed corporation qualified to carry out Type 1 regulated activity under the SFO
Being a licensed corporation qualified to carry out Type 2 regulated activity under the SFO
Trading Right
Holding a Stock Exchange Trading Right
Holding a Futures Exchange Trading Right
Financial Standing
Having good financial standing and integrity
Financial Resources Requirement
Complying with the minimum capital requirement, liquid capital requirement and other financial resources requirements as specified by the FRR
Clearing Participantship
An entity must be an
exchange participant of the relevant exchange before it can become a clearing participant of the following clearing houses, namely the
HKSCC, HKFE Clearing Corporation Limited, and The SEHK Options Clearing House Limited.
As of the date of this
annual report, we are an SEHK participant (Participant ID: 02011).
71
HKSCC
HKSCC has, among others,
two categories of participantship: (i) the Direct Clearing Participant; and (ii) the General Clearing Participant. The requirements of
Direct Clearing Participantship are as follows:
●
to be an Exchange Participant of the SEHK;
●
to undertake to (i) sign a participant agreement with HKSCC; (ii) pay to HKSCC an admission fee of HK$50,000 in respect of each Stock Exchange Trading Right held by it; and (iii) pay to HKSCC its contribution to the Guarantee Fund of HKSCC as determined by HKSCC from time to time subject to a minimum cash contribution of the higher of HK$50,000 or HK$50,000 in respect of each Stock Exchange Trading Right held by it;
●
to open and maintain a single current account with one of the Central Clearing and Settlement System, or CCASS, designated banks and execute authorizations to enable the designated bank to accept electronic instructions from HKSCC to credit or debit the account for CCASS money settlement, including making payment to HKSCC;
●
to provide a form of insurance to HKSCC as security for liabilities arising from defective securities deposited by it into CCASS, if so required by HKSCC; and
●
to have a minimum liquid capital of HK$3,000,000.
As of the date of this
annual report, we are an HKSCC participant (Participant ID: B02011).
Mandatory Provident
Fund Scheme
The Mandatory Provident
Fund Schemes Ordinance (Cap. 485) of Hong Kong, or MPFSO, including its subsidiary legislation, is the principal legislation to provide
the framework for the establishment of a system of privately managed, employment-related mandatory provident fund, or MPF, schemes to
accrue MPF benefits for members of the workforce of Hong Kong when they retire.
As of the date of this
annual report, we are in compliance with the MPFSO.
Anti-Money Laundering
and Counter-Terrorist Financing
Licensed corporations
are required to comply with the applicable anti-money laundering and counter-terrorist financing laws and regulations in Hong Kong (including
Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinary Chapter 615 of the Laws of Hong Kong) as well
as the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations), or Anti-Money Laundering Guideline.
72
The Anti-Money Laundering
Guideline provides practical guidance to assist licensed corporations and their senior management in designing and implementing their
own anti-money laundering and counter-terrorist financing policies, procedures and controls in order to meet the relevant legal and regulatory
requirements in Hong Kong. Under the Anti-Money Laundering Guideline, licensed corporations should, among other things:
●
take all reasonable measures to ensure that proper safeguards exist to mitigate the risks of money laundering and terrorism financing, or ML/TF, and to prevent a contravention of any requirement;
●
establish and implement adequate and appropriate anti-money laundering and counter-financing of terrorism systems; consider the characteristics of the products and services that it offers and the extent to which these are vulnerable to ML/TF abuse;
●
consider its delivery/distribution channels and the extent to which these are vulnerable to ML/TF abuse;
●
when assessing the customer risk, consider who their customers are, what they do and any other information that may suggest the customer is of higher risk;
●
be vigilant where the customer is of such a legal form that enables individuals to divest themselves of ownership of property whilst retaining an element of control over it or the business/industrial sector to which a customer has business connections is more vulnerable to corruption;
●
consider risks inherent in the nature of the activity of the customer and the possibility that the transaction may itself be a criminal transaction; and
●
pay particular attention to countries or geographical locations of operation with which its customers and intermediaries are connected where they are subject to high levels of organized crime, increased vulnerabilities to corruption and inadequate systems to prevent and detect ML/TF.
As of the date of this annual report, our operations
are run in compliance with the Anti-Money Laundering Guideline.
4.C. Organizational structure.
The following
is a list of our subsidiaries as of the date of this annual report.
Name of Subsidiary
Jurisdiction of Incorporation or Organization
ZYAL (BVI) Limited
British Virgin Islands
ZYCL (BVI) Limited
British Virgin Islands
ZYFL (BVI) Limited
British Virgin Islands
ZYIL (BVI) Limited
British Virgin Islands
ZYNL (BVI) Limited
British Virgin Islands
ZYPL (BVI) Limited
British Virgin Islands
ZYSL (BVI) Limited
British Virgin Islands
ZYTL (BVI) Limited
British Virgin Islands
ZYXL (BVI) Limited
British Virgin Islands
Zhong Yang Securities Limited
Hong Kong
Zhong Yang Capital Limited
Hong Kong
WIN100 TECH Limited
British Virgin Islands
WIN100 WEALTH LIMITED
British Virgin Islands
Winrich Finance Limited
Hong Kong
TOP ASSET MANAGEMENT PTE.LTD.
Singapore
TOP FINANCIAL PTE.LTD.
Singapore
TOP 500 SEC PTY LTD
Australia
73
The following diagram illustrates the corporate
structure of TOP Financial Group Limited and its subsidiaries as of the date of this annual report:
4.D. Property, Plant and Equipment
Facilities
Our principal executive office is located at
Flat 1101, 118 Connaught Road West in Hong Kong, where ZYSL, our subsidiary, leased approximately 189 square meters of office space.
We pay an annual rent in the amount of HK$831,600 (approximately US$106,800). Our leased premises are leased from Zhong Yang
Securities Limited which has proper authorization from the titleholder to sublease the property. We believe that we will be able to
obtain adequate facilities on reasonable terms principally through leasing, to accommodate our future expansion plans.
Intellectual Property
As of the date of this annual report, we had registered
one trademark under the jurisdiction of Hong Kong. The trademark application was filed on October 29, 2016 and we received the trademark
approval on December 23, 2016.
Our trademark is important to us as it distinguishes
our brand and services from other competitors in the market.
Item
4A. Unresolved Staff Comments
None.
74
Item 5. Operating and Financial
Review and Prospects
You should read the following discussion and
analysis of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the
related notes included elsewhere in this annual report. This discussion contains forward-looking statements that involve risks and uncertainties.
Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements
as a result of various factors, including those set forth under "
Item 3. Key
Information
— 3.D. Risk Factors" and elsewhere in this annual report.
Overview
We, through our Operating
Subsidiaries, are an online provider of securities and futures trading services founded in Hong Kong by a group of experienced professionals
and talents. Our goal is to become the preferred trading platform for Asian investors worldwide. We enable our customers to trade on renowned
stock and futures exchanges around the world, including the Chicago Mercantile Exchange ("CME"), Hong Kong Futures Exchange
("HKFE"), The New York Mercantile Exchange ("NYMEX"), The Chicago Board of Trade ("CBOT"), The Commodity
Exchange ("COMEX"), Eurex Exchange ("EUREX"), ICE Clear Europe Limited ("ICEU"), Singapore Exchange
("SGX"), Australia Securities Exchange ("ASX"), Bursa Malaysia Derivatives Berhad ("BMD"), and Osaka
Exchange (OSE). We create value for our customers by providing reliable trading platforms, user-friendly web and app interface, and 24-hour
seamless customer support. Our Operating Subsidiaries generate revenues primarily by charging commission fees on futures transactions
at a flat rate for each futures transaction contract, and trading solution services fees charged at a fixed rate per transaction with
a minimum monthly fee. Currently our customers are mainly high volume and frequency trading institutional and individual investors.
Our revenues were US$9.7 million, US$7.8 million
and US$16.9 million for the years ended March 31, 2023, 2022 and 2021, respectively. We, through our Operating Subsidiaries, generated
net income of US$3.4 million, US$3.5 million and US$5.0 million for the years ended March 31, 2023, 2022 and 2021, respectively. We plan
to keep our business growing by expanding our customer base to include retail investors of a wider range of wealth within the Asian communities
across the globe, by increasing the products we offer to include securities and futures from a larger number of stock exchanges, and offering
services such as asset management, and CFD products. In addition, we also planned to initiate over-the-counter (OTC) derivatives business
in the year ended March 31, 2024.
Recent Developments
On June 3, 2022, we completed its initial public
offering on the National Association of Securities Dealers Automated Quotations ("NASDAQ"). In this offering, 5,000,000 Ordinary
Shares were issued at a price of US$5.00 per share. The gross proceeds received from the initial public offering totaled US$25 million.
The Offering closed on June 3, 2022 and the Ordinary Shares began trading on June 1, 2022 on The Nasdaq Capital Market under the ticker
symbol "TOP."
On June 24, 2022, we entered into a partnership
agreement to invest $256,420 (HKD 2,000,000) for 20% partnership interest in a limited partnership. The funds raised by the limited partnership
are to be invested in biological entities. As of March 31, 2023, the limited partnership has not commenced operation.
Effective July 13, 2022, we changed our name from
"Zhong Yang Financial Group Limited" to "TOP Financial Group Limited".
On February 17, 2023, we entered into a warrant
termination agreement with Univest Securities, LLC, the lead underwriter of the Company's initial public offering. On June 3, 2022,
we issued a warrant to purchase up to 300,000 ordinary shares to Univest Securities, LLC as part of the underwriting compensation. Pursuant
to the warrant termination agreement, the warrant was cancelled. In exchange, the Company agreed to pay a total of $300,000 to Univest
Securities, LLC, $150,000 was paid on February 22, 2023 and the remaining $150,000 shall be paid on or prior to the six-month anniversary of the
date of the warrant termination agreement.
On
April 12, 2023, we, through ZYAL, closed an acquisition of 100% equity interest in TOP 500 Sec Pty Ltd ("Top 500") from the
sole shareholder of Top 500 (the "Seller"). The Seller is a company controlled by Junli Yang, our Chairwoman of the Board
of Directors. Top 500 is a brokerage firm in Australia that owns an Australian Financial Services License (AFSL: 328866). Top 500 provides
financial services in Australia that includes arranging or providing financial advice on financial products such as derivatives, foreign
exchange contracts, stock and bond issuance etc.
75
5.A.
Operating Results
.
Factors Affecting Our Results of Operations
Our business and operating
results are influenced by general factors that affect the online securities and futures brokerage industry focusing on Southeast Asian
investors, including economic and political conditions, the evolving needs of investors, changes in trading volume, changes in demand
for online trading, changes in wealth and availability of funds of our target customers, and regulatory changes governing the online brokerage
industry. In addition, the following company specific factors can directly affect our results of operations materially:
Our ability to retain existing customers and
attract new customers in a cost-effective manner
We
consider customer churn rate to be an important indicator of our attractiveness to customers. Our total registered customer number increased
from 247 as of March 31, 2021 to 292 as of March 31, 2022, and further increased to 296 as of March 31, 2023.
In the year ended March 31, 2021, we had 49 revenue-generating accounts in total, including 33 accounts for futures trading and 16 accounts
for securities trading. In the year ended March 31, 2022, we had 74 revenue-generating accounts in total, including 16 accounts for futures
trading, 15 accounts for securities trading, 34 accounts for structured notes subscriber services and 9 accounts for trading solution
services. In the year ended March 31, 2023, we had 24 revenue-generating accounts in total, including 12 accounts for futures trading,
12 accounts for securities trading, and 10 accounts for trading solution services. Our top five customers accounted for 42%, 22%, and
92% of our total revenues for the years ended March 31, 2023, 2022 and 2021, respectively. Our customers are mainly sourced by referral
through our shareholders' expansive and expanding social and professional networks of high-net-worth individuals. Currently, we
have not incurred significant spending on marketing activities. To expand our business, we aim to diversify our customer base by attracting
smaller retail customers, whom we can charge higher commission rates. We expect to incur expenses in our promotional efforts through different
online and offline media/ channels to increase the number of customer accounts, which can potentially lead to trading volume and revenues.
We currently pursue a niche market strategy in
Hong Kong. We have established two subsidiaries in Singapore during the year of 2023 and planned to expand to Southeast Asia as the first
step in achieving the final goal of becoming the preferred online trading platforms for Asian investors worldwide, including the United
States. As a relatively young firm new to the market, although we face competition from bigger, better capitalized, and well established
companies including other trading firms and banking institutions, our ability to understand and meet our target customers' needs,
coupled with our strong client relationships, allow us to rise to the challenge. Our ability to continuously provide our customers with
low-latency trading platforms and high quality services at competitive prices, and the outcome of our advertising and marketing activities,
will affect whether we can retain our existing customers and attract new customers.
Our ability to earn commissions from brokerage services
We charge commission
fees for the brokerage services we offer. Our ability to earn commission fees, interest income largely depends on the number of customers
on our trading platforms and their trading volume, and the commission rates we charge.
It has become increasingly
common for online trading platforms to offer free brokerage services. As a provider of brokerage services on chargeable only trading platforms,
we are confident that we can differentiate ourselves from our competitors, as we offer low-latency trading platforms, a wide range of
products from multiple exchanges, quality customer services and maintain a good relationship with our customers. Most of our customers
are professional customers seeking for quality trading platforms to execute their orders timely and accurately rather than cost saving.
We anticipate a future
possibility of having to lower our commission rates in order to remain competitive, but we believe that a larger trading volume would
make up for the effects of lowered commission rates on our revenues. We also plan to develop new sources of income from asset management,
and CFD products and services, as we have seen the demand for these services by our customers.
76
Our ability to effectively improve technology
infrastructure
Our technology infrastructure
and compliance capabilities are critical for us to offer high quality products and services as well as to retain and attract users and
customers. They also enable us to facilitate secure, fast and cost-efficient financial transactions on our platform. We must continue
to upgrade and expand our technology infrastructure and to strengthen our compliance system to keep pace with the growth of our business
and to develop new features and services for our users and customers. With the continuous improvement of our technology infrastructure
and compliance capabilities, we are able to serve more consolidated accounts. We also expect cash segregated for regulatory purposes and
payables due to customers on our balance sheet to increase significantly as a result of such growth. We intend to invest more resources
on customer verification, record keeping, compliance and trading-related functions for consolidated accounts. Our ability to serve more
consolidated accounts, depends on, among other things, our ability to support all aspects of customer verification, record keeping and
compliance functions using our technology and human resources.
Our ability to develop a diverse customer base
and offer new and innovative products and services
Historically, we have
generated a significant portion of our revenues through the provision of online brokerage services including commissions for execution
of trades and interest income. Key success factors of the online brokerage industry include expansion of products and services that add
value to customers, acquisition of licenses in different jurisdictions and enhancement of user experience. To this end, we intend to continue
strengthening the innovation, security, efficiency and effectiveness of our brokerage services, including our user-friendly interface,
comprehensive functionalities and customer service capabilities. Particularly, we intend to expand our service offerings to contract for
difference ("CFD") trading and increase the proportion of revenues generated from them.
We also plan to continue
integrating value-added services, including asset management services to increase revenues streams. Our ability to maintain and attract
new customers principally depends on the quality of our products and services as well as our brand equity. We expect our operating cost
and expenses to continue to increase as we provide more innovative and effective products and services.
Contract for Difference ("CFD")
We are preparing the
launch of CFD products and services in the year of 2024. We expect to generate CFD trading revenues from (i) commissions, (ii) bid/offer
spreads, (iii) difference in interest rates. In particular, we plan to:
i).
charge
commissions for all CFD transactions. The amount of commissions we charge is largely based on the trading volume, with commission rates
varying between US$2.25 to US$50 per lot, based on the per-lot value and the type of product traded, as well as discounts offered to different
clients.
ii). mark up
the bid/offer spreads for CFD products on top of the prices offered by our clients, exchanges or third-party market makers, as the case
may be. Our price mark-ups over the price offered by an exchange vary depending on the underlying product.
iii). automatically
roll-over currency positions each day and provide either a credit or debit for the interest rate difference between the two currencies
in the pairs being held. The clients' debits are our gains.
Asset Management Services
Based on our clients'
different needs, we plan to provide personalized investment strategies to optimize their asset allocations. Our clients can purchase a
wide variety of investment portfolios, which include assets such as stocks, bonds, ETFs, investment funds and derivatives. We charge management
fees based on their assets under management as well as commissions for certain transactions.
77
Our ability to provide stable and low-latency
trading platforms to our customers
As an online brokerage service provider, we attract
new customers and retain our existing customers by providing them with stable and low-latency trading platforms. Especially when the market
is volatile and high trade volume is expected, we are able to avoid delays in execution of customers' trading orders and assist
the customers to accomplish their investment plan.
Our plan to maintain our quality trading platform
involves keeping our system hardware and software up to date, conducting regular stress tests, and providing IT training to our staff.
We also plan to have regular meetings with our network provider to ensure the stability of internet services in support of our trading
platform. We have implemented emergency backup plan in case of system failure. Our backup system is able to support our customers'
trading activities until the core system is fixed. Our stable and low-latency trading platforms are a core part of our strength, and we
are committed to continue our efforts in maintaining the reliability and efficiency of our trading platforms.
Our ability to meet the regulatory requirements
to provide brokerage, margin financing and asset management services in Hong Kong
Brokerage services, margin financing and asset
management are highly regulated in Hong Kong. While our operations are mainly located in Hong Kong, we are inevitably subject to the relevant
laws and regulations, in particular, the Securities and Futures Ordinance (Cap. 571) ("SFO"), under the supervision of the
Securities and Futures Commission of Hong Kong ("HKSFC"). Pursuant to the SFO, we have to comply with all application provisions
concerning statutory obligations such as maintenance of minimum capital adequacy, specific regulatory reporting, and availability of responsible
officers.
We monitor our capital level on daily basis so
as to fulfill the statutory requirements. Before making a significant movement of our cash, we will estimate the effect of sub activity
on our capital level and make sure to remain compliant with the regulations. Accordingly, we also have statutory obligations to report
to the authority on monthly basis about our capital level maintained at the end of the month and if any significant fluctuations occurred
that we shall notify the authority.
Besides, as required by the SFO, there must be
at least two responsible officers per regulated activity, who will supervise our regulated business and assume greater responsibilities
over the SFO compliance. To maintain compliance, we have always maintained two to three experienced responsible officers for each regulated
activity. To retain our responsible officers and stay compliant with the availability of responsible officer, we offer attractive remuneration
packages and align their interests with the Company's interests.
78
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,
2023
2022
2021
US$
%
US$
%
US$
%
Revenues:
Futures brokerage commissions
4,312,075
44.6
4,287,038
54.9
16,085,815
95.1
Trading solution services fees
4,396,207
45.3
3,309,288
42.3
-
0.0
Structure note subscription fees
-
0.0
734,317
9.4
78,311
0.5
Other service revenues
294,083
3.0
280,677
3.6
277,937
1.6
Trading gains (losses)
193,926
2.0
(794,460
)
(10.2
)
387,057
2.3
Interest income and others
499,111
5.1
3,535
0.0
77,252
0.5
Total revenues
9,695,402
100.0
7,820,395
100.0
16,906,372
100.0
Futures brokerage commissions
Futures brokerage commissions represent commission
income on futures broking that are charged at a fixed rate for each transaction our customers executed through our online trading platforms,
all of which are under the consolidated accounts where the customer information is not disclosed to the third party brokers. We receive
commissions from customers and pay the execution and clearing fees to our clearing brokers. The fixed rates applied to the customers vary
depending on the type of customer, the type of transaction, the trading method, and the trade volume from the particular customer. Commissions
from futures broking make up for most of our revenues, at 44.6%, 54.9% and 95.1% of the total revenues for the years ended March 31, 2023,
2022 and 2021, respectively.
Trading solution services fees
Commencing in the year of 2021, we provided trading
solution services to customers (including individuals, proprietary trading companies or brokerage companies) for their trading on derivatives,
equity, CFD and financial products, through our internally developed proprietary investment management software. We provide a variety
of functions suitable for front-end transaction executions and back-office settlement operations. We charge each customer a fixed amount
of initial installation fee and the monthly service fee based on a fixed rate per transaction executed on the platform with a minimum
monthly fee. Trading solution services fees accounted for 45.3% and 42.3%, respectively, of total revenues during the year ended March
31, 2023 and 2022.
Structure
note subscription fees
Since December 2020, we have entered into the structured products business
with fund houses and asset management companies and are responsible for providing subscriber services. We assist customers to identify
and subscribe for structured note products. The subscription fees are charged at a fixed percentage of investment amount. Subscription
fee income is recognized when the customers successfully subscribe for the structured note products and underlying contract between the
customer and financial institution becomes non-cancellable. We have entered into the structured products business with fund houses and
asset management companies and are responsible for providing subscriber services. Structured note subscription fees accounted for 0.0%,
9.4% and 0.5% of total revenues during the year ended March 31, 2023, 2022 and 2021, respectively.
79
Other service revenues
Other service revenues represent the revenues
generated from rendering other financial services including securities brokerage, consulting services, and currency exchange services.
We generally receive subscription fees calculated with reference to the amount subscribed by our clients of the structured products. For
the years ended March 31, 2023, 2022 and 2021, other service revenues accounted for 3.0%, 3.6%, and 1.6% of total revenues, respectively.
The margin financing services did not generate
any revenue for the years ended March 31, 2023, 2022, and 2021. For options trading, we have the capacity to offer options trading services
and they are available to our clients. However, there was no revenue generated from options trading services for the relevant periods.
Trading
gains (losses)
We
began proprietary trading in US stocks since March 2020, and trading in HK stocks since January 2021. The trading gains (losses)
mainly consist of realized and unrealized gains and losses from investment in US stocks, which are included in Securities owned, at
fair value. Trading gains make up for 2.0%, negative 10.2%, and 2.3% of total revenues for the year ended March 31, 2023, 2022 and
2021.
Interest income and others
During the year ended March 31, 2023, the interest
income was comprised of interest income of $0.2 million charged on loans made to a third party, interest income of $0.3 million charged
on our clients who traded US stocks, and interests earned on bank deposits
For the years ended December 31, 2022 and 2021,
interest income and others primarily consist of interests earned on bank deposits.
Expenses
The following table sets forth our operating cost
and expenses, both in absolute amount and as a percentage of total revenues, for the years indicated:
For the Years Ended March 31,
2023
2022
2021
US$
%
US$
%
US$
%
Expenses:
Commission expenses
2,818,124
29.1
2,728,389
34.9
10,263,351
60.7
Compensation and benefits
1,010,460
10.4
562,297
7.2
690,867
4.1
Communications and technology
775,464
8.0
428,445
5.5
200,715
1.2
Occupancy
124,792
1.3
129,064
1.7
132,220
0.8
Travel and business development
188,963
1.9
53,337
0.7
16,880
0.1
Professional fees
1,207,552
12.5
271,477
3.5
382,827
2.3
Interest income and others
140,784
1.5
67,434
0.9
104,077
0.6
Total expenses
6,266,139
64.7
4,240,443
54.4
11,790,937
69.8
Commission expenses
Commission expenses represent the fees we paid
to our broker partners, when we place a client order to an exchange market through these partners. We expect that our commission expenses
will increase in absolute amount as we expand our brokerage business and offer more products from securities and futures exchanges around
the world. We place orders through broker partners except for orders to the Hong Kong Stock Exchange. Commission expenses accounted for
29.1%, 34.9% and 60.7% of our revenues for the years ended March 31, 2023, 2022 and 2021, respectively.
80
Compensation and benefits
Compensation and benefits represent the salaries, performance based
discretionary bonuses and contribution to retirement fund, and share-based compensation expenses to non-executive directors. Compensation
and benefits expenses accounted for 10.4%, 7.2% and 4.1% of our revenues for the years ended March 31, 2023, 2022 and 2021, respectively.
Communications and technology
Communications and technology expenses represent
fees we paid for the use of third party electronic trading systems, including an online stock trading system, an online futures trading
system, and another futures trading system that was a one-time incidental cost pursuant to a customer's special request, as well
as the outsourced trading solution support services. Communications and technology expenses accounted for 8.0%, 5.5% and 1.2% of our revenues
for the years ended March 31, 2023, 2022 and 2021, respectively.
Occupancy
Occupancy expenses are the rental expenses we
paid for our office premises, which accounted for around 1.3%, 1.7% and 0.8% of our revenues for the years ended March 31, 2023, 2022
and 2021, respectively.
Travel and business development, Professional
fees and Other administrative expenses
Travel and business development expenses include
overseas and local travelling, and the entertainment expenses. Professional fees are mainly the service fees for auditing, consulting,
legal, and other professional services which are needed during the ordinary course of our business operation. Other administrative expenses
primarily consist of fees paid to the Stock Exchange of Hong Kong and Chicago Mercantile Exchange, business entertainment expenses, exchange
difference, depreciation expense, finance costs and other miscellaneous expenses such as utilities. All of these expenses accounted for
15.9%, 5.1% and 3.0% of our revenues for the years ended March 31, 2023, 2022 and 2021, respectively.
Taxation
Cayman Islands
and
British Virgin Islands
Under the current laws of the Cayman Islands and
British Virgin Islands, we are not subject to tax on income or capital gains. Neither Cayman Islands nor British Virgin Islands withholding
tax will be imposed upon payments of dividends to our shareholders.
Hong Kong
ZYSL and ZYCL are incorporated in Hong Kong and
is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with
relevant Hong Kong tax laws. For the years ended March 31, 2023, 2022 and 2021, Hong Kong profits tax is calculated in accordance with
the two-tiered profits tax rates regime. The applicable tax rate for the first HKD 2 million of assessable profits is 8.25% and assessable
profits above HKD 2 million will continue to be subject to the rate of 16.5% for corporations in Hong Kong, effective from the year of
assessment 2018/2019. Before that, the applicable tax rate was 16.5% for corporations in Hong Kong. Under Hong Kong tax laws, ZYSL and
ZYCL are exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.
Singapore
Top Fin and Top AM are incorporated in Singapore
and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance
with relevant Singapore tax laws. Top Fin and Top AM are subject to a flat rate of 17%.
81
Results of Operations
Year ended March 31, 2023 compared with year ended March 31, 2022
The following table sets forth a summary of our
consolidated results of operations for the years ended March 31, 2023 and 2022 as indicated, and provides information regarding the dollar
and percentage increase or (decrease) during such periods. This information should be read together with our unaudited condensed consolidated
financial statements and related notes included elsewhere in this prospectus. The operating results in any period are not necessarily
indicative of the results that may be expected for any future trends.
For the Years Ended
March 31,
2023
2022
US$
US$
Consolidated Statements of Operations Data:
Revenues:
Futures brokerage commissions
4,312,075
4,287,038
Trading solution service revenues
4,396,207
3,309,288
Structure note subscription fees
-
734,317
Other service revenues
294,083
280,677
Trading (losses) gains
193,926
(794,460
)
Interest income and others
499,111
3,535
9,695,402
7,820,395
Expenses:
Commission expenses
(2,818,124
)
(2,728,389
)
Compensation and benefits
(1,010,460
)
(562,297
)
Communications and technology
(775,464
)
(428,445
)
Occupancy
(124,792
)
(129,064
)
Travel and business development
(188,963
)
(53,337
)
Professional fees
(1,207,552
)
(271,477
)
Other administrative expenses
(140,784
)
(67,434
)
(6,266,139
)
(4,240,443
)
Income before income taxes
3,429,263
3,579,952
Income tax expense
(31,520
)
(88,647
)
Net income
3,397,743
3,491,305
Revenues
Total revenues increased by 24.0% from US$7.8
million in the year ended March 31, 2022 to US$9.7 million in year ended March 31, 2023. The increase was mainly driven by an increase
of US$1.0 million in trading solution service revenues, an increase of US$1.0 million in trading gains, and an increase of US$0.5 million
in interest income and others, net off against a decrease of US$0.7 million in structure note subscription fees.
Futures brokerage commissions –
Futures
brokerage commissions kept stable for the year ended March 31, 2023 and 2022. As compared with the futures brokerage commissions for the
year of 2022, the futures brokerage commissions increased by 0.6% for the year ended March 31, 2023. The stable future brokerage commission
was caused by an increase in futures contract volume on our platform from 2.64 million for the year ended March 31, 2022 to 2.97 million
for the year ended March 31, 2023, partially net off against the decrease in average commission rate over trading volumes from US$1.62
in the year ended March 31, 2022 to US$1.46 for the same period of 2023.
Trading solution services fees –
The Company commenced trading solution services to customers since May 2021. Trading solution service fees increased by 32.8% from US$3.3
million for the year ended March 31, 2022 to US$4.4 million for the year ended March 31, 2023. The increase was mainly because of our
promotion in the new service in the year of 2023, leading to an increase in customer base. For the year ended March 31, 2023 and 2022,
the Company generated revenues of US$4.4 million and US$3.3 million, respectively, from provision of trading solution services to 10 and
9 customers.
82
Structured note subscription fees –
Since
December 2020, we have entered into the structured products business with fund houses and asset management companies and are responsible
for providing subscriber services. For the year ended March 31, 2023, we did not earn revenues from structured products as such products
were not popular among our customers. For the years ended March 31, 2023 and 2022, the Company generated revenues of US$0.0 million and
US$0.7 million from structure note subscription fees, respectively.
Other service revenues –
Other service
revenues were stable at US$0.3 million and US$0.3 million in the years ended March 31, 2023 and 2022, respectively.
Trading gains (losses) –
Trading
gains/losses were firstly recognized as proprietary trading business started in March 2020. The Company had trading gains of US$0.2 million
in the year ended March 31, 2023 as compared to trading losses of US$0.8 million in the year ended March 31, 2022, which was mainly driven
by the market condition of the US stock market.
Interest income and others
– Interest
income and others increased from US$3,535 in the year ended March 31, 2022 to US$0.5 million in the year ended March 31, 2023. The increase
was attributable to interest income of $0.2 million from loans of US$5.0 million to a third party, interest income of $0.3 million charged
on receivables due from our clients who traded US Stock markets, and an increase in bank interest income with increase in cash balance.
Expenses
Commission expenses –
Commission
expenses kept stable at US$2.8 million and US$2.7 million, respectively, in the years ended March 31, 2023 and 2022. The stable commission
expenses was in line with the stable commission income for the years ended March 31, 2023 and 2022.
Compensation and benefits –
Compensation
and benefits increased by 79.7% from US$0.6 million in the year ended March 31, 2022 to US$1.0 million in the year ended March 31, 2023,
which was mainly caused by employment of a responsible officer in May 2022.
Communications and technology –
Communications
and technology expenses increased by 81.0% from US$0.4 million in the year ended March 31, 2022 to US$0.8 million in the year ended March
31, 2023. The increase in communications and technology expenses was caused by increased technology expenses to support trading solution
services provided to our customers.
Travel and business development –
Travel
and business development expenses increased by 254.3% from US$53,337 in the year ended March 31, 2022 to US$0.2 million in the year ended
March 31, 2023. The increase was primarily due to increase of travel expenses incurred to the United States for celebration of the Company's
listing on NASDAQ.
Professional fees –
Professional
fees increased by 344.8% from US$0.3 in the year ended March 31, 2022 to US$1.2 million in the year ended March 31, 2023. The increase
in professional fees was primarily incurred for initial public offering ("IPO") audit fees and expense of legal and consulting
expenses incurred after IPO.
Income before income taxes
We had an income before income taxes of US$3.4 million and US$3.6 million
in the years ended March 31, 2023 and 2022, respectively. Our operating margin was 35.4% and 45.8% in the year ended March 31, 2023 and
2022, respectively.
Income tax expense
Our income tax expense decreased from US$88,647
in the year ended March 31, 2022 to US$31,520 in the year ended March 31, 2023, which was primarily due to the decrease of the onshore
profit generated by ZYSL in the year ended March 31, 2023.
Net income
As a result of the foregoing, our net income decreased by 2.7% from
US$3.5 million in the year ended March 31, 2022 to US$3.4 million in the year ended March 31, 2023.
83
Year ended March 31, 2022 compared with year ended March 31, 2021
The following table sets forth a summary of our
consolidated results of operations for the years ended March 31, 2022 and 2021 as indicated, and provides information regarding the dollar
and percentage increase or (decrease) during such periods. This information should be read together with our unaudited condensed consolidated
financial statements and related notes included elsewhere in this prospectus. The operating results in any period are not necessarily
indicative of the results that may be expected for any future trends.
For the Years Ended
March 31,
2022
2021
US$
US$
Consolidated Statements of Operations Data:
Revenues:
Futures brokerage commissions
4,287,038
16,085,815
Trading solution service revenues
3,309,288
-
Structure note subscription fees
734,317
78,311
Other service revenues
280,677
277,937
Trading (losses) gains
(794,460
)
387,057
Interest income and others
3,535
77,252
7,820,395
16,906,372
Expenses:
Commission expenses
(2,728,389
)
(10,263,351
)
Compensation and benefits
(562,297
)
(690,867
)
Communications and technology
(428,445
)
(200,715
)
Occupancy
(129,064
)
(132,220
)
Travel and business development
(53,337
)
(16,880
)
Professional fees
(271,477
)
(382,827
)
Other administrative expenses
(67,434
)
(104,077
)
(4,240,443
)
(11,790,937
)
Income before income taxes
3,579,952
5,115,435
Income tax expense
(88,647
)
(70,765
)
Net income
3,491,305
5,044,670
Revenues
Total revenues decreased by 53.7% from US$16.9
million in the year ended March 31, 2021 to US$7.8 million in year ended March 31, 2022. The decrease was mainly driven by a decrease
of US$11.8 million in futures brokerage commission, net off against new revenues streams from trading solution services and structure
note subscriber services that contributed a total revenue of US$3.3 million.
Futures brokerage commissions –
Futures
brokerage commissions decreased by 73.3% from US$16.1 million in the year ended March 31, 2021 to US$4.3 million in the year ended March
31, 2022, primarily due to the volatility of the futures market and our customers reduced risk tolerance, which negatively impacted the
futures contract volume on our platform. Trading volume of futures contracts decreased from 9.61 million of futures contracts in the year
ended March 31, 2021 to 2.64 million of futures contracts in the year ended March 31, 2022. The average commission rate over trading volumes
in the year ended March 31, 2022 and 2021 kept relatively stable at US$1.62 and US$1.67 per contract, respectively.
84
Trading solution services fees –
The Company commenced trading solution services to customers since May 2021. For the year ended March 31, 2022, the Company generated
revenues of US$3.3 million from provision of trading solution services to 9 customers.
Structured note subscription fees –
Since
December 2020, we have entered into the structured products business with fund houses and asset management companies and are responsible
for providing subscriber services. For the years ended March 31, 2022 and 2021, the Company generated revenues of US$0.7 million and US$0.1
million from structure note subscription fees, respectively.
Other service revenues –
Other service
revenues kept stable at US$0.3 million in the year ended March 31, 2022, as compared with US$0.3 million in the year ended March 31, 2021.
Trading (losses) gains –
Trading
gains/losses were firstly recognized as proprietary trading business started in March 2020. The Company had trading gains of US$0.4 million
in the year ended March 31, 2021 as compared to trading losses of US$0.8 million in the year ended March 31, 2022, which was mainly driven
by the market condition of the US stock market.
Interest income and others
– Interest
income and others decreased from US$77,252 in the year ended March 31, 2021 to US$3,535 in the year ended March 31, 2022. The decrease
was attributable to the decrease in bank interest income.
Expenses
Commission expenses –
Commission
expenses decreased by 73.4% to US$2.7 million in the year ended March 31, 2022 from US$10.3 million in the year ended March 31, 2021.
The decrease in commission expenses was in line with the decrease of commission income resulting from decrease of futures contract volume
on our platform from 9.61 million of futures contracts in the year ended March 31, 2021 to 2.64 million of futures contracts in the year
ended March 31, 2022.
Compensation and benefits –
Our largest
expense other than commission expenses was compensation and benefits. Compensation and benefits decreased by 18.6% from US$0.7 million
in the year ended March 31, 2021 to US$0.6 million in the year ended March 31, 2022, which was mainly caused by resignation of a responsible
officer.
Communications and technology –
Communications
and technology expenses increased by 113.5% from US$0.2 million in the year ended March 31, 2021 to US$0.4 million in the year ended March
31, 2022. The increase in communications and technology expenses was caused by technology expenses of US$0.2 million to support trading
solution services provided to our customers, which commenced since May 2021.
Occupancy –
Occupancy expenses decreased
slightly by 2.4% and kept at US$0.13 million in the years ended March 31, 2022 and 2021.
Income before income taxes
We had an income before income taxes of US$3.6
million and US$5.1 million in the years ended March 31, 2022 and 2021, respectively. Our operating margin was 45.8% and 30.3% in the year
ended March 31, 2022 and 2021, respectively.
Income tax expense
We are subject to Hong Kong profits tax and under
Hong Kong tax laws; ZYSL and ZYCL are exempted from income tax on its foreign-derived income. Our income tax expense increased from US$0.07
million in the year ended March 31, 2021 to US$0.09 million in the year ended March 31, 2022, which was primarily due to the increase
of the onshore profit generated by ZYSL in the year ended March 31, 2022.
Net income
As a result of the foregoing, our net income
decreased by 30.8% from US$5.0 million in the year ended March 31, 2021 to US$3.5 million in the year ended March 31, 2022.
85
Discussion of Certain Balance Sheet Items
The following table sets forth selected information
from our consolidated balance sheets as of March 31, 2023 and 2022. This information should be read together with our consolidated financial
statements and related notes included elsewhere in this prospectus.
As of March 31,
2023
2022
US$
US$
Assets
Cash and cash equivalents
15,966,421
6,199,213
Restricted cash
1,879,472
1,757,546
Loans receivable
8,855,220
-
Receivables from broker-dealers and clearing organizations
3,212,777
2,360,157
Receivables from customers
3,773,982
1,230,542
Receivables from customers – a related party
1,523,259
-
Securities owned, at fair value
2,741,178
1,288,747
Fixed assets, net
482,130
421,285
Intangible asset, net
63,695
63,837
Right of use assets
156,656
242,665
Long-term investment in a limited partnership
256,420
-
Deposit for long-term investment
200,000
-
Available-for-sale investments
1,000,000
-
Income tax recoverable
14,386
20,292
Other assets
158,300
296,532
Total Assets
40,283,896
13,880,816
Liabilities
Payable to customers
3,500,690
3,210,113
Payable to customers – related parties
43,127
99,423
Accrued expenses and other liabilities
638,617
131,317
Lease liabilities
150,139
244,861
Total liabilities
4,332,573
3,685,714
Cash and cash equivalents
Cash and cash equivalents consist of funds deposited
with banks, which are highly liquid and are unrestricted as to withdrawal or use. The total balance of cash and cash equivalents increased
from US$6.2 million as of March 31, 2022 to US$16.0 million as of March 31, 2023, primarily as a result of proceeds raised in IPO.
Restricted cash
Restricted cash mainly represents the amount of
cash deposited by our customers that have been segregated as obligated by the rules mandated by the primary regulators of our certain
subsidiaries. A corresponding payable due to customers is recorded upon receipt of the cash from the customer. Our restricted cash kept
stable at US$1.9 million and US$1.8 million as of March 31, 2023 and 2022.
Loans receivable
As of March 31, 2023, loans receivable consisted
for the following:
(i)
Loan of $5,000,000 due from a third party. In October 2022, the Company and a third party entity entered
into a loan agreement, pursuant to which the Company made a loan of $5,000,000 to the borrower at the interest rate of 0.67% per month.
The borrower repaid the outstanding principal and interest in June 2023.
(ii)
Loans of $3,885,220 due from customers holding US stocks represented the purchase price of stock exceeding
the deposits paid by customers which traded these US stocks through the Company's platform. The US stocks were under custodian of
the Company, and the customers shall fully paid the balance to the Company before they sold these stocks. As of the date of this report,
US$3.9 million, or 99.8% of the receivable were repaid by the customers.
86
Receivables from customers
Receivables from customers include the trading
solution services fees due from customers once the transactions have been executed and completed. As of March 31, 2023 and 2022, the receivables
from customers consisted of the following:
As compared with the balance as of March 31,
2022, the receivables due from trading solution services increased by 206.7% to US$3.8 million as of March 31, 2023. The increase in
the balance as of March 31, 2023 was mainly because the Company generate increasing revenues during the last quarter of 2023. As of the
date of this report, US$2.8 million, or 75.2% of the receivable due from trading solution services has been collected.
Receivables from broker-dealers and clearing
organizations
Receivables from broker-dealers and clearing organizations
arise from the business of dealing in futures or investment securities. Broker-dealers will require balances to be placed with them in
order to cover the positions taken by its customers, which are repayable on demand subsequent to settlement date. Clearing house receivables
typically represent proceeds receivable on trades that have yet to settle and are usually collected within two days. Generally, our receivables
from broker-dealers and clearing organizations change daily depending on various factors, including the trading volume in net buy/sell
transactions, futures contracts, long/short position and frequency of transactions on each specific day. Our receivables from broker-dealers
and clearing organizations increased by 36.1% from US$2.4 million as of March 31, 2022 to US$3.2 million as of March 31, 2023, mainly
due to such daily fluctuations.
Securities owned, at fair value
Securities owned, at fair value, mainly represented
investments in both US stocks, all of which are on S&P500 index, and in HK stocks.
Payables to customers
Payables to customers represent payables related
to the Company's customer trading activities, which include the cash deposits received by the Company as requested by third party
broker-dealers to place with them in order to cover the positions taken by its customers, clearing house payables due on pending trades
and payable on demand, as well as the bank balances held on behalf of customers. Our payables to customers change daily depending on various
factors, including the trading volume, net buy/sell transactions, futures contracts, long/short position and frequency of transactions
on each specific day. The balances as of March 31, 2023 and 2022 kept stable at US$3.5 million and US$3.2 million, respectively.
87
5.B.
Liquidity and Capital Resources
.
Prior to our initial public offering in June 2022,
our principal sources of liquidity to finance our operating activities have been net cash generated from operating activities.
On June
3, 2022, the Company completed its initial public offering on the National Association of Securities Dealers Automated Quotations ("NASDAQ").
In this offering, 5,000,000 ordinary shares were issued at a price of $5.00 per share. The gross proceeds received from
the initial public offering totaled US$ 25.0 million.
As of March 31, 2023, we had US$17.8 million in
cash, cash equivalents and restricted cash, out of which US$7.6 million was held in U.S. dollars and the rest was held in Hong Kong dollars
and other currencies. Our cash, cash equivalents and restricted cash primarily consist of general bank balances and segregated clients'
bank account balances.
We believe that our current cash, cash equivalents
and restricted cash and our anticipated cash flows from operations will be sufficient to meet our cash needs for general corporate purposes
for at least the next 12 months. We may decide in the future to enhance our liquidity position or increase our cash reserve for future
operations and investments through additional financing. The issuance and sale of additional equity would result in further dilution to
our shareholders. The incurrence of indebtedness would result in increasing fixed obligations and could result in operating covenants
that would restrict our operations.
Regulatory Capital Requirements
Subject to certain exemptions specified under
the Securities and Futures (Financial Resources) Rules of Hong Kong (the "HK Financial Resources Rules"), two of our Hong
Kong subsidiaries, ZYSL and ZYCL, are securities dealers and asset management companies registered with the Securities and Futures Commission
of Hong Kong (the "HKSFC"), an independent statutory body set up in accordance with the Securities and Futures Ordinance of
the law of Hong Kong, and thus are required to maintain minimum paid-up share capital and required liquid capital in accordance with the
HK Financial Resources Rules. The following table sets forth a summary of the key requirements under the HK Financial Resources Rules
that are applicable to ZYSL and ZYCL:
Company
Type of regulated
activities governed
by the HKSFC
Minimum
amount of
paid-up capital
Required liquid
capital
ZYSL
Type 1 and 2
$
1,273,900
$
382,170 or
(i)
ZYCL
Type 4, 5 and 9
$
636,950
$
382,170 or
(i)
(i)
for
company licensed for any regulated activities other than Type 3 regulated activities, its variable required liquid capital, which means
5% of the aggregate of (a) its adjusted liabilities, (b) the aggregate of the initial margin requirements in respect of outstanding futures
contracts and outstanding options contracts held by it on behalf of its clients, and (c) the aggregate of the amounts of margin required
to be deposited in respect of outstanding futures contracts and outstanding options contracts held by it on behalf of its clients, to
the extent that such contracts are not subject to the requirement of payment of initial margin requirements.
88
As of March 31, 2023 and 2022, all of our operating
subsidiaries were in compliance with their respective regulatory capital requirements.
Cash Flows
For the Years Ended March 31,
2023
2022
2021
Net cash (used in) provided by operating activities
$
(6,031,451
)
$
1,584,921
$
4,333,768
Net cash used in investing activities
(6,542,863
)
(413,890
)
(16,278
)
Net cash provided by (used in) financing activities
22,500,871
-
(2,326,250
)
Net increase in cash, cash equivalents and restricted cash
9,914,966
1,171,031
1,991,240
Effect of exchange rates on cash, cash equivalents and restricted cash
(37,423
)
(49,748
)
(20,261
)
Cash, cash equivalents and restricted cash, beginning of year
7,956,759
6,835,476
4,864,497
Cash, cash equivalents and restricted cash, end of year
$
17,834,302
$
7,956,759
$
6,835,476
Operating activities
Net cash used in operating activities in the year
ended March 31, 2023 was US$2.2 million, as compared to the net profit of US$3.4 million. The difference was primarily attributable to
(i) an increase of US$2.6 million in accounts receivable due from customers as a result of increase in revenues from trading solution
services and receivables due from customers who held US stocks under the Company's custodian, (ii) an increase of US$1.5 million
in accounts receivable due from a related party who held US stocks under the Company's custodian, (iii) an increase of US$1.5 million
in securities owned, at fair value as we increased investments, and (iv) an increase of US$0.9 million in other assets.
Net cash provided by operating activities in the
year ended March 31, 2022 was US$1.6 million, as compared to the net profit of US$3.5 million. The difference was primarily attributable
to (i) an increase of US$1.1 million in accounts receivable due from customers as we commenced trading solution services during the year
and granted credit terms to our customers, and (ii) an increase of US$0.8 million in securities owned, at fair value as we increased investments.
Net cash provided by operating activities in year
ended March 31, 2021 was US$4.3 million, as compared to the net profit of US$5.0 million. The difference was primarily attributable to
(i) an increase of US$2.9 million in an amount due from a related party and (ii) an increase of US$2.4 million in receivables from broker-dealers
and clearing organizations.
Investing activities
Net cash used in investing activities in year
ended March 31, 2023 was US$10.4 million, which was comprised of purchase of property and equipment of US$86,443, investment in a limited
partnership of $0.3 million, deposits made for a long-term investment of US$0.2 million, investment in treasury bond of US$1.0 million
and loans of US$8.9 million made to third parties.
Net cash used in investing activities in year
ended March 31, 2022 was US$0.4 million, which was fully spent on the purchase of investment properties in Cambodia.
Net cash used in investing activities in year
ended March 31, 2021 was US$16,278, which was fully spent on the purchase of property and equipment.
Financing activities
Net cash provided by financing activities in the
year ended March 31, 2023 was US$22.5 million, which was provided by net proceeds of US$22.7 million raised in IPO, partially offset by
payments of US$0.2 million to cancel warrants with the underwriter.
No cash flows resulted from financing activities
in the year ended March 31, 2022.
Net cash used in financing activities in the year
ended March 31, 2021 was US$2.3 million, which was used in payment of dividends of US$5.2 million to shareholders of ZYHL, partially net
off against collection of borrowings of US$2.9 million from a related party.
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Dividend
On March 24, 2020, we declared an interim cash
dividend of HK$3.9 million (approximately US$0.5 million) and HK$1.5 million (approximately US$0.2 million) by our two major subsidiaries,
ZYSL and ZYCL, respectively, to our single shareholder at the time of record, i.e. the Predecessor Parent Company. As of March 31, 2020,
the dividend declared by ZYCL has been fully settled by directly deducting from the amount due from the Predecessor Parent Company and
the dividend declared by ZYSL was recorded as dividend payable. On June 19, 2020, ZYSL settled such dividend payable in cash.
On November 25, 2020, the Board of Directors of
ZYSL declared an interim cash dividend of HK$24.8 million (equivalent to US$3.2 million) to its shareholder ZYSL (BVI), following which
ZYSL (BVI) declared an interim cash dividend to its shareholder ZYFGL and ZYFGL declared an interim cash dividends to its shareholders
for the same amount on the same day. Without any withholding tax levied on dividends in Hong Kong, British Virgin Islands, and Cayman
Islands, the interim cash dividends have already been settled with the shareholders in cash on November 25, 2020.
On January 19, 2021, we declared an interim cash
dividend of HK11.6 million (equivalent to US$1.5 million) by one of our subsidiaries, ZYSL, to our single shareholder at the time of record,
i.e. the Predecessor Parent Company. US$0.5 million have been settled with the shareholders in cash on January 19, 2021 and January 20,
2021 respectively, the remaining US$0.5 million was settled with the shareholders in cash on March 3, 2021.
We did not declare or pay any dividends for the years ended March 31,
2023 and 2022.
Off-Balance Sheet Commitments and Arrangements
We have not entered into any derivative contracts
that are indexed to our shares and classified as shareholders' equity or that are not reflected in our consolidated financial statements.
Moreover, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit,
liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing,
liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us.
5.C. Research and Development, Patent and Licenses,
etc.
Please refer to "Item 4. Information on
the Company – D. Property, Plant and Equipment – Intellectual Property."
5.D. Trend Information.
Other than as disclosed elsewhere in this annual
report, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect
on our net revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial
information not necessarily to be indicative of future operating results or financial condition or results of operations.
5.E. Critical Accounting Estimates.
An accounting policy is considered critical if
it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time such estimate is
made, and if different accounting estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably
likely to occur periodically, could materially impact the consolidated financial statements.
90
We prepare our financial statements in conformity
with U.S. GAAP, which requires us to make judgments, estimates and assumptions. We continually evaluate these estimates and assumptions
based on the most recently available information, our own historical experiences and various other assumptions that we believe to be reasonable
under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could
differ from our expectations as a result of changes in our estimates. Some of our accounting policies require a higher degree of judgment
than others in their application and require us to make significant accounting estimates.
The following descriptions of critical accounting
policies, judgments and estimates should be read in conjunction with our consolidated financial statements and other disclosures included
in this prospectus. When reviewing our financial statements, you should consider (i) our selection of critical accounting policies, (ii)
the judgments and other uncertainties affecting the application of such policies and (iii) the sensitivity of reported results to changes
in conditions and assumptions.
Revenue recognition
a)
Revenue from Contracts with Customers
ASC 606 establishes principles for reporting information
about the nature, amount, timing and uncertainty of revenues and cash flows arising from the entity's contracts to provide goods
or services to customers. The core principle requires an entity to recognize revenues to depict the transfer of goods or services to customers
in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized
as performance obligations are satisfied. In according with ASC 606, revenues are recognized when we satisfy the performance obligations
by delivering the promised services to the customers, in an amount that reflects the consideration we expect to be entitled to in exchange
for those services.
We identified each distinct service as a performance
obligation. The recognition and measurement of revenues is based on the assessment of individual contract terms. We applied a practical
expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one
year or less. We have no material incremental costs of obtaining contracts with customers that we expect the benefit of those costs to
be longer than one year, which need to be recognized as assets.
Futures brokerage commissions
We earn fees and commissions from futures brokerage
services based on a fixed rate for each transaction, all of which are under the consolidated accounts where the customer information is
not disclosed to the third party brokers. When a customer executes a futures transaction through our platform, future brokerage commission
is recognized upon the completion of this transaction. Only a single performance obligation is identified for each future trading transaction,
and the performance obligation is satisfied on the trade date because that is when the underlying financial instrument is identified,
the pricing of brokerage service is agreed upon and the promised services are delivered to customers. All of our revenues from contracts
with customers are recognized at a point in time. The future brokerage service could not be cancelled once it is executed and is not refundable,
so returns and allowances are not applicable. Commissions are charged for each customer trade order executed and cleared by the third-party
brokers. We recognize revenues on a gross basis as we are determined to be the primary obligor in fulfilling the trade order initiated
by the customer. The Company may offer volume rebates as trading incentives to certain customers. The Company will review the customer's
transaction volume monthly and provide volume rebate on the commission charge to specific customer with large volume transactions. The
volume rebate offered to such customer is accounted for as a variable consideration and determined based on most-likely amount method,
which is recognized as a reduction of revenues. The volume rebates offered during the years ended March 31, 2023, 2022 and 2021 were US$nil,
US$nil and US$64,648, respectively.
Trading solution services fees
We provide trading solution services to customers
(including individuals, proprietary trading companies or brokerage companies) for their trading on derivatives, equity, CFD and other
financial products, through the internally developed proprietary investment management software. Our trading solution provides a variety
of functions suitable for front-end transaction executions and back-office settlement operations. We implement the initial installation
of such software for each customer and provides hosting services for a period of time, generally two years, as agreed in the contracts.
The initial installation is considered as a set-up activity, rather than a promised service to customer, which provides no incremental
benefit to customer beyond permitting the access and use the hosted application. We identify a single performance obligation from the
contracts with customers. We charge each customer a fixed amount of initial installation fee and the monthly service fee based on a fixed
rate per transaction executed on the platform with a minimum monthly fee. We recognize the trading solution services as satisfied over
the time.
91
Structured
note subscription fees
We earn subscription service fees from customers by assisting customers
to identify and subscribe for structured note products, which is calculated at a fixed percentage of investment amount. We identify a
single performance obligation for each subscription service, and recognize subscription fee income when the customers successfully subscribe
for the structured note products and underlying contract between the customer and financial institution becomes non-cancellable, which
is the point in time when the control of service is completed. The Company recognizes revenue net of discount (if any) on a gross basis
as the Company is determined to be the primary obligor in fulfilling the subscription services.
Other service revenues
We provide other financial services including
securities brokerage, consulting services, and currency exchange services, and earn securities brokerage commissions, consultancy fee
income and other revenues, which are recognized when the service is rendered according to the relevant contracts.
Contract liabilities
Our contract liabilities include payments received
in advance of performance under structure note subscription service contracts which will be recognized as revenue as we executed the subscription
service with brokers under the contract, as well as the deferred installation service fee received from trading solution services.
b)
Trading gains, interest income and other
Trading gains and losses along with interest income
fall within the scope of ASC Topic 825, Financial Instruments, which is excluded from the scope of ASC Topic 606. Trading gains and losses
mainly consist of realized and unrealized gains and losses from the investment in US common stocks, which are included in Securities owned,
at fair value. Interest and other income primarily consist of interests earned on bank deposit.
Income tax expenses
We account for income taxes in accordance with
the U.S. GAAP. Under the asset and liability method as required by this accounting standard, the recognition of deferred income tax liabilities
and assets for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis
of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred taxes.
The charge for taxation is based on the results
for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax is accounted for using the balance
sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities
in the financial statements and the corresponding tax basis. Deferred tax assets are recognized to the extent that it is probable that
taxable income to be utilized with prior net operating loss carried forwards. Deferred tax is calculated using tax rates that are expected
to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement,
except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when,
in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current
income taxes are provided for in accordance with the laws of the relevant taxing authorities.
92
An uncertain tax position is recognized as a benefit
only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination
being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized
on examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period
incurred.
Recent Accounting Pronouncements
In June 2016, the FASB issued ASU No. 2016-13,
"Measurement of Credit Losses on Financial Instruments (Topic 326)", which significantly changes the way entities recognize
impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining
life, instead of when incurred. In November 2018, the FASB issued ASU No. 2018-19, "Codification Improvements to Topic 326, Financial
Instruments—Credit Losses", which amends Subtopic 326-20 (created by ASU No.2016-13) to explicitly state that operating lease
receivables are not in the scope of Subtopic 326-20. Additionally, in April 2019, the FASB issued ASU No.2019-04, "Codification
Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments",
in May 2019, the FASB issued ASU No. 2019-05, "Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief",
and in November 2019, the FASB issued ASU No. 2019-10, "Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging
(Topic 815), and Leases (Topic 842): Effective Dates", and ASU No. 2019-11, "Codification Improvements to Topic 326, Financial
Instruments—Credit Losses", to provide further clarifications on certain aspects of ASU No. 2016-13 and to extend the nonpublic
entity effective date of ASU No. 2016-13. The changes (as amended) are effective for the Company for annual and interim periods in fiscal
years beginning after December 15, 2022, and the adoption of the new accounting guidance did not have material impact on our consolidated
financial statements.
We do not believe other recently issued but not
yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements
of operations and cash flows.
Holding Company Structure
TFGL is a holding company incorporated in the
Cayman Islands with no material operations of its own. We conduct our operations primarily in Hong Kong through our subsidiaries in Hong
Kong.
As a result, TFGL's ability to pay dividends
may depend upon dividends paid by our Hong Kong subsidiaries. If our existing Hong Kong subsidiaries or any newly formed ones incur debt
on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.
Inflation
Inflation in Hong Kong has not materially affected
our results of operations in recent years. According to the Census and Statistics Department of Hong Kong, the year-over-year percent
changes in the consumer price index was an increase of 1.7% and 0.6% for fiscal years ended March 31, 2022 and 2021, respectively. Although
we have not been affected by inflation in the past, we may be affected if Hong Kong and any other jurisdiction where we operate in the
future experience higher rates of inflation in the future.
93
Item 6.
Directors, Senior Management and Employees
6.A.
Directors
and Senior Management
The following table provides information regarding
our executive officers and directors as of the date hereof:
Name
Age
Position(s)
Ka Fai Yuen
49
Chief Executive Officer and Director
Yung Yung Lo
41
Chief Financial Officer
Jennifer Hoi Ling Tam
46
Chief Operating Officer
Junli Yang
45
Director (Chairwoman)
Anthony S. Chan
59
Independent Director
Mau Chung Ng
65
Independent Director
Mei Cai
43
Independent Director
Ka Fai Yuen
has served as our chief executive
officer and as a director since February 1, 2021. Mr. Yuen has more than 20 years of experience in the financial services industry. His
activities have included the functions of securities dealer, marketing, settlement, compliance, risk management, market making, proprietary
trading, asset management and research and advisory services activities. Mr. Yuen has been acting as an officer and director of ZYSL and
ZYCL since April 2017 and August 2017, respectively, and has been responsible for the establishment and development of their respective
brokerage and asset management businesses. From April 1997 until April 2017, he served as an officer for Kaiser Futures Limited ("Kaiser")
and also served as a dealer manager for Kaiser from July 2000 until April 2017. At Kaiser, Mr. Yuen acquired experience related to securities
advisory services and asset management. Mr. Yuen is licensed as a SFC Responsible Officer for Type 1,2,4,5 and 9 regulated activities,
He has established and manages and supervises our daily brokerage operations for local and overseas markets, discretionary managed accounts
and advisory client investment portfolios. He is also responsible for SFC license applications in preparing and setting up process, operations
and infrastructure of our firm, as well as overseeing our asset management daily operations in compliance with all relevant regulatory
requirements and applicable laws. His responsibilities also include credit and risk control management, development of new discretionary
management accounts and review of portfolio strategies. Supported by our accounting officer, he is also responsible for monitoring FFR.
Mr. Yuen received a Bachelor of Arts Degree in Business Studies from the University of Greenwich in 2018 and a Professional Diploma in
Investment and Financial Risk Management from the Hong Kong Management Association in 2008. We believe that Mr. Yuen is qualified to serve
on our board by reasons of professional experiences and qualifications.
Yung Yung Lo
has served as our chief financial
officer since February 1, 2021 and has served as a vice-president for Zhong Yang Holdings Limited ("ZYHL") since June 2017.
Ms. Lo has more than 15 years of audit and financial management experience and has worked on both Hong Kong and the United States. Her
present activities include monitoring and advising on market conditions and our competitors, developing research reports and providing
related analysis, serving as project manager for internal projects such as work-flow, system enhancements and new product roll outs, and
establishing customer relationships and delivering customer-focused solutions. She worked as a sales manager for CSC Futures (HK) Limited
in Hong Kong from July 2016 until May 2017 and worked for Bloomberg L.P. in Hong Kong from February 2007 until March 2016. In 2006 she
worked as a tax/accounting intern at Pricewaterhouse Coopers in New Jersey. She holds Type 1 and 2 licenses from the Securities and Futures
Commission and is a member of the Hong Kong Securities and Futures Professionals Association. Ms. Lo received a Bachelor of Arts and Sciences
degree in Accounting from the Rutgers University School of Business with a concentration in management information systems in 2006.
Jennifer Hoi Ling Tam
has served as our
Chief Operating Officer since February 1, 2021. She has more than 12 years of marketing and operations experience in the financial service
industry. Ms. Tam has been acting as the operation and settlement manager of ZYSL since May 2017. Her activities include monitoring operation
and daily settlement, reconciliation, transaction substantiation and records keeping. Her responsibilities also include overseeing all
transactions and imply proper procedures to comply with investment policies, internal guidelines, and related regulatory requirements.
She worked as a manager of Wealth Management Division for Kaiser Financial Group Company Limited from January 2017 until April 2017 and
also served as an assistant manager of Wealth Management Division for Kaiser from July 2016 until January 2017. From April 2012 until
September 2016, she worked for MassMutual Asia Limited as an assistant unit manager and she also worked for South China Financial Holdings
Limited since September 2006. Ms. Tam received a Bachelor of Business Administration and a Higher Diploma in Business Studies from the
Open University of Hong Kong in 2003 and 2001 respectively.
94
Junli Yang
has served as a director and
as our chairwoman since August 1, 2019. She is the founder of the Company and has extensive experience in various management capacities.
She also serves as the director of all the Company's subsidiaries, and is responsible for all decision making, business development,
and all management tasks. In her role as the Head of the Company's Executive Committee, she sets the operations and compliance policies
for the Company. Ms. Yang incorporated ZYSL in April 2015, and by May 2017, the company already achieved monthly futures trading volume
of over US$10 billion at nominal value. Ms. Yang has also brought in various well-known and reputable brokers partner to cooperate with
business development, like ADM Investor Services, Inc., G. H. Financials (Hong Kong) Limited, and Central China International Futures
Company Limited. Through these relationships, we are able to offer a higher variety of products to our customers cost-efficiently. Ms.
Yang received a Bachelor of Science Degree in Applied Psychology from Beijing Normal University in January 2012.
Anthony S. Chan
has served as a director
and as the chairman of our audit committee since May 31, 2022. Mr. Chan is a Certified Public Accountant registered with the State of
New York and a seasoned executive with over 30 years of professional experience in auditing, financial reporting and business advisory.
Currently, Mr. Chan is the Chief Operating Officer of Alset Inc. (Nasdaq: AEI), Chief Financial Officer (CFO) of Sharing Services Global
Corporation (OTC: SHRG) and President of CA Global Consulting Inc. Since February 2020, he has been serving as the Director of Assurance
and Advisory Services at Wei, Wei & Co., LLP., a full-service CPA firm registered with the PCAOB. From July 2019 to January 2020,
Mr. Chan served as the CFO of SPI Energy Co. Ltd. (Nasdaq: SPI). From October 2017 to March 2019, Mr. Chan served as the CFO of Helo Corp.
(OTC: HLOC). From September 2013 to November 2015, Mr. Chan served as Executive Vice President, Director and Acting CFO of Sino-Global
Shipping America, Ltd. Mr. Chan was partner at three full-service CPA firms in New York, including UHY LLP (from September 2012 to August
2013), Friedman LLP (from September 2011 to July 2012) and Berdon LLP (from February 2005 to August 2011). Prior to that, he held executive
and professional positions at various U.S. based companies including Primedia Inc, National Broadcasting Company, Arthur Anderson, KPMG,
and PwC. Mr. Chan holds an MBA in Finance and Investments from Baruch College of the City University of New York, and a Bachelor of Arts
in Accounting and Economics from Queens College of the City University of New York.
Mau Chung Ng
has served as a director and
as the chairman of our compensation committee since May 31, 2022. Mr. Ng has approximately 15 years of experience in the areas of retails
financial investment and stock and futures brokerage as a shareholder and director of various companies. He is also experienced in Asian
Currency Unit, off-balance-sheet and USD telegraphic transfer. Mr. Ng was awarded an Executive Master of Business Administration by Sun
Yat-Sen University in 2011. He graduated from East China Normal University with a postgraduate qualification in International Finance
and Chinese Securities Investment in 2004. Mr. Ng is currently a director and executive manager of Lucky Leader Gold Trader Limited. He
was the chairperson of Hong Kong Precious Metals Traders Association from 2017 to 2018.
Mei Cai
has served as a director and as
the chairwoman of our Nominating and Corporate Governance Committee since May 31, 2022.
Ms. Cai
is a seasoned executive with approximately 15 years of professional experience in auditing and financial reporting. Since January 2023,
Ms. Cai has been serving as Chief Financial Officer of Nuance Biotech Co., Ltd. a biomedical research and development company. From November
2020 to December 2022, Ms. Cai has served as the Chief Financial Officer of Jowell Global Ltd., a Nasdaq-listed e-commerce platform. From
August 2019 to June 2022, Ms. Cai served as the Director of CN Energy Group Inc., a Nasdaq-listed company in the business of manufactures
and supplies wood-based activated carbon. From July 2019 to November 2020, Ms. Cai served as the Chief Financial Officer of China Eco-Materials
Group Co. Limited, a company in the business of production and sales of eco-friendly construction material. From October 2017 to July
22, 2019, Ms. Cai has served as manager of Wealth Financial Services LLC. From December 2013 to September 2017, Ms. Cai served as audit
manager at Friedman, LLP. From December 2006 to November 2013, Ms. Cai served as audit manager at Patrizio & Zhao, LLC. Ms. Cai graduated
from Jiangsu Radio & TV University with a major in Economic Management in December 2003.
Family Relationships
None of the directors or executive officers has
a family relationship as defined in Item 401 of Regulation S-K.
95
6.B. Compensation
Employment Agreements and Indemnification
Agreements
We have entered into
employment agreements with our senior executive officers. Pursuant to these agreements, we are entitled to terminate a senior executive
officer's employment for cause at any time without remuneration for certain acts of the officer, such as being convicted of any
criminal conduct, any act of gross or willful misconduct or any serious, willful, grossly negligent or persistent breach of any employment
agreement provision, or engaging in any conduct which may make the continued employment of such officer detrimental to our company. Each
executive officer agrees that we shall own all the intellectual property developed by such officer during his or her employment.
We have entered into indemnification agreements
with each of our executive directors and executive officers. Under these agreements, we agree to indemnify them against certain liabilities
and expenses that they incur in connection with claims made by reason of their being a director or officer of our company. Insofar as
indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us
under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as
expressed in the Securities Act and is therefore unenforceable.
Compensation of Directors and Executive
Officers
For the fiscal year ended March 31, 2023, we paid
an aggregate of HK$2,646,072 (US$339,253) as compensation to our directors and executive officers as well as an aggregate of HK$49,910
(US$6,399) contributions to the Mandatory Provident Fund ("MPF"), a statutory retirement scheme introduced after the enactment
of the Mandatory Provident Fund Schemes Ordinance in Hong Kong.
For the fiscal year ended March 31, 2022, we paid
an aggregate of HK$2,162,426 (US$277,790) as compensation to our directors and executive officers as well as an aggregate of HK$54,000
(US$6,937) contributions to the MPF.
As the appointments of our independent directors
was effective on May 31, 2022, for the fiscal year ended March 31, 2022, we did not have any non-executive directors and therefore have
not paid any compensation to any non-executive directors. For the fiscal year ended March 31, 2023, we paid an aggregate of US$75,000
as compensation to non-executive directors and issued 2,411 Ordinary Shares to each non-executive director.
Except our contribution to the MPF, we have not
set aside or accrued any amount to provide pension, retirement, or other similar benefits to our directors and executive officers. We
do not have any equity incentive plan in place as of the date of this annual report.
6.C. Board Practices
Board of Directors
Our board of directors
consists of five directors. A director is not required to hold any shares in our company to qualify to serve as a director. Subject to
the rules of the relevant stock exchange and disqualification by the chairman of the board of directors, a director may vote with respect
to any contract, proposed contract, or arrangement in which he or she is materially interested. A director may exercise all the powers
of the company to borrow money, mortgage its business, property and uncalled capital and issue debentures or other securities whenever
money is borrowed or as security for any obligation of the company or of any third party. There are no directors' service contracts
with the Company or its subsidiaries providing for benefits upon termination of employment.
Committees of the
Board of Directors
Our board of directors
has established an audit committee, a compensation committee, and a nominating and corporate governance committee under the board of directors,
and an investment committee under the management. Our board of directors has adopted a charter for the audit committee, the compensation
committee, and the nominating and corporate governance committee. Each committee's members and functions are described below.
96
Audit Committee.
Our audit committee consists of Mr. Anthony S. Chan, Ms. Mei Cai, and Mr. Mau Chung Ng and will be chaired by Mr. Anthony S. Chan.
Mr. Mau Chung Ng and Ms. Mei Cai each satisfies the "independence" requirements of Rule 5605 of the Corporate Governance Rules
of Nasdaq Stock Market and meet the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. Anthony
S. Chan qualifies as an "audit committee financial expert." The audit committee will oversee our accounting and financial
reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other
things:
●
selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;
●
reviewing with the independent registered public accounting firm any audit problems or difficulties and management's response;
●
reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;
●
discussing the annual audited financial statements with management and the independent registered public accounting firm;
●
reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies;
●
annually reviewing and reassessing the adequacy of our audit committee charter;
●
meeting separately and periodically with management and the independent registered public accounting firm; and
●
reporting regularly to the board.
Compensation Committee.
Our compensation committee consists of Mr. Anthony S. Chan, Ms. Mei Cai, and Mr. Mau Chung Ng and will be chaired by Mr. Mau Chung
Ng. Mr. Anthony S. Chan and Ms. Mei Cai each satisfies the "independence" requirements of Rule 5605 of the Corporate Governance
Rules of Nasdaq Stock Market. The compensation committee will assist the board in reviewing and approving the compensation structure,
including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present
at any committee meeting during which his compensation is deliberated upon. The compensation committee will be responsible for, among
other things:
●
reviewing the total compensation package for our executive officers and making recommendations to the board;
●
reviewing the compensation of our non-employee directors and making recommendations to the board with respect to it; and
●
periodically reviewing and approving any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, and employee pension and welfare benefit plans.
97
Nominating and
Corporate Governance Committee.
Our nominating and corporate governance committee consists of Mr. Anthony S. Chan, Mr. Mau Chung
Ng and Ms. Mei Cai and will be chaired by Ms. Mei Cai. Mr. Mau Chung Ng and Mr. Anthony S. Chan each satisfies the "independence"
requirements of Section Rule 5605 of the Corporate Governance Rules of Nasdaq Stock Market. The nominating and corporate governance committee
will assist the board in selecting individuals qualified to become our directors and in determining the composition of the board and its
committees. The nominating and corporate governance committee will be responsible for, among other things:
●
recommending nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board;
●
reviewing annually with the board the current composition of the board with regards to characteristics such as independence, age, skills, experience and availability of service to us;
●
selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself; and
●
monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.
Investment Committee.
Our Investment Committee consists of Mr. Ka Fai Yuen (the Chief Executive Officer and director), Ms. Yung Yung Lo (the Chief Financial
Officer), Ms. Jennifer Hoi Ling Tam (the Chief Operating Officer) and Mr. Mau Chung Ng (a director). The Investment Committee has the
powers and duties to decide on investment projects which each investment project does not exceed 20% of the Company's total asset
(on a consolidated basis) and the total investment amount does not exceed 40% of the Company's total asset (on a consolidated basis).
Duties of Directors
Under Cayman Islands
law, our directors owe fiduciary duties to us, including a duty of loyalty, a duty to act honestly, in good faith and with a view to our
best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our company a duty
to act with skill and care. English and Commonwealth courts have moved towards an objective standard with regard to the required skill
and care and these authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors
must ensure compliance with our amended and restated memorandum and articles of association and the class rights vested thereunder in
the holders of the shares. A shareholder may in certain limited exceptional circumstances have the right to seek damages in our name if
a duty owed by our directors is breached.
98
Our board of directors
has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board
of directors include, among others:
●
convening shareholders' annual general meetings and reporting its work to shareholders at such meetings;
●
declaring dividends and distributions;
●
appointing officers and determining the term of office of the officers;
●
exercising the borrowing powers of our company and mortgaging the property of our company; and
●
approving the transfer of shares in our company, including the registration of such shares in our share register.
Terms of Directors and Officers
Our directors are elected
by and serve at the discretion of the board. Each director is not subject to a term of office and holds office until such time as his
successor takes office or until the earlier of his death, resignation or removal from office by ordinary resolution or the affirmative
vote of a simple majority of the other directors present and voting at a board meeting.
Board Diversity
Board Diversity Matrix (As of the date of this annual report)
Country of Principal Executive Offices:
Hong Kong
Foreign Private Issuer
Yes
Disclosure Prohibited Under Home Country Law
No
Total Number of Directors
5
Female
Male
Non-Binary
Did Not
Disclose
Gender
Part I: Gender Identity
Directors
2
3
0
0
Part II: Demographic Background
Underrepresented Individual in Home Country Jurisdiction
—
LGBTQ+
—
6.D. Employees
We had 11 employees as of March 31, 2023. We
enter into individual employment contracts with selected employees to cover matters including non-competition and confidentiality arrangements.
We generally formulate our employees' remuneration package to include salary and benefits. We provide our employees with social
security benefits in accordance with all applicable regulations and internal policies.
None of our
employees are represented by labor unions. We believe that we maintain a good working relationship with our employees and we have not
experienced any significant labor disputes.
99
6.E. Share Ownership
Except as specifically noted, the following table
sets forth information with respect to the beneficial ownership of our Ordinary Shares as of the date of this annual report by:
●
each of our directors and executive officers; and
●
each person known to us to beneficially own more than 5% of our Ordinary Shares on an as-converted basis.
The calculations in the table below are based
on 35,007,233 Ordinary Shares issued and outstanding as of the date of this annual report.
All of
our shareholders who own our Ordinary Shares have the same voting rights.
Beneficial ownership is determined in accordance
with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage ownership
of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any
option, warrant or other right or the conversion of any other security. These shares, however, are not included in the computation of
the percentage ownership of any other person.
Ordinary Shares
Beneficially Owned
Number
%
Directors and Executive Officers:
Junli Yang, Director (Chairwoman)
(2)
30,000,000
(1)
85.70
%
Ka Fai Yuen, CEO
-
-
Yung Yung Lo, CFO
(2)
1,818,000
5.19
%
Jennifer Hoi Ling Tam, COO
-
-
Anthony S. Chan, Independent Director (Appointee)
2,411
*
Mau Chung Ng, Independent Director (Appointee)
2,411
*
Mei Cai, Independent Director (Appointee)
2,411
*
All Directors and Executive Officers as a Group (7 people)
30,007,233
85.72
%
Principal Shareholders holding 5% or more:
Zhong Yang Holdings (BVI) Limited
(1)(2)
30,000,000
85.70
%
*
less than 1%
(1)
Represents 30,000,000 Ordinary Shares held by Zhong Yang Holdings (BVI) Limited.
(2)
Zhong Yang Holdings (BVI) Limited is a company incorporated in the British Virgin Islands. Junli Yang owns 82.3% of the equity interest in Zhong Yang Holdings (BVI) Limited. Yung Yung Lo holds 6.06% of the equity interest in Zhong Yang Holdings (BVI) Limited. Ji An holds 8.68% of the equity interest in Zhong Yang Holdings (BVI) Limited. Jian Li, and Hong Chen each owns less than 2% of the equity interest in Zhong Yang Holdings (BVI) Limited. Junli Yang is the sole director of Zhong Yang Holdings (BVI) Limited and has the power to direct the voting and disposition of the Ordinary Shares held by Zhong Yang Holdings (BVI) Limited. Junli Yang may be deemed the beneficial owner of all Ordinary Shares held by Zhong Yang Holdings (BVI) Limited.
6.F. Disclosure of a Registrant's Action
to Recover Erroneously Awarded Compensation
Not applicable
100
Item
7. Major Shareholders and Related Party Transactions
7.A. Major Shareholders
Please refer
to "Item 6. Directors, Senior Management and Employees — 6.E. Share Ownership."
7.B. Related Party Transactions
Terms of Directors
and Officers
See "Item 6. Directors,
Senior Management and Employees—6.C. Board Practices—Terms of Directors and Officers."
Employment Agreements
and Indemnification Agreements
See "Item 6. Directors,
Senior Management and Employees—6.B. Compensation—Employment Agreements and Indemnification Agreements."
Other Related Party
Transactions
Before September 2022, we leased premises were
leased from Zhong Yang Holdings Limited (the Predecessor Parent Company), which is owned by the same group of shareholders as the Controlling
Shareholder. Zhong Yang Holdings Limited has proper authorization from the titleholder to sublease the property. During the fiscal years
ended March 31, 2023, 2022 and 2021, we paid rental expenses to the Predecessor Parent Company in the amount of $nil, $54,510 and $119,759,
respectively.
During the year ended March 31, 2023, we generated
interest income in the amount of $96,801 for margin financing services provided to Mr. Huaixi Yang, an immediate family member of Ms.
Junli Yang, the Chairwoman of the Board.
In addition, during the fiscal year ended March
31, 2021, we generated gross commission income in the amount of $19,959 for future brokerage services provided to Sunx Global Limited,
95% owned by the Predecessor Parent Company. The brokerage commission rate charged to Sunx Global Limited is consistent with the standard
brokerage commission rate charged to other customers. We are of the opinion that the brokerage services fees received from, and the services
provide to, Sunx Global Limited are made in the ordinary course of business and the terms of service were negotiated at arm's length.
On August 11, 2022, WIN100 TECH entered into a
license agreement with Ms. Junli Yang, the Chairwoman of the Board of the Company, to document a non-exclusive, non-sublicensable, and
non-transferable license granted by Ms. Yang to use a software that supports algorithm trading, order analytics, risk control and technical
monitoring which can be integrated with different vendors' API. In consideration for such license, WIN100 Tech agreed to pay Ms.
Yang $100 in license fee. The agreement was negotiated at arm's length and was approved by the Board of Directors of the Company.
For more details, see "Item 4. Information on the Company—4.B. Business Overview— Our Revenues Model and Core Services—License
Agreement between Junli Yang and WIN100"
On February 9, 2023, ZYIL(BVI) completed an acquisition
of WIN100 WEALTH a company formed under the laws of the British Virgin Islands, at a purchase price of $10,000 in exchange for 100% of
the equity interest in WIN100 WEALTH, pursuant to a Share Purchase Agreement dated February 9, 2023 by and among the Company, ZYIL(BVI),
WIN100 WEALTH and the sole shareholder of WIN100 WEALTH. The sole shareholder of WIN100 WEALTH is Junli Yang, the Chairwoman of the Board
of Directors of the Company. The Agreement was negotiated at arm's length and was approved by the Board of Directors of the Company.
On April 12, 2023, ZYAL (BVI) completed an acquisition
of TOP 500 SEC PTY LTD ("TOP 500"), a company formed under the laws of Australia that owns an Australian Financial Services
License (AFSL: 328866), at a purchase price of $700,000 in exchange for 100% of the equity interest in TOP 500, pursuant to a Share Purchase
Agreement dated August 31, 2022 by and among the Company, ZYAL (BVI), TOP 500 and the sole shareholder of TOP 500. The sole shareholder
of TOP 500 is a company controlled by Junli Yang, the Chairwoman of the Board of Directors of the Company. The Agreement was negotiated
at arm's length and was approved by the Board of Directors of the Company.
7.C.
Interests
of Experts and Counsel
Not Applicable.
Item
8. Financial Information
8.A. Consolidated Statements and Other Financial
Information
Please refer to
"Item
18. Financial Statements."
101
Legal and Administrative Proceedings
We may from time to time
be subject to various legal or administrative claims and proceedings arising in the ordinary course of our business. We are currently
not a party to any pending any material legal or administrative proceedings and are not aware of any events that are likely to lead to
any such proceedings.
As of the date of this annual report, we are not
a party to, and we are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a material
adverse effect on our business, financial condition or operations, nor have we experienced any incident of non-compliance which, in the
opinion of our directors, is likely to materially and adversely affect our business, financial condition or operations.
Litigation or any other
legal or administrative proceeding, regardless of the outcome, is likely to result in substantial costs and diversion of our resources,
including our management's time and attention. For potential impact of legal or administrative proceedings on us, see "
Item
3. Key
Information — 3.D. Risk Factors—Risks Relating to Our Business and Industry—
We may be subject
to litigation and regulatory investigations and proceedings and may not always be successful in defending ourselves against such claims
or proceedings
" and "
Item 3. Key
Information — 3.D. Risk Factors—Risks
Relating to Our Business and Industry—
We may face intellectual property infringement claims, which could be time-consuming and
costly to defend and may result in the loss of significant rights by us
".
Dividend Policy
Except as disclosed below,
we have never declared or paid any cash dividends on our Ordinary Shares. We anticipate that we will retain any earnings to support operations
and to finance the growth and development of our business. Therefore, we do not expect to pay cash dividends in the foreseeable future.
On March 24, 2020, the
Board of Directors of ZYSL and ZYCL declared an interim cash dividend of HK$3,900,000 (equivalent to $498,932) and HK$1,500,000 (equivalent
to $191,897), respectively, to its single shareholder at the time of record, i.e. the Predecessor Parent Company. Without any withholding
tax levied on dividends in Hong Kong, the full amounts were payable to the Predecessor Parent Company. As of March 31, 2020, the dividend
declared by ZYCL has been fully settled by directly deducting from the amount due from the Predecessor Parent Company and the dividend
declared by ZYSL was recorded as dividend payable. On June 19, 2020, ZYSL settled such dividend payable in cash.
On November 25, 2020,
the Board of Directors of ZYSL declared an interim cash dividend of HK$24,805,800 (equivalent to US$3,199,675) to its shareholder ZYSL
(BVI), following which ZYSL (BVI) declared an interim cash dividend to its shareholder TFGL and TFGL declared an interim cash dividends
to its shareholders for the same amount on the same day. Without any withholding tax levied on dividends in Hong Kong, British Virgin
Islands, and Cayman Islands, the interim cash dividends have already been settled with the shareholders in cash on November 25, 2020.
On January 19, 2021,
the Board of Directors of ZYSL declared an interim cash dividend of HK$11,628,450 (equivalent to US$1,499,942) to its shareholder ZYSL
(BVI), following which ZYSL (BVI) declared an interim cash dividend to its shareholder TFGL and TFGL declared an interim cash dividends
to its shareholders for the same amount on the same day. Without any withholding tax levied on dividends in Hong Kong, British Virgin
Islands, and Cayman Islands, US$500,000 and US$500,000 have been settled with the shareholders in cash on January 19, 2021 and January
20, 2021 respectively, the remaining US$500,000 was settled with the shareholders in cash on March 3, 2021.
Our board of directors
has complete discretion on whether to distribute dividends, subject to applicable laws. In addition, our shareholders may by ordinary
resolution declare a dividend. Under Cayman Islands law, a Cayman Islands company may pay a dividend either out of profit or share premium
account, provided that in no circumstances may a dividend be paid if the dividend payment would result in the company being unable to
pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to pay dividends, the form,
frequency, and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition,
contractual restrictions, and other factors that the board of directors may deem relevant. Cash dividends on our ordinary shares, if any,
will be paid in U.S. dollars.
The laws and regulations of the PRC on currency
conversion control do not currently have any material impact on the transfer of cash from TFGL to ZYSL or ZYCL or from ZYSL or ZYCL to
TFGL. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollar into foreign currencies
and the remittance of currencies out of Hong Kong, nor is there any restriction on any foreign exchange to transfer cash between TFGL
and its subsidiaries, across borders and to U.S. investors, nor there is any restrictions and limitations to distribute earnings from
the subsidiaries, to TFGL and U.S. investors and amounts owed.
102
8.B. Significant Changes
Except as
otherwise disclosed in this report, we have not experienced any significant changes since the date of our audited consolidated financial
statements included herein
.
Item
9. The Offer and Listing
9.A. Offer and listing details
Not applicable for annual reports on Form 20-F.
9.B. Plan of distribution
Not applicable for annual reports on Form 20-F.
9.C. Markets
Our Ordinary
Shares are listed on the Nasdaq Capital Market under the symbol "TOP."
9.D. Selling shareholders
Not applicable for annual reports on Form 20-F.
9.E. Dilution
Not applicable for annual reports on Form 20-F.
9.F. Expenses of the issue
Not applicable for annual reports on Form 20-F.
Item
10. Additional Information
10.A. Share capital
Not applicable for annual reports on Form 20-F.
10.B. Memorandum and articles of association
The following are summaries of the material provisions
of our amended and restated memorandum and articles of association and the Companies Act, insofar as they relate to the material terms
of our Ordinary Shares. They do not purport to be complete. Reference is made to our amended and restated memorandum and articles of association,
a copy of which is filed as an exhibit to the annual report (and which is referred to in this section as, respectively, the "memorandum"
and the "articles").
Meetings of Shareholders
The directors may convene a meeting of shareholders
whenever they think necessary or desirable. We must provide notice counting from the date service is deemed to take place, stating the
place, the day and the hour of the general meeting and, in the case of special business, the general nature of that business, to such
persons who are entitled to receive such notices from the Company. Our board of directors must convene a general meeting upon the written
requisition of one or more shareholders entitled to attend and vote at general meeting of the Company holding not less than 10% of the
paid up voting share capital of the Company in respect to the matter for which the meeting is requested.
No business may be transacted at any general meeting
unless a quorum is present at the time the meeting proceeds to business. One or more shareholders present in person or by proxy holding
in aggregate at least a majority of the paid up voting share capital of the Company shall be a quorum. If, within half an hour from the
time appointed for the meeting, a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be dissolved.
In any other case, it shall stand adjourned to the same day in the next week, at the same time and place and if, at the adjourned meeting,
a quorum is not present within half an hour from the time appointed for the meeting, the shareholders present and entitled to vote shall
be a quorum. At every meeting, the shareholders present shall choose someone of their number to be the chairman.
103
A corporation that is a shareholder shall be deemed
for the purpose of our amended and restated memorandum and articles of association to be present at a general meeting in person if represented
by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of
the corporation which he represents as that corporation could exercise if it were our individual shareholder.
Meetings of Directors
The business of our company is managed by the
directors. Our directors are free to meet at such times and in such manner and places within or outside the Cayman Islands as the directors
determine to be necessary or desirable. The quorum necessary for the transaction of the business of the directors may be fixed by the
directors, and unless so fixed, if there be more than two directors shall be two, and if there are two or less Directors shall be one.
An action that may be taken by the directors at a meeting may also be taken by a resolution of directors consented to in writing by all
of the directors.
Winding Up
If we are wound up and the assets available for
distribution among our shareholders are more than sufficient to repay the whole of the paid up capital at the commencement of the winding
up, the excess shall be distributable among those shareholders in proportion to the capital paid up at the commencement of the winding
up on the shares held by them respectively. If we are wound up and the assets available for distribution among the shareholders as such
are insufficient to repay the whole of the paid up capital, such assets shall be distributed so that, as nearly as may be, the losses
shall be borne by the shareholders in proportion to the capital paid up at the commencement of the winding up on the shares held by them,
respectively. If we are wound up, the liquidator may with the sanction of a special resolution and any other sanction required by the
Companies Act, divide among our shareholders in specie or kind the whole or any part of our assets (whether they shall consist of property
of the same kind or not), and may, for such purpose, set such value as the liquidator deems fair upon any property to be divided and may
determine how such division shall be carried out as between the shareholders or different classes of shareholders.
The liquidator may also vest the whole or any
part of these assets in trusts for the benefit of the shareholders as the liquidator shall think fit, but so that no shareholder will
be compelled to accept any assets, shares or other securities upon which there is a liability.
Calls on Ordinary Shares and forfeiture
of Ordinary Shares
Our board of directors may from time to time make
calls upon shareholders for any amounts unpaid on their Ordinary Shares in a notice served to such shareholders at least one month prior
to the specified time of payment. The Ordinary Shares that have been called upon and remain unpaid are subject to forfeiture.
Redemption, Repurchase and Surrender of
Ordinary Shares
We may issue shares on terms that such shares
are subject to redemption, at our option, on such terms and in such manner as may be determined, before the issue of such shares, by our
board of directors or by an ordinary resolution of our shareholders. The Companies Act and our amended and restated memorandum and
articles of association permits us to purchase our own shares, subject to certain restrictions and requirements. Subject to the Companies
Act, our amended and restated memorandum and articles of association and to any applicable requirements imposed from time to time by the
Nasdaq, the U.S. Securities and Exchange Commission, or by any other recognized stock exchange on which our securities are listed, we
may purchase our own shares (including any redeemable shares) on such terms and in such manner as been approved by the directors or by
an ordinary resolution of our shareholders. Under the Companies Act, the repurchase of any share may be paid out of our Company's
profits, or out of the share premium account, or out of the proceeds of a fresh issue of shares made for the purpose of such repurchase,
or out of capital. If the repurchase proceeds are paid out of our Company's capital, our Company must, immediately following such
payment, be able to pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act, no such share
may be repurchased (1) unless it is fully paid up, and (2) if such repurchase would result in there being no shares outstanding other
than shares held as treasury shares. The repurchase of shares may be effected in such manner and upon such terms as may be authorized
by or pursuant to the Company's articles of association. If the articles do not authorize the manner and terms of the purchase,
a company shall not repurchase any of its own shares unless the manner and terms of purchase have first been authorized by a resolution
of the company. In addition, under the Companies Act and our amended and restated memorandum and articles of association, our Company
may accept the surrender of any fully paid share for no consideration unless, as a result of the surrender, the surrender would result
in there being no shares outstanding (other than shares held as treasury shares).
104
Variations of Rights of Shares
If at any time, our share capital is divided into
different classes of shares,  all or any of the rights attached to any class of our shares may (unless otherwise provided by the
terms of issue of the shares of that class) be varied with the consent in writing of the holders of two-thirds of the issued shares of
that class or with the sanction of a resolution passed by at least a two-thirds majority of holders of shares of that class as may be
present in person or by proxy at a separate general meeting of the holders of shares of that class.
Changes in Capital
We may from time to time by an ordinary resolution
of our shareholders:
●
increase the share capital of our Company by new shares of such amount as it thinks expedient;
●
consolidate and divide all or any of our share capital into shares of larger amount than its existing shares of shares;
●
subdivide its existing shares, or any of them, into shares of a smaller amount provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share is derived; and
●
cancel any shares that, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.
Our shareholders may by special resolution, subject
to confirmation by the Grand Court of the Cayman Islands on an application by our company for an order confirming such reduction, reduce
its share capital and any capital redemption reserve in any manner authorized by the Companies Act.
Inspection of Books and Records
Holders of our Ordinary Shares will have no general
right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide
our shareholders with annual audited financial statements.
Rights of Non-Resident or Foreign Shareholders
There are no limitations imposed by our amended
and restated memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights
on our shares. In addition, there are no provisions in our amended and restated memorandum and articles of association governing the ownership
threshold above which shareholder ownership must be disclosed.
Issuance of additional Ordinary Shares
Our amended and restated memorandum and articles
of association authorizes our board of directors to issue additional Ordinary Shares from authorized but unissued shares, to the extent
available, from time to time as our board of directors shall determine.
105
Exempted Company
We are an exempted company
with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies.
Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered
as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted
company:
●
does not have to file an annual return of its shareholders with the Registrar of Companies;
●
is not required to open its register of members for inspection;
●
does not have to hold an annual general meeting;
●
may issue negotiable or bearer shares or shares with no par value;
●
may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);
●
may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;
●
may register as a limited duration company; and
●
may register as a segregated portfolio company.
"Limited liability" means that the
liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company.
10.C. Material contracts
Other than those described in this annual report,
we have not entered into any material agreements other than in the ordinary course of business.
10.D. Exchange controls
The Cayman
Islands, British Virgin Islands and Hong Kong currently have no exchange control regulations or currency restrictions.
10.E
.
Taxation
Cayman Islands Taxation
The Cayman Islands currently
levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature
of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands
except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of the
Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our company.
There are no exchange control regulations or currency restrictions in the Cayman Islands.
Payments of dividends
and capital in respect of the shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the
payment of a dividend or capital to any holder of our Ordinary Shares, nor will gains derived from the disposal of our Ordinary Shares
be subject to Cayman Islands income or corporation tax.
106
Hong Kong Taxation
The following summary
of certain relevant taxation provisions under the laws of Hong Kong is based on current law and practice and is subject to changes therein.
This summary does not purport to address all possible tax consequences relating to purchasing, holding or selling our Ordinary Shares,
and does not take into account the specific circumstances of any particular investors, some of whom may be subject to special rules. Accordingly,
holders or prospective purchasers (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt
entities) should consult their own tax advisers regarding the tax consequences of purchasing, holding or selling our Ordinary Shares.
Under the current laws of Hong Kong:
●
No profit tax is imposed in Hong Kong in respect of capital gains from the sale of the Ordinary Shares.
●
Revenues gains from the sale of our Ordinary Shares by persons carrying on a trade, profession or business in Hong Kong where the gains are derived from or arise in Hong Kong from the trade, profession or business will be chargeable to Hong Kong profits tax, which is currently imposed at the rate of 16.5% on corporations and at a maximum rate of 15% on individuals and unincorporated businesses.
●
Gains arising from the sale of Ordinary Shares, where the purchases and sales of the Ordinary Shares are effected outside of Hong Kong such as, for example, on Cayman Islands, should not be subject to Hong Kong profits tax.
According to the current
tax practice of the Hong Kong Inland Revenue Department, dividends paid on the Ordinary Shares would not be subject to any Hong Kong tax.
No Hong Kong stamp duty
is payable on the purchase and sale of the Ordinary Shares.
United States Federal
Income Tax Considerations
The following discussion
is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Ordinary Shares by
a U.S. Holder (as defined below) that acquires our Ordinary Shares and holds our Ordinary Shares as "capital assets" (generally,
property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the Code. This discussion is based upon existing
U.S. federal tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been sought
from the Internal Revenue Service, or the IRS, with respect to any U.S. federal income tax considerations described below, and there can
be no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address the U.S. federal
estate, gift, and alternative minimum tax considerations, the Medicare tax on certain net investment income, information reporting or
backup withholding or any state, local, and non-U.S. tax considerations, relating to the ownership or disposition of our Ordinary Shares.
The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light
of their individual circumstances or to persons in special tax situations such as:
●
banks and other financial institutions;
●
insurance companies;
●
pension plans;
●
cooperatives;
●
regulated investment companies;
●
real estate investment trusts;
●
broker-dealers;
●
traders that elect to use a mark-to-market method of accounting;
●
certain former U.S. citizens or long-term residents;
107
●
tax-exempt entities (including private foundations);
●
individual retirement accounts or other tax-deferred accounts;
●
persons liable for alternative minimum tax;
●
persons who acquire their Ordinary Shares pursuant to any employee share option or otherwise as compensation;
●
investors that will hold their Ordinary Shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction for U.S. federal income tax purposes;
●
investors that have a functional currency other than the U.S. dollar;
●
persons that actually or constructively own 10% or more of our Ordinary Shares (by vote or value); or
●
partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding the Ordinary Shares through such entities,
all of whom may be subject
to tax rules that differ significantly from those discussed below.
Each U.S. Holder is urged
to consult its tax advisor regarding the application of U.S. federal taxation to its particular circumstances, and the state, local, non-U.S.,
and other tax considerations of the ownership and disposition of our Ordinary Shares.
General
For purposes of this
discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for U.S. federal income tax purposes:
●
an individual who is a citizen or resident of the United States;
●
a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in, or organized under the laws of the United States or any state thereof or the District of Columbia;
●
an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or
●
a trust (i) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust, or (ii) that has otherwise validly elected to be treated as a U.S. person under the Code.
●
If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Ordinary Shares.
108
Passive Foreign
Investment Company Considerations
A non-U.S. corporation,
such as our company, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year if either (i) 75% or more
of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets
(determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production
of passive income, or the asset test. Passive income generally includes, among other things, dividends, interest, rents, royalties, and
gains from the disposition of passive assets. Passive assets are those which give rise to passive income, and include assets held for
investment, as well as cash, assets readily convertible into cash, and working capital. The company's goodwill and other unbooked
intangibles are taken into account and may be classified as active or passive depending upon the relative amounts of income generated
by the company in each category. We will be treated as owning a proportionate share of the assets and earning a proportionate share of
the income of any other corporation in which we own, directly or indirectly, 25% or more (by value) of the stock.
Based upon our current
and projected income and assets and projections as to the market price of our Ordinary Shares, we do not expect to be a PFIC for the current
taxable year or the foreseeable future. However, no assurance can be given in this regard because the determination of whether we are
or will become a PFIC is a factual determination made annually that will depend, in part, upon the composition and classification of our
income and assets, including the relative amounts of income generated by our potential strategic investment business as compared to our
other businesses, and the value of the assets held by our potential strategic investment business as compared to our other businesses.
Because there are uncertainties in the application of the relevant rules, it is possible that the IRS may challenge our classification
of certain income and assets as non-passive, which may result in our being or becoming classified as a PFIC in the current or subsequent
years. Furthermore fluctuations in the market price of our Ordinary Shares may cause us to be a PFIC for the current or future taxable
years because the value of our assets for purposes of the asset test, including the value of our goodwill and unbooked intangibles, may
be determined by reference to the market price of our Ordinary Shares from time to time (which may be volatile). In estimating the value
of our goodwill and other unbooked intangibles, we have taken into account our market capitalization. Among other matters, if our market
capitalization is less than anticipated or subsequently declines, we may be or become a PFIC for the current or future taxable years.
The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in
the initial public offering. Under circumstances where our revenues from activities that produce passive income significantly increases
relative to our revenues from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash
for active purposes, our risk of becoming a PFIC may substantially increase.
If we are a PFIC for
any year during which a U.S. Holder holds our Ordinary Shares, we generally will continue to be treated as a PFIC for all succeeding years
during which such U.S. Holder holds our Ordinary Shares unless, in such case, we cease to be treated as a PFIC and such U.S. Holder makes
a deemed sole election.
109
The discussion below
under "—Dividends" and "—Sale or Other Disposition" is written on the basis that we will not be or
become classified as a PFIC for U.S. federal income tax purposes. The U.S. federal income tax rules that apply generally if we are treated
as a PFIC are discussed below under "—Passive Foreign Investment Company Rules."
Dividends
Any cash distributions
paid on our Ordinary Shares out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles,
will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by
the U.S. Holder. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any
distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. Dividends received on
our Ordinary Shares will not be eligible for the dividends received deduction allowed to corporations in respect of dividends-received
from U.S. corporations.
Individuals and other
non-corporate U.S. Holders may be subject to tax on any such dividends at the lower capital gain tax rate applicable to "qualified
dividend income," provided that certain conditions are satisfied, including that (i) our Ordinary Shares on which the dividends
are paid are readily tradable on an established securities market in the United States, (ii) we are neither a PFIC nor treated as such
with respect to a U.S. Holder for the taxable year in which the dividend is paid and the preceding taxable year, and (iii) certain holding
period requirements are met. We intend to list the Ordinary Shares on Nasdaq Capital Market. Provided that this listing is approved, we
believe that the ordinary should generally be considered to be readily tradeable on an established securities market in the United States.
There can be no assurance that the Ordinary Shares will continue to be considered readily tradable on an established securities market
in later years. U.S. Holders are urged to consult their tax advisors regarding the availability of the lower rate for dividends paid with
respect to the Ordinary Shares.
For U.S. foreign tax
credit purposes, dividends paid on our Ordinary Shares will generally be treated as income from foreign sources and will generally constitute
passive category income. The rules governing the foreign tax credit are complex and U.S. Holders are urged to consult their tax advisors
regarding the availability of the foreign tax credit under their particular circumstances.
Sale or Other Disposition
A U.S. Holder will generally
recognize gain or loss upon the sale or other disposition of Ordinary Shares in an amount equal to the difference between the amount realized
upon the disposition and the holder's adjusted tax basis in such Ordinary Shares. Such gain or loss will generally be capital gain
or loss. Any such capital gain or loss will be long term if the Ordinary Shares have been held for more than one year. Non-corporate U.S.
Holders (including individuals) generally will be subject to United States federal income tax on long-term capital gain at preferential
rates. The deductibility of a capital loss may be subject to limitations. Any such gain or loss that the U.S. Holder recognizes will generally
be treated as U.S. source income or loss for foreign tax credit limitation purposes, which could limit the availability of foreign tax
credits. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition
of our Ordinary Shares, including the applicability of any tax treaty and the availability of the foreign tax credit under its particular
circumstances.
110
Passive Foreign
Investment Company Rules
If we are classified
as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes a mark-to-market
election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make
to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent
of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for
the Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, Ordinary
Shares. Under the PFIC rules:
●
the excess distribution or gain will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;
●
the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income; and
●
the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year, increased by an additional tax equal to the interest on the resulting tax deemed deferred with respect to each such taxable year.
As an alternative to
the foregoing rules, a U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to- market election
with respect to such stock. If a U.S. Holder makes this election with respect to our Ordinary Shares, the holder will generally(i) include
as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the
end of the taxable year over the adjusted tax basis of such Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of
the adjusted tax basis of the Ordinary Shares over the fair market value of such Ordinary Shares held at the end of the taxable year,
but such deduction will only be allowed to the extent of the net amount previously included in income as a result of the mark-to-market
election. The U.S. Holder's adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting
from the mark-to-market election. If a U.S. Holder makes a mark-to- market election in respect of our Ordinary Shares and we cease to
be classified as a PFIC, the holder will not be required to take into account the gain or loss described above during any period that
we are not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale
or other disposition of our Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated
as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as
a result of the mark-to-market election.
The mark-to-market election
is available only for "marketable stock," which is stock that is traded in other than de minimis quantities on at least 15
days during each calendar quarter, or regularly traded, on a qualified exchange or other market, as defined in applicable United States
Treasury regulations. Our Ordinary Shares will be treated as marketable stock upon their listing on Nasdaq Capital Market. We anticipate
that our Ordinary Shares should qualify as being regularly traded, but no assurances may be given in this regard.
Because a mark-to-market
election cannot technically be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules
with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC
for U.S. federal income tax purposes.
We do not intend to provide
information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different
from (and generally less adverse than) the general tax treatment for PFICs described above.
If a U.S. Holder owns
our Ordinary Shares during any taxable year that we are a PFIC, the holder must generally file an annual IRS Form 8621. You should consult
your tax advisor regarding the U.S. federal income tax consequences of owning and disposing of our Ordinary Shares if we are or become
a PFIC.
10.F. Dividends and paying agents
Not applicable for annual reports on Form 20-F.
10.G. Statement by experts
Not applicable for annual reports on Form 20-F.
111
10.H. Documents on display
We are subject to the information requirements
of the Exchange Act. In accordance with these requirements, the Company files reports and other information with the SEC. You may read
and copy any materials filed with the SEC at the Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information
on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a web site at http://www.sec.gov that
contains reports and other information regarding registrants that file electronically with the SEC.
10.I. Subsidiary Information
Not applicable.
10.J. Annual Report to Security Holders
Not applicable.
Item
11. Quantitative and Qualitative Disclosures About Market Risk
Foreign Exchange Risk
Substantially all of our revenues and expenses
are denominated in U.S. dollars and Hong Kong dollars and our expenses are denominated in U.S. dollars, Hong Kong dollars and Euro. We
have not used any derivative financial instruments to hedge exposure to such risk. Financial instruments held for proprietary trading
are denominated in Hong Kong dollars, U.S. dollars and EURO. Although in general our exposure to foreign exchange risks should be limited,
the value of your investment in our Ordinary Shares will be affected by the exchange rate between the U.S. dollar and Hong Kong dollar
as well as between U.S. dollar and EURO because a substantial portion of our operating costs and expenses is effectively denominated in
EURO, while our Ordinary Shares will be traded in U.S. dollars. We may seek to reduce the currency risk by entering into foreign currency
instruments. We did not have any currency hedging instruments as of March 31, 2023, 2022 and 2021, however management monitors movements
in exchange rates closely.
To the extent we need to convert U.S. dollars
into Hong Kong dollars for our operations, appreciation of Hong Kong dollar against the U.S. dollar would reduce the amount in Hong Kong
dollars we receive from the conversion. Conversely, if we decide to convert Hong Kong dollars into U.S. dollars for the purpose of making
payments for dividends on our Ordinary Shares, or for other business purposes, appreciation of the U.S. dollar against the Hong Kong dollar
would reduce the U.S. dollar amounts available to us.
Interest Rate Risk
Our exposure to interest rate risk relates primarily
from our bank deposits and receivables from brokers and dealers. We have not used any derivative financial instruments to manage our interest
risk exposure. Although these interest earning instruments carry a degree of interest rate risk, we have not been exposed to, nor do we
anticipate being exposed to, material risks due to changes in market interest rates. However, our future interest income may fall short
of expectations due to changes in market interest rates.
Credit Risk
Our exposure to credit risk, which will cause
a financial loss to us due to failure to discharge an obligation by the counterparties, relates primarily to our bank deposits (including
our own cash at banks as well as the segregated clients account balances), receivables from brokers and dealers, and amount due from a
related company. We consider the maximum exposure to credit risk equals to the carrying amount of these financial assets in the consolidated
statement of financial position.
112
For bank deposits and receivables from brokers
and dealers, the credit risk is limited as the counterparties are reputable financial institutions, brokers, dealers or clearing houses,
which are governed by regulators including the Hong Kong Monetary Authority, and the HKSFC. The credit risk exposure arising from the
amount due to a related company is considered to be minimal as the related company is owned by our major shareholder and under common
control.
Other than concentration of credit risk on liquid
funds which are deposited with several banks with high credit ratings, we do not have any other significant concentrations of credit risk.
To mitigate the credit risk from defaults, we
have adopted a credit policy of dealing with creditworthy counterparties only, which are also under continuous monitoring. Our credit
exposure is controlled by counterparty limits that are reviewed and approved by our senior management periodically.
Price risk
Price risk is the risk that the value of a financial
instrument will fluctuate as a result of changes in market prices, whether those changes are caused by factors specific to the individual
instrument or all instruments in the market. We are exposed to price risk in respect of financial instruments held for proprietary trading,
which comprises investments in certain equity securities. The exposure is limited to the carrying amount of the financial instruments.
Item
12. Description of Securities Other than Equity Securities
12.A. Debt Securities
Not applicable.
12.B. Warrants and Rights
Not applicable.
12.C. Other Securities
Not applicable.
12.D. American Depositary Shares
Not applicable.
113
PART II
Item
13. Defaults, Dividend Arrearages and Delinquencies
We do not have any material defaults in the payment
of principal, interest, or any installments under a sinking or purchase fund.
Item
14. Material Modifications to the Rights of Securities Holders and Use of Proceeds
14.A. – 14.D. Material Modifications
to the Rights of Security Holders
See "Item
10. Additional Information" for a description of the rights of shareholders, which remain unchanged.
14.E. Use of Proceeds
The following
"Use of Proceeds" information relates to the registration statement on Form
F-1
(File
No. 333-
259441),
as amended, including the annual report contained therein, which registered 5,000,000 Ordinary Shares and was declared effective by the
SEC on May 31, 2022, for our initial public offering, which
completed
on June 3, 2022, at
an initial offering price of US$5.00 per Ordinary Share.
Univest Securities, LLC
was the
representative of the underwriters
.
In connection with the
issuance and distribution of the
Ordinary Shares
in our initial public offering, our expenses
incurred and paid to others totaled approximately US$2.16 million, which included US$1.75 million for underwriting discounts
and commissions. None of the transaction expenses included direct or indirect payments to directors or officers of our company or their
associates, persons owning more than 10% or more of our equity securities or our affiliates or others. We received an aggregate net proceeds
of approximately US$22.8 million from our initial public offering.
As of the date of this annual report, we have used US$128,000 of the
net proceeds received from our initial public offering for management and employee incentives and general corporate purposes, $6 million for investment in financial products, and $5 million as an interest-bearing loan to an unrelated third
party. We still intend to use the remainder of the proceeds from our initial public offering as disclosed in our registration statements
on Form F-1.
None of these net proceeds
from our initial public offering and the optional offering was paid, directly or indirectly, to any of our directors or officers or their
associates, persons owning 10% or more of our equity securities or our affiliates or others.
Item
15. Controls and Procedures
(a)
Disclosure Controls and Procedures.
Our management, with
the participation of our Chief Executive Officer and Acting Chief Financial Officer, has performed an evaluation of the effectiveness
of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period
covered by this report, as required by Rule 13a-15(b) under the Exchange Act.
Based upon that evaluation, our management has
concluded that, as of March 31, 2023, our disclosure controls and procedures were ineffective as our management has identified a material
weakness that has been identified related to our lack of sufficient financial reporting and accounting personnel with appropriate knowledge
of the generally accepted accounting principles in the United States ("U.S. GAAP") and SEC reporting requirements to properly
address complex U.S. GAAP accounting issues and to prepare and review our consolidated financial statements and related disclosures to
fulfill U.S. GAAP and SEC financial reporting requirements. The other material weakness that has been identified related to our lack of
comprehensive accounting policies and procedures manual in accordance with U.S. GAAP.
To remedy the identified material weaknesses,
we have implemented and will continue to implement several measures to improve our internal control over financial reporting, including:
(i) that we engaged experienced financial consultant who worked closely with our internal finance team to assist us in preparing our financial
statements and related disclosures in accordance with U.S. GAAP; (ii) that our Chief Financial Officer received additional training in
U.S. GAAP through self-study and webinar courses, and began to periodically review major accounting literature updates provided by a major
accounting firm which provide an overview of recent U.S. accounting pronouncements. (iii) conducting regular and continuous U.S. GAAP
training programs and webinars for our financial reporting and accounting personnel; (iv) improving financial oversight function for handling
complex accounting issues under U.S. GAAP. However, the implementation of these measures may not fully address the deficiencies in our
internal control over financial reporting. We are not able to estimate with reasonable certainty the costs that we will need to incur
to implement these and other measures designed to improve our internal control over financial reporting.   See "Risk Factors—Risks
Relating to Our Business and Industry—
We have identified certain material weakness in our internal control over financial reporting.
If we fail to implement and maintain an effective system of internal control to remediate our material weakness over financial reporting,
we may be unable to accurately report our results of operations, meet our reporting obligations, or prevent fraud
."
114
Pursuant to the JOBS Act, we qualify as an "emerging
growth company as we recorded revenues less than US$1.235 billion in our most recent fiscal year, which allows us to take advantage of
specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include
exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act, in the assessment of the emerging growth
company's internal control over financial reporting.
Neither we nor our independent registered public
accounting firm undertook a comprehensive assessment of our internal control under the Sarbanes-Oxley Act for purposes of identifying
and reporting any weakness in our internal control over financial reporting, which, however, will be required once we become a public
company and after we cease to be an "emerging growth company" as such term is defined in the JOBS Act. Had we performed a
formal assessment of our internal control over financial reporting or had our independent registered public accounting firm performed
an audit of our internal control over financial reporting, additional control deficiencies may have been identified.
(b)
Management's annual report on internal control over financial reporting.
Our management is responsible
for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) and 15d-15(f) under
the Exchange Act. Our management evaluated the effectiveness of our internal control over financial reporting, as required by Rule 13a-15(c) of
the Exchange Act, based on criteria established in the framework in Internal Control-Integrated Framework (2013) issued by the Committee
of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has concluded that our internal control
over financial reporting was not effective as of March 31, 2023 due to a material weakness identified in our internal control over financial
reporting as described above.
Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation
of effectiveness of our internal control over financial reporting to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.
(c)
Attestation report of the registered public accounting firm.
This annual
report on Form
20-F
does not include an attestation report of our registered public
accounting firm because we qualified as an "emerging growth company" as defined under the JOBS Act as of March 31, 2023.
(d)
Changes in internal control over financial reporting.
There have been no changes in our internal controls
over financial reporting occurred during the fiscal year ended March 31, 2023, that have materially affected, or are reasonably likely
to materially affect, our internal control over financial reporting.
item
16. [Reserved]
Item
16A. Audit Committee Financial Expert
Our audit committee consists of Mr. Anthony S.
Chan, Ms. Mei Cai, and Mr. Mau Chung Ng and is chaired by Mr. Anthony S. Chan. Mr. Mau Chung Ng and Ms. Mei Cai each satisfies the "independence"
requirements of Rule 5605 of the Corporate Governance Rules of Nasdaq Stock Market and meets the independence standards under Rule 10A-3
under the Exchange Act. We have determined that Mr. Anthony S. Chan qualifies as an "audit committee financial expert."
Item
16B. Code of Ethics
The Company has adopted a Code of Business Conduct
and Ethics that applies to the Company's directors, officers, employees and advisors. The Code of Business Conduct and Ethics is
attached as an exhibit to this annual report. Copy of the Code of Business Conduct and Ethics is also available on our website at
www.ZYFGL.com
.
Item
16C. Principal Accountant Fees and Services
YCM CPA Inc. was appointed by the Company to serve
as its independent registered public accounting firm for fiscal years ended March 31, 2023 and 2022. Audit services provided by YCM CPA
Inc. for fiscal years ended March 31, 2023 and 2022 included the examination of the consolidated financial statements of the Company.
Friedman LLP was appointed by the Company to serve
as its independent registered public accounting firm for fiscal year ended March 31, 2021. Audit services provided by Friedman LLP for
fiscal year ended March 31, 2021 included the examination of the consolidated financial statements of the Company.
115
Fees Paid to Independent Registered Public
Accounting Firm
Auditor Fees
The following table sets
forth the aggregate fees by categories specified below in connection with certain professional services rendered by YCM CPA Inc. and Friedman
LLP, our independent registered public accounting firms, for the periods indicated.
Year Ended March 31,
Services
2021
2022
2023
US$
US$
US$
Audit Fees
(1)
- Friedman LLP
193,250
155,000
-
Audit Fees
(1)
- YCM CPA Inc.
-
180,000
187,000
Total
193,250
335,000
187,000
(1)
Audit fees include
the aggregate fees billed in each of the fiscal years for professional services rendered by our independent registered public accounting
firm for the audit of our annual financial statements, review of the interim financial statements and for the audits of our financial
statements in connection with our initial public offering, and comfort letter in connection with the underwritten public offering.
The policy of our audit
committee is to pre-approve all audit and non-audit services provided by our independent registered public accounting
firm, including audit services and audit-related services as described above, other than those for de minimus services which are approved
by the audit committee prior to the completion of the audit.
Item
16D. Exemptions from the Listing Standards for Audit Committees
Not applicable.
Item
16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Not applicable.
Item
16F. Change in Registrant's Certifying Accountant
On June 26, 2022, the Company notified its independent
registered public accounting firm, Friedman LLP its decision to dismiss Friedman LLP as the Company's auditor. On June 26, 2022,
the Audit Committee of the Company approved and ratified the appointment of YCM CPA Inc. as its new independent registered public accounting
firm to audit the Company's financial statements for the fiscal year ended March 31, 2022.
The audit reports of Friedman LLP on the financial
statements of the Company as of and for the fiscal years ended March 31, 2021 and 2020 did not contain an adverse opinion or disclaimer
of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.
116
During
Friedman LLP's term of audit engagement from July 6, 2020 to June 26, 2022, the date of dismissal, (a) there were no disagreements
with Friedman LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure,
which disagreements, if not resolved to the satisfaction of Friedman LLP, would have caused it to make reference thereto in its reports
on the financial statements for such years and (b) there were no "reportable events" as described in Item 304(a)(1)(v) of
Regulation S-K.
Item
16G. Corporate Governance
As a company listed on
the Nasdaq Capital Market, we are subject to the Nasdaq corporate governance listing standards. However, Nasdaq rules permit a foreign
private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the
Cayman Islands, which is our home country, may differ significantly from the Nasdaq corporate governance listing standards.
Currently, we do not plan to rely on home country
practice with respect to our corporate governance. However, to the extent we choose to follow home country practice in the future, our
shareholders may be afforded less protection than they otherwise would under the Nasdaq corporate governance listing standards applicable
to U.S. domestic issuers. See "Item 3. Key Information—D. Risk Factors—Risks Related to Our Capital Structure—
We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to U.S. domestic public companies
."
Item
16H. Mine Safety Disclosure
Not applicable.
Item 16I. Disclosure Regarding
Foreign Jurisdictions that Prevent Inspections
Not applicable.
Item 16J. Insider Trading
Policies
We have
adopted insider trading policies governing the purchase, sale, and other dispositions of our securities by directors, senior management,
and employees. A copy of the insider trading policies is attached as an exhibit to this annual report.
117
PART III
Item
17. Financial Statements
See
"Item 18. Financial
Statements."
Item
18. Financial Statements
Our consolidated financial statements are included at the end of this
annual report, beginning with page F-1.
Item
19. Exhibits
Exhibit No.
Description of Exhibit
1.1
*
Amended and Restated Memorandum and Articles of Association of TOP Financial Group Limited
2.1*
Description of Securities
4.1
Employment
    Agreement by and between TOP Financial Group Ltd. and Yung Yung Lo dated February 1, 2021 (incorporated by reference to Exhibit 10.1
    to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10,
    2021)
4.2
Employment Agreement by and between TOP Financial Group Ltd. and Jennifer Tam Hoi Ling dated May 22, 2017 (incorporated by reference to Exhibit 10.2 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)
4.3
Employment Agreement by and between TOP Financial Group Ltd. and Junli Yang dated August 1, 2019 (incorporated by reference to Exhibit 10.3 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)
4.4
Employment Agreement by and between TOP Financial Group Ltd. and Ka Fai Yuen dated April 10, 2017 (incorporated by reference to Exhibit 10.4 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)
4.5
Service Level Agreement between TOP Securities Limited and 2GoTrade Limited dated December 12, 2017 (incorporated by reference to Exhibit 10.5 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)
4.6
English Translation of the Esunny International Financial Derivatives Trading Analysis System Sales Contract between Zhong Yang Securities Limited and Zhengzhou Esunny Information Technology Co., Ltd. dated December 13, 2016 (incorporated by reference to Exhibit 10.6 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)
4.7
English Translation of the System Operation Service Contract between Zhong Yang Securities Limited and Zhengzhou Esunny Information Technology Co., Ltd. dated December 13, 2016 (incorporated by reference to Exhibit 10.7 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)
4.8
English Translation of the Epolestar Intelligent Platform v9.0 Licensing Service Contract between Zhong Yang Securities Limited and Zhengzhou Esunny Information Technology Co., Ltd. dated May 23, 2017 (incorporated by reference to Exhibit 10.8 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)
4.9
Form of Indemnification Agreement with directors and officers (incorporated by reference to Exhibit 10.9 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)
4.10
License Agreement between Junli Yang and WIN100 TECH Limited, dated August 11, 2022 (incorporated by reference to Exhibit 4.10 to our annual report on Form 20-F filed with the SEC on August 16, 2022)
4.11
Share Purchase Agreement by and among PRO800 Limited, TOP 500 SEC PTY LTD, ZYAL (BVI) Limited and TOP Financial Group Limited, dated August 31, 2022 (incorporated by reference to Exhibit 10.1 to our report on Form 6-K filed with the SEC on September 1, 2022)
4.12*
Share Purchase Agreement by and among Junli Yang, WIN100 WEALTH LIMITED,
    ZYIL (BVI) Limited and TOP Financial Group Limited, dated February 9, 2023
118
8.1*
List of Subsidiaries
11.1
Code of Business Conduct and Ethics (incorporated by reference to Exhibit 14.1 to our registration statement on Form F-1 (File No. 333-259441), as amended, initially filed with the SEC on September 10, 2021)
11.2
Insider Trading Policies
12.1*
Certification of Chief Executive Officer Required by Rule 13a-14(a)
12.2*
Certification of Chief Financial Officer Required by Rule 13a-14(a)
13.1**
Certification of Chief Executive Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code
13.2**
Certification of Chief Financial Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code
101.INS*
Inline XBRL Instance Document.
101.SCH*
Inline XBRL Taxonomy Extension Schema Document.
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*
Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*
Filed with this annual report on Form 20-F
**
Furnished with this annual report on Form 20-F
119
SIGNATURES
The registrant hereby certifies that it meets
all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report
on its behalf.
TOP Financial Group Limited
By:
/s/ Ka Fai Yuen
Name:
Ka Fai Yuen
Title:
Chief Executive Officer and Director
Date: June 29, 2023
120
TOP FINANCIAL GROUP LIMITED
FINANCIAL STATEMENTS
TABLE OF CONTENTS
Consolidated Financial Statements
Reports of Independent Registered Public Accounting Firm (PCAOB ID
6781
)
F-2
Reports of Independent Registered Public Accounting Firm (PCAOB ID 711)
F-3
Consolidated Balance Sheets as of March 31, 2023 and 2022
F-4
Consolidated Statements of Income and Comprehensive Income for the years ended March 31, 2023, 2022 and 2021
F-5
Consolidated Statements of Changes in Shareholders' Equity for the years ended March 31, 2023, 2022 and 2021
F-6
Consolidated Statements of Cash Flows for the years ended March 31, 2023, 2022 and 2021
F-7
Notes to Consolidated Financial Statements
F-8 to F-27
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Board of Directors and the shareholders
of
TOP Financial Group Limited (formerly "Zhong
Yang Financial Group Limited")
Opinion on the Financial Statements
We have audited the accompanying consolidated
balance sheets of TOP Financial Group Limited and subsidiaries (collectively, the "Company") as of March 31, 2023 and 2022,
and the related consolidated statements of operations and comprehensive income, changes in shareholders' equity, and cash flows
for the years ended March 31, 2023 and 2022 and the related notes (collectively referred to as the "financial statements").
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position
of the Company as of March 31, 2023 and 2022, and the results of its operations and its cash flows for the years ended March 31, 2023
and 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.
/s/ YCM CPA, Inc.
We have served as the Company's auditor
since 2022.
PCAOB ID 6781
Irvine, California
June 29, 2023
F-
2
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Shareholders and the Board of Directors of
TOP Financial Group Limited
Opinion on the Financial Statements
We have audited the accompanying consolidated
statements of income and comprehensive income, changes in shareholders' equity, and cash flows for the year ended March 31, 2021,
and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial
statements present fairly, in all material respects, the results of its operations and its cash flows for the year ended March 31, 2021,
in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the U.S. Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable
basis for our opinion.
/s/ Friedman LLP
We have served as the Company's auditor since 2020 through 2022
New York, New York
September 10, 2021
F-
3
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Consolidated Balance Sheets
(Expressed in U.S. Dollars, except for the number
of shares)
As of March 31,
2023
2022
Assets
Cash and cash equivalents
$
15,966,421
$
6,199,213
Restricted cash
1,879,472
1,757,546
Loans receivable
8,855,220
-
Receivables from broker-dealers and clearing organizations
3,212,777
2,360,157
Receivables from customers
3,773,982
1,230,542
Receivables from customers – a related party
1,523,259
-
Securities owned, at fair value
2,741,178
1,288,747
Fixed assets, net
482,130
421,285
Intangible asset, net
63,695
63,837
Right of use assets
156,656
242,665
Long-term investment in a joint venture
256,420
-
Deposit for long-term investment
200,000
-
Available-for-sale investment
1,000,000
-
Income tax recoverable
14,386
20,292
Other assets
158,300
296,532
Total assets
$
40,283,896
$
13,880,816
Liabilities and shareholders' equity
Payable to customers
$
3,500,690
$
3,210,113
Payable to customers – related parties
43,127
99,423
Accrued expenses and other liabilities
688,617
131,317
Lease liabilities
150,139
244,861
Total liabilities
4,332,573
3,685,714
Commitments and contingencies
Shareholders' Equity
Ordinary shares (par value $0.001per share,
150,000,000
shares authorized;
35,004,635
and
30,000,000
shares issued and outstanding at March 31, 2023 and 2022)*
35,005
30,000
Additional paid-in capital
25,172,567
2,934,595
Retained earnings
10,662,274
7,264,531
Accumulated other comprehensive income (loss)
81,477
(
34,024
)
Total shareholders' equity
35,951,323
10,195,102
Total liabilities and shareholders' equity
$
40,283,896
$
13,880,816
*
Retrospectively
restated for effect of share reorganization (see Note 11).
The accompanying notes are an integral part of
these consolidated financial statements.
F-
4
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Consolidated Statements of Income and Comprehensive
Income
(Expressed in U.S. dollar, except for the number
of shares)
For the Years Ended March 31,
2023
2022
2021
Revenues
Futures brokerage commissions
$
4,312,075
$
4,287,038
$
16,085,815
Trading solution service revenues
4,396,207
3,309,288
-
Structure note subscription fees
-
734,317
78,311
Other service revenues
294,083
280,677
277,937
Trading gains (losses)
193,926
(
794,460
)
387,057
Interest income and other
499,111
3,535
77,252
Total revenues
9,695,402
7,820,395
16,906,372
Expenses
Commission expenses
2,818,124
2,728,389
10,263,351
Compensation and benefits
1,010,460
562,297
690,867
Communications and technology
775,464
428,445
200,715
Occupancy
124,792
129,064
132,220
Travel and business development
188,963
53,337
16,880
Professional fees
1,207,552
271,477
382,827
Other administrative expenses
140,784
67,434
104,077
Total expenses
6,266,139
4,240,443
11,790,937
Income before income taxes
3,429,263
3,579,952
5,115,435
Income tax expense
31,520
88,647
70,765
Net income
3,397,743
3,491,305
5,044,670
Other comprehensive income (loss)
Total foreign currency translation adjustment
115,501
(
50,390
)
(
20,245
)
Total comprehensive income
$
3,513,244
$
3,440,915
$
5,024,425
Earnings per share:
Basic and diluted*
$
0.10
$
0.12
$
0.17
Dividend per share
Basic and diluted*
$
0.00
$
0.00
$
0.16
Weighted average number of ordinary shares outstanding:
Basic and Diluted*
34,165,920
30,000,000
30,000,000
*
Retrospectively
restated for effect of share reorganization (see Note 11).
The accompanying notes are an integral part of
these consolidated financial statements.
F-
5
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Consolidated Statements of Changes in Shareholders'
Equity
(Expressed in U.S. dollar, except for the number
of shares)
Ordinary Shares
Additional
Paid-in
Retained
Accumulated Other Comprehensive
Shares*
Amount
Capital
Earnings
Income (Loss)
Total
Balance as of March 31, 2020
30,000,000
$
30,000
$
2,934,595
$
3,428,173
$
36,611
$
6,429,379
Net income
-
-
-
5,044,670
-
5,044,670
Dividend declared
-
-
-
(
4,699,617
)
-
(
4,699,617
)
Foreign currency translation adjustment
-
-
-
(
20,245
)
(
20,245
)
Balance as of March 31, 2021
30,000,000
$
30,000
$
2,934,595
$
3,773,226
$
16,366
$
6,754,187
Net income
-
-
-
3,491,305
-
3,491,305
Foreign currency translation adjustment
-
-
-
(
50,390
)
(
50,390
)
Balance as of March 31, 2022
30,000,000
$
30,000
$
2,934,595
$
7,264,531
$
(
34,024
)
$
10,195,102
Issuance of ordinary shares pursuant to initial public offering ("IPO"), net of offering cost
5,000,000
5,000
22,487,840
-
-
22,492,840
Share-based compensation
4,635
5
50,132
-
-
50,137
Repurchase of warrants
-
-
(
300,000
)
-
-
(
300,000
)
Net income
-
-
-
3,397,743
-
3,397,743
Foreign currency translation adjustment
-
-
-
115,501
115,501
Balance as of March 31, 2023
35,050,000
$
35,005
$
25,172,567
$
10,662,274
$
81,477
$
35,951,323
*
Retrospectively
restated for effect of share reorganization (see Note 11).
The accompanying notes are an integral part of
these consolidated financial statements.
F-
6
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Consolidated Statements of Cash Flows
(Expressed in U.S. dollar)
For the Years Ended March 31,
2023
2022
2021
Cash flows from operating activities:
Net income
$
3,397,743
$
3,491,305
$
5,044,670
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation
25,496
10,778
13,288
Amortization of right of use assets
95,449
53,799
-
Share-based compensation
50,137
-
-
Change in operating assets and liabilities:
Receivables from customers
(
2,550,987
)
(
1,092,804
)
-
Loans receivable from customers
(
3,855,220
)
-
-
Receivables from customers – related party
(
1,523,259
)
-
-
Receivables from broker-dealers and clearing organizations
(
859,053
)
193,103
2,429,830
Securities owned, at fair value
(
1,453,660
)
(
812,063
)
(
347,112
)
Other assets
140,566
(
143,229
)
35,826
Payable to customers
298,172
(
6,636
)
(
2,872,467
)
Payables to customers – related party
(
56,215
)
78,006
-
Accrued expenses and other liabilities
357,681
13,830
(
40,655
)
Income tax recoverable and payable
5,869
(
149,579
)
70,388
Lease liabilities
(
104,170
)
(
51,589
)
-
Net cash (used in) provided by operating activities
(
6,031,451
)
1,584,921
4,333,768
Cash flows from investing activities:
Purchases of fixed assets
(
86,443
)
(
413,890
)
(
16,278
)
Investment in a joint venture
(
256,420
)
-
-
Deposit for long-term investments
(
200,000
)
-
-
Loans made to a third party
(
5,000,000
)
-
-
Investment in available-for-sale investment
(
1,000,000
)
-
-
Net cash used in investing activities
(
6,542,863
)
(
413,890
)
(
16,278
)
Cash flows from financing activities:
Proceeds from issuance of common shares pursuant to IPO, net of issuance cost
22,650,871
-
-
Payments for repurchase of warrants
(
150,000
)
-
-
Payment of dividends
-
-
(
5,202,494
)
Amount due from a related party
-
-
2,876,244
Net cash provided by (used in) financing activities
22,500,871
-
(
2,326,250
)
Net increase in cash, cash equivalents and restricted cash
9,914,966
1,171,031
1,991,240
Cash, cash equivalents and restricted cash, beginning of year
7,956,759
6,835,476
4,864,497
Effect of exchange rates on cash, cash equivalents and restricted cash
(
37,423
)
(
49,748
)
(
20,261
)
Cash, cash equivalents and restricted cash, end of year
$
17,834,302
$
7,956,759
$
6,835,476
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents
$
15,954,830
$
6,199,213
$
4,858,052
Restricted cash
1,879,472
1,757,546
1,977,424
Total cash, cash equivalents, and restricted cash
$
17,834,302
$
7,956,759
$
6,835,476
Non-cash operating, investing and financing activities
Right of use assets obtained in exchange for operating lease obligations
$
9,858
$
298,178
$
-
Accrual of repurchase of warrants
$
150,000
$
-
$
-
Supplemental disclosures of cash flow information:
Cash paid for interest
$
-
$
-
$
7,710
Cash paid for taxes, net of refunds
$
25,652
$
103,324
$
-
The accompanying notes are an integral part of
these consolidated financial statements.
F-
7
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
1. Organization and Description of Business
TOP Financial Group Limited
(the "Company", formerly "Zhong Yang Financial Group Limited" and "ZYFGL") ("ZYFGL") is
a company incorporated in Cayman Islands with limited liability on August 1, 2019. ZYFGL is a parent holding company with no operations.
Effective on July 13, 2022, the Company changed its name from "Zhong Yang Financial Group Limited" to "TOP Financial
Group Limited" ("Name Change").
ZYFGL has two wholly-owned
subsidiaries, ZYSL (BVI) Limited ("ZYSL (BVI)") and ZYCL (BVI) Limited ("ZYCL (BVI)"), both which are investment
holding entities formed under the laws and regulations of the British Virgin Islands on August 29, 2019.
Zhong Yang Securities Limited
("ZYSL"), a wholly-owned subsidiary of ZYSL (BVI), was established in accordance with laws and regulations of Hong Kong on
April 22, 2015 with a registered capital of HKD
18,000,000
(approximately $
2.3
million). ZYSL is a limited liability corporation licensed
with the Hong Kong Securities and Futures Commission ("HKSFC") to carry out regulated activities including Type 1 Dealing
in Securities and Type 2 Dealing in Futures Contracts.
Zhong Yang Capital Limited
("ZYCL"), a wholly-owned subsidiary of ZYCL (BVI), was established in accordance with laws and regulations of Hong Kong on
September 29, 2016 with a registered capital of HKD
5,000,000
(approximately $
0.6
million). ZYCL is a limited liability corporation licensed
with the HKSFC to carry out regulated activities Type 4 Advising on Securities, Type 5 Advising on Futures Contracts and Type 9 Asset
Management.
Eight subsidiaries, ZYAL (BVI)
Limited ("ZYAL (BVI)"), ZYTL (BVI) Limited ("ZYTL (BVI)"), ZYNL (BVI) Limited ("ZYNL (BVI)"), WIN100
Tech Limited ("WIN100 TECH"), ZYPL (BVI) Limited ("ZYPL (BVI)"), ZYXL (BVI) Limited ("ZYXL (BVI)"),
ZYIL (BVI) Limited ("ZYIL (BVI)") and ZYFL (BVI) Limited ("ZYFL (BVI)") were incorporated under the laws of British
Virgin Islands on January 7, 2021, January 12, 2021, January 20, 2021, May 14, 2021, July 14, 2022, July 14, 2022, November 11, 2022 and
November 11, 2022, respectively. These subsidiaries are dormant as of the date of this report, except for WIN100 TECH, which provides trading
solutions for clients trading on the world's major derivatives and stock exchanges.
On November 28, 2022,
ZYPL (BVI) established Top Financial Pte. Ltd. ("Top Fin") in accordance with laws and regulations of Republic of
Singapore. On the same date, ZYXL (BVI) set up Top Asset Management Pte. Ltd. ("Top AM") in accordance with laws and
regulations of Republic of Singapore. On February 24, 2023, ZYFL established Winrich Finance Limited in accordance with laws and
regulations of Hong Kong. On February 9, 2023, the Company, through ZYIL (BVI), purchased
100
% equity interest in Win100 Wealth
Limited ("Win100 Wealth") from an entity controlled by the controlling shareholder of the Company. The acquisition of
Win100 Wealth was considered as business combination under common control. As of the acquisition date, Win100 Wealth had no
operating activities and there were no assets or liabilities balance, income or expense, or cash flows in the financial statement of
Win100 Wealth. Therefore, there was no financial impact resulting from the
acquisition of Win100 Wealth.
F-
8
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
1. Organization and Description of Business (Continued)
ZYFGL together with its subsidiaries
(collectively, the "Company") are primarily engaged in providing futures brokerage and other financial services in Hong Kong
through a trading platform to its customers. The Company generates brokerage commission income by enabling its customer to trade on multiple
exchanges around the world.
On June 3, 2022, the Company
completed its initial public offering on the National Association of Securities Dealers Automated Quotations ("NASDAQ"). In
this offering,
5,000,000
ordinary shares were issued at a price of $
5.00
per share. The gross proceeds received from the initial public
offering totaled US$
25
million. The Offering closed on June 3, 2022 and the Ordinary Shares began trading on June 1, 2022 on The Nasdaq
Capital Market under the ticker symbol "TOP."
Reorganization
Reorganization of the legal
structure of the Company ("Reorganization") has been completed on March 26, 2020 by carrying out a sequence of contemplated
transactions, where the Company became the holding company of all entities discussed above.
Previous
to the reorganization, both ZYSL and ZYCL were held by Zhong Yang Holdings Company (the "Predecessor Parent Company"), a company
incorporated in Hong Kong with limited liability on April 21, 2015. The Predecessor Parent Company was owned
55.5
% by Ms. Yang Junli,
20.2
%
by Ms. Ji An,
10
% by Mr. Chen Tseng Yuan,
8.3
% by Ms. Lo Yung Yung,
4
% by Ms. Chen Hong, and
2
% by Mr. Li Jian. The
first step of the Reorganization was incorporating TFGL, which had then incorporated ZYSL (BVI) and ZYCL (BVI) on August 29, 2019. With
the approval obtained from HKSFC, the ownership interests in ZYSL and ZYCL were transferred from the Predecessor Parent Company to ZYSL
(BVI) and ZYCL (BVI), respectively on March 26, 2020.
Before and after the Reorganization,
the Company, together with its wholly-owned subsidiaries, are ultimately and effectively controlled by the same shareholders. Hence, the
Reorganization is considered under common control. The consolidation of the Company and its subsidiaries has been accounted for at historical
cost as of the beginning of the first period presented in the accompanying consolidated financial statements.
F-
9
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
2. Summary of Significant Accounting Policies
Basis of presentation and principle of consolidation
These consolidated financial
statements are prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and have been prepared
in accordance with the regulations of the U.S. Securities and Exchange Commission ("SEC").
The consolidated financial
statements include the financial statements of parent company and its wholly owned subsidiaries. All significant intercompany balances
and transactions have been eliminated in consolidation.
Emerging Growth Company
The Company is an "emerging
growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012
(the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the
auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive
compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote
on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1)
of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class
of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS
Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging
growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period
which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company,
as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make comparison of the Company's financial statements with another public company which is neither an emerging growth company
nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential
differences in accounting standards used.
Use of estimates
The preparation of consolidated
financial statements in conformity with accounting principles generally accepted in the U. S. requires the use of estimates and assumptions
that affect both the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of
the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results may differ
from those estimates.
Cash and cash equivalents
Cash and cash equivalents consist
of deposits with banks and all highly liquid investments, with maturities of three months or less. The Company maintains its cash in bank
deposit accounts which at times may exceed insured limits. The Company has not experienced any losses in such accounts. Management believes
that the Company is not exposed to any significant credit risk on cash and cash equivalents.
F-
10
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
2. Summary of Significant Accounting Policies (Continued)
Restricted cash
The balance of restricted cash
represents the bank balance the Company held on behalf of customers. The Company maintains segregated bank accounts with authorized institutions
to hold clients' monies arising from its normal course of business. The segregated clients account balance are restricted for client
transactions and governed by the Securities and Futures (Client Money) Rule under the Hong Kong Securities and Futures Ordinance ("HKSFO").
The Company has classified such segregated clients account balances as restricted cash.
Securities owned, at fair value
Securities owned, at fair value,
mainly investment in common stocks, are recorded at fair value with the resulting realized and unrealized gains and losses reflected in
trading gains in the Consolidated Statements of Income and Comprehensive Income. Realized gains and losses from securities transactions
are recorded on the identified cost basis. All securities transactions and transaction costs are recorded on a trade date basis.
Receivables from broker-dealers and clearing
organizations
Receivables arise from the
business of dealing in futures or investment securities. Broker-dealers will require balances to be placed with them in order to cover
the positions taken by its customers. Clearing house receivables typically represent proceeds receivable on trades that have yet to settle
and are usually collected within two days. The balance of receivables from broker-dealers and clearing organizations represents such receivables
related to the Company's customer trading activities and proprietary trading activities.
As of March 31, 2023 and 2022,
receivables from broker-dealers and clearing organizations consisted of the following:
As of March 31,
2023
2022
Receivables from broker-dealers and clearing organizations for futures customer accounts
$
1,779,923
$
2,112,402
Receivables from broker-dealers and clearing organizations for securities customer accounts
101,831
84,333
Receivables from broker-dealers and clearing organizations for securities proprietary trading
1,331,023
163,422
$
3,212,777
$
2,360,157
Receivables from customers
Receivables from customers
include the trading solution services fees and other amounts due from customers once the transactions have been executed and completed.
Receivables from customers are recorded net of allowance for doubtful accounts. Revenues earned from the future brokerage service are
included in future brokerage commission, and revenues earned from trading solution services are included in trading solution services
income. The amounts receivable from customers that are determined by management to be uncollectible and are recorded as bad debt expense
in the consolidated statements of operations. For the years ended March 31, 2023, 2022 and 2021, no allowance for doubtful accounts were
recorded.
F-
11
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
2. Summary of Significant Accounting Policies (Continued)
Investment in a joint venture
The Company accounts for
the investment in a limited partnership in which the Company holds more than minor equity interest (
3
% -
5
%) in accordance with ASC 970-323-25-6
under the equity method of accounting.
The Company applies the
equity method to account for investment in a limited partnership and other investees, according to ASC 323 "Investments —
Equity Method and Joint Ventures", over which it has significant influence but does not own a controlling financial interest.
Under the equity method,
the Company's share of the post-acquisition profits or losses of the equity investee is recognized in the consolidated statements
of operations and comprehensive income. The Company records its share of the results of the equity investees on a one quarter in arrears
basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee generally represents
goodwill and intangible assets acquired. When the Company's share of losses of the equity investee equals or exceeds its interest
in the equity investee, the Company does not recognize further losses, unless the Company has incurred obligations or made payments or
guarantees on behalf of the equity investee.
The Company continually
reviews its investments in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary.
The primary factors the Company considers in its determination include the financial condition, operating performance and the prospects
of the equity investee; other company specific information such as recent financing rounds; the geographic region, market and industry
in which the equity investee operates; and the length of time that the fair value of the investment is below its carrying value. If the
decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value. No
impairment of was recognized for the years ended March 31, 2023, 2022, and 2021.
Fixed assets, net
Fixed assets are stated at
cost less accumulated depreciation and impairment losses. Depreciation is provided using the straight-line method based on the estimated
useful life. The useful lives of office equipment as follows:
Computer and electronic equipment
3
-
5
years
Software
3
-
5
years
Furniture and fixtures
4
years
Investment properties
50
years
As of March 31, 2023 and
2022, the Company had three apartments in Cambodia and accounted for these apartments as investment properties. The Company holds these
apartments for the purpose to earn rental expenses or capital appreciation.
Expenditures for repairs
and maintenance, which do not materially extend the useful lives of the assets, are expensed as incurred. Expenditures for major renewals
and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of
assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the consolidated statement
of income and other comprehensive income in other income or expenses.
F-
12
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
2. Summary of Significant Accounting Policies (Continued)
Intangible assets
Intangible assets are originally
recognized at cost. The useful lives of intangible assets are assessed to be either finite or indefinite. The Company's intangible
assets consist of eligibility rights to trade on or through the Stock Exchange of Hong Kong Limited (the "SEHK"). Management
has determined that such assets have indefinite useful lives. These intangible assets are not amortized and tested for impairment annually
either individually or at the cash-generating unit level. The useful life of an intangible asset with an indefinite life is reviewed annually
to determine whether indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite
to finite is accounted for on a prospective basis.
Available-for-sale investment
Available for sale investment
mainly include treasury bond. Available-for-sale investments are reported at fair value, with unrealized gains and losses recorded
in accumulated other comprehensive income. Realized gains or losses were included in interest income in the consolidated statements of
income and comprehensive income during the period in which the gain or loss was realized.
Impairment of long-lived assets
The Company reviews long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted
net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured
by the amount by which the carrying amount of the assets exceeds the fair value of the assets. No impairment of long-lived assets was
recognized for the years ended March 31, 2023, 2022 and 2021.
Operating
leases
Under Topic 842, lessees are
required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability,
which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use
asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.
The Company leases its office from a third-party lessor since September 2021, before that the Company leased the same office from the
Predecessor Parent Company, which is classified as an operating lease in accordance with Topic 842.
At the commencement date of
the lease agreement between the Company and the third party lessor, the Company recognizes the lease liability at the present value of
the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined,
the Company's incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially
at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly
of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. There was no impairment
for right-of-use lease assets as of March 31, 2023 and 2022.
The Company also elected the
short-term lease recognition exemption and will not recognize right of use assets or lease liabilities for leases with a term less than
12 months.
Payables to customers
Payables to customers arise
from the business of dealing in futures and investment securities. Payables to customers represent payables related to the Company's
customer trading activities, which include the cash deposits received by the Company as requested by third party broker-dealers to place
with them in order to cover the positions taken by its customers, clearing house payables due on pending trades and payable on demand,
as well as the bank balances held on behalf of customers.
F-
13
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
2. Summary of Significant Accounting Policies (Continued)
Revenue Recognition
a)
Revenue from Contracts with Customers
The Company early adopted ASC
606, Revenue from Contracts with Customers ("ASC 606") on April 1, 2018, using the modified retrospective approach. The adoption
of this ASC 606 did not have a material impact on the Company's consolidated financial statements. ASC 606 establishes principles
for reporting information about the nature, amount, timing and uncertainty of revenues and cash flows arising from the entity's
contracts to provide goods or services to customers. The core principle requires an entity to recognize revenues to depict the transfer
of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for
those goods or services recognized as performance obligations are satisfied. In according with ASC 606, revenues are recognized when the
Company satisfies the performance obligations by delivering the promised services to the customers, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those services.
The Company identified each
distinct service as a performance obligation. The recognition and measurement of revenues is based on the assessment of individual contract
terms. The Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the
amortization period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers
that the Company expects the benefit of those costs to be longer than one year, which need to be recognized as assets.
Futures brokerage commissions
The Company earns fees and
commissions from futures brokerage services based on a fixed rate for each transaction, all of which are under the consolidated accounts
where the customer information are not disclosed to the third party brokers. When a customer executes a futures transaction through the
Company's platform, futures brokerage commission is recognized upon the completion of this transaction. Only a single performance
obligation is identified for each futures trading transaction, and the performance obligation is satisfied on the trade date because that
is when the underlying financial instrument is identified, the pricing of brokerage service is agreed upon and the promised services are
delivered to customers. All of the Company's revenues from contracts with customers are recognized at a point in time. The futures
brokerage service could not be cancelled once it's executed and is not refundable, so returns and allowances are not applicable.
Commissions are charged for each customer trade order executed and cleared by the third-party brokers. The Company recognizes revenues
on a gross basis as the Company is determined to be the primary obligor in fulfilling the trade order initiated by the customer. The Company
may offer volume rebate as trading incentive to certain customer. The Company will review the customer's transaction volume monthly
and provide volume rebates on the commission charged to specific customers with large volume transactions. The volume rebate offered to
such customer is accounted for as a variable consideration and determined based on most-likely amount method, which is recognized as a
reduction of revenues. The volume rebates offered during the years ended March 31, 2022, 2021 and 2020 were $
nil
, $
nil
, and $
64,648
, respectively.
F-
14
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
2. Summary of Significant Accounting Policies (Continued)
Revenue Recognition (continued)
a)
Revenue from Contracts with Customers (continued)
Trading solution services fees
The Company provides trading
solution services to customers (e.g. individuals, proprietary trading companies or brokerage companies) for their trading on derivatives,
equity, CFD and other financial products, through the internally developed proprietary investment management software. The Company's
trading solution provides a variety of functions suitable for front-end transaction executions to back-office settlement operations. The
Company implements the initial installation of such software for each customer and provides hosting services for a period of time, generally
two years, as agreed in the contracts. The initial installation is considered as a set-up activity, rather than a promised service to
customer, which provides no incremental benefit to customer beyond permitting the access and use the hosted application. The Company identifies
a single performance obligation from its contracts with customers. The Company charges each customer a fixed amount of initial installation
fee and the monthly service fee based on a fixed rate per each transaction executed on the platform with a minimum monthly fee required.
The Company recognizes the trading solution services as satisfied over the time.
Structure
note subscription fees
The Company earns subscription
service fees from customers by assisting customers to identify and subscribe for structure note products, which is calculated at a fixed
percentage of investment amount. The Company identifies a single performance obligation for each subscription service, and recognizes
subscription fee income when the customers successfully subscribe for the structure note products and underlying contract between the
customer and financial institution becomes non-cancellable, which is the point in time when the control of service is completed. The Company
recognizes revenue net of discount (if any) on a gross basis as the Company is determined to be the primary obligor in fulfilling the
subscription services.
Other service revenues
The Company also provides other
financial services including securities brokerage, consulting services, and currency exchange services, and earns securities brokerage
commissions, consultancy fee income and other revenues, which are recognized when the service is rendered according to the relevant contracts.
For the years ended March 31, 2023, 2022 and 2021, other revenues accounted for
3.0
%,
3.6
%, and
1.6
% of total revenues from Contracts
with Customers, respectively.
F-
15
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
2. Summary of Significant Accounting Policies (Continued)
Revenue Recognition (continued)
a)
Revenue from Contracts
                                            with Customers (continued)
Sources of revenue
The Company has one revenue
generating reportable geographic segment under ASC Topic 280 "Segment Reporting" and derives its revenues primarily from its
futures brokerage service. The following table presents revenues from contracts with customers, in accordance with ASC Topic 606, by major
source:
For the Years Ended March 31,
2023
2022
2021
Futures brokerage commissions
Commission on futures broking earned from Hong Kong Exchange
$
718,166
$
922,512
$
4,158,080
Commission on futures broking from overseas Exchanges
3,593,909
3,364,526
11,927,735
4,312,075
4,287,038
16,085,815
Trading solution services fees
4,396,207
3,309,288
-
Structure note subscription fees
-
734,317
78,311
Other service revenues
294,083
280,677
277,937
$
9,002,365
$
8,611,320
$
16,442,063
b)
Trading gains, interest income and other
Trading gains and losses
along with interest income fall within the scope of ASC Topic 825, Financial Instruments, which is excluded from the scope of ASC Topic
606. Trading gains and losses mainly consist of realized and unrealized gains and losses from the investment in US common stocks, which
are included in Securities owned, at fair value. Interest and other income primarily consist of interests earned on bank deposit.
Commission expenses
Commission expenses related
to futures and other financial service transactions are primarily transaction cost paid to broker-dealers. These costs are expensed as
incurred.
F-
16
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
2. Summary of Significant Accounting Policies (Continued)
Income taxes
The Company accounts for income
taxes in accordance with the U.S. GAAP. Under the asset and liability method as required by this accounting standard, the recognition
of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax
basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred
taxes.
The charge for taxation is
based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that
have been enacted or substantively enacted by the balance sheet date.
Deferred tax is accounted for
using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets
and liabilities in the financial statements and the corresponding tax basis. Deferred tax assets are recognized to the extent that it
is probable that taxable income to be utilized with prior net operating loss carried forwards. Deferred tax is calculated using tax rates
that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in
the income statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a
valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets
will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.
An uncertain tax position is
recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination,
with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than
50
% likely
of being realized on examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense
in the period incurred. The Company does not believe that there was any uncertain tax position as of March 31, 2023 and 2022.
Earnings per share
Basic earnings per ordinary
share is computed by dividing net earnings attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding
during the period. Diluted earnings per share is computed by dividing net income attributable to ordinary shareholders by the sum of the
weighted average number of ordinary share outstanding and of potential ordinary share (e.g., convertible securities, options and warrants)
as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary share that have
an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted
earnings per share. For the years ended March 31, 2023, 2022 and 2021, the Company had no dilutive stocks.
Translation of foreign currencies
The functional currency is
U.S. dollar for the Company's Cayman Island operations, Hong Kong dollar for Hong Kong subsidiaries' operations, and Singapore
dollar for Singapore subsidiaries' operations. The Company's reporting currency is the U.S. dollar. Assets and liabilities
denominated in foreign currencies are translated at year-end exchange rates, income statement accounts are translated at average rates
of exchange for the year and equity is translated at historical exchange rates. Any translation gains or losses are recorded in other
comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in net income.
F-
17
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
2. Summary of Significant Accounting Policies (Continued)
Translation of foreign currencies (continued)
The following table outlines
the currency exchange rates that were used in creating the consolidated financial statements in this report:
As of March 31,
2023
2022
HKD exchange rate for balance sheet items, except for equity accounts
7.8499
7.8325
SGD exchange rate for balance sheet items, except for equity accounts
1.3294
N/A
For the Years Ended March 31,
2023
2022
2021
HKD exchange rate for items in the statements of income and comprehensive income, and statements of cash flows
7.8389
7.7844
7.7526
SGD exchange rate for items in the statements of income and comprehensive income, and statements of cash flows
1.3739
N/A
N/A
Fair value of financial instruments
Fair value is defined as the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities
to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy are
described below:
Level 1 –
inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 1 assets
included securities owned, at fair value.
Level 2 – inputs to the valuation
methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets
or liability, either directly or indirectly, for substantially the full term of the financial instruments. As of March 31, 2023 and 2022,
and for the years ended March 31, 2023, 2022 and 2021, there was no Level 2 assets owned.
Level 3 – inputs to
the valuation methodology are unobservable and significant to the fair value. As of March 31, 2023 and 2022, and for the years ended
March 31, 2023, 2022 and 2021, there was no Level 3 assets owned.
As of March 31, 2023 and 2022,
financial instruments of the Company comprised primarily current assets and current liabilities including cash and cash equivalents, restricted
cash, loans receivable, receivables from customers, both third parties and related party, receivables from broker-dealers and clearing
organizations, securities owned, at fair value, and payables to customers. The carrying amount of cash and cash equivalents, restricted
cash, loans receivable, receivables from customers, both third parties and related party, receivables from broker-dealers and clearing
organizations, and payables to customers approximate their fair values because of the short-term nature of these instruments. Securities
owned, at fair value as of March 31, 2023 and 2022, mainly consist of common stock investments and are based upon quoted market price.
Share-based compensation
Share-based awards granted are measured at fair
value on grant date and share-based compensation expense is recognized (i) immediately at the grant date if no vesting conditions are
required, or (ii) using the straight-line attribution method, net of estimated forfeitures, over the requisite service period. The fair
values of restricted stock units ("RSUs") and restricted shares are determined with reference to the fair value of the underlying
shares and the fair value of share options is generally determined using the Black-Scholes valuation model. The value is recognized as
an expense over the respective service period, net of estimated forfeitures. Share-based compensation expense, when recognized, is charged
to the consolidated income statements with the corresponding entry to additional paid-in capital, liability or noncontrolling interests.
On each measurement date, the Company reviews
internal and external sources of information to assist in the estimation of various attributes to determine the fair value of the share-based
awards granted by the Company, including the fair value of the underlying shares, expected life and expected volatility. The Company recognizes
the impact of any revisions to the original forfeiture rate assumptions in the consolidated income statements, with a corresponding adjustment
to equity.
F-
18
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
2. Summary of Significant Accounting Policies (Continued)
Segment reporting
Operating segments are reported
in a manner consistent with the internal reporting provided to the chief operating decision maker (the "CODM"), which
is comprised of certain members of the Company's management team. Consequently, the Company has determined that it has only one
reportable operating segment.
Concentration
For the year ended March 31,
2023, 2  customers accounted for approximately
13
%, and
10
%  of the total revenue, respectively. For the year ended March 31,
2022, three customers accounted for approximately
35
%,
18
% and
11
% of the total revenue, respectively. For the year ended March 31, 2021,
two customers accounted for approximately
59
% and
22
% of the total revenue, respectively.
For the year ended March 31,
2023, 2  brokers accounted for approximately
76
%, and
18
%  of the total commission expenses, respectively. For the year ended
March 31, 2022, three brokers accounted for
55
%,
35
% and
11
% of the total commission expenses, respectively. For the year ended March
31, 2021, no brokers accounted for more than
10
% of the total commission expenses.
As of March 31, 2023, the payable
balance due to 2  customers accounted for approximately
27
%, and
19
%  of the total balance of payable to customers, respectively.
As of March 31, 2022, the payable balance due to three customers accounted for approximately
36
%,
17
% and
11
% of the total balance of
payable to customers, respectively.
Reclassification
Certain items in the
financial statements of comparative period have been reclassified to conform to the financial statements for the current period. The
reclassification has no impact on the total assets and total liabilities as of March 31, 2023 and 2022 or on the statements of
operations for the year ended March 31, 2023, 2022 and 2021.
Recent Accounting Pronouncements
In
June 2016, the FASB issued ASU No. 2016-13, "Measurement
of Credit Losses on Financial Instruments (Topic 326)", which significantly changes the way entities recognize impairment of many
financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life, instead of
when incurred. In November 2018, the FASB issued ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments—Credit
Losses", which amends Subtopic 326-20 (created by ASU No.2016-13) to explicitly state that operating lease receivables are not in
the scope of Subtopic 326-20. Additionally, in April 2019, the FASB issued ASU No.2019-04, "Codification Improvements to Topic 326,
Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments", in May 2019,
the FASB issued ASU No. 2019-05, "Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief", and
in November 2019, the FASB issued ASU No. 2019-10, "Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging
(Topic 815), and Leases (Topic 842): Effective Dates", and ASU No. 2019-11, "Codification Improvements to Topic 326, Financial
Instruments—Credit Losses", to provide further clarifications on certain aspects of ASU No. 2016-13 and to extend the nonpublic
entity effective date of ASU No. 2016-13. The changes (as amended) are effective for the Company for annual and interim periods in fiscal
years beginning after December 15, 2022, and the adoption of the new accounting guidance did not have material impact on our consolidated
financial statements.
The Company does not believe
other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated
financial position, statements of operations and cash flows.
F-
19
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
3. Receivables from customers
As of March 31, 2023 and 2022,
receivables from customers consisted of the following:
As of March 31,
2023
2022
Receivable due from trading solution services
$
3,773,982
$
1,230,542
$
3,773,982
$
1,230,542
As of March 31, 2023 and 2022,
the Company assessed the collection from the customers and did not provide allowance against receivables from customers.
4. Loans receivable
As of March 31, 2023 and 2022,
fixed assets consisted of the following:
As of March 31,
2023
2022
Loans receivable (i)
$
5,000,000
$
-
Receivable due customers holding US stocks (ii)
3,855,220
$
8,855,220
$
-
(i)
In October 2022, the Company and a third party entity entered
into a loan agreement, pursuant to which the Company made a loan of $
5,000,000
to the borrower at the interest rate of
0.67
% per month.
The borrower repaid the outstanding principal and interest in June 2023.
For the year ended March 31, 2023, the Company
recorded interest income of $
167,500
from the loan.
(ii)
The balance due from customers holding US stocks represented the purchase price of stock exceeding the deposits paid by customers
which traded these US stocks through the Company's platform. The US stocks were under custodian of the Company, and the customers
shall fully paid the balance to the Company before they sold these stocks.
5. Fixed assets, Net
As of March 31, 2023 and 2022,
fixed assets consisted of the following:
As of March 31,
2023
2022
Investment properties
$
413,890
$
413,890
Computer and electronic equipment
50,911
53,626
Software
85,602
3,056
Furniture and fixtures
-
4,929
Less: accumulated depreciation
(
68,273
)
(
54,216
)
$
482,130
$
421,285
Depreciation expense was $
25,496
,
$
10,778
, and $
13,288
for the years ended March 31, 2023, 2022 and 2021, respectively.
F-
20
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
6. Employee Benefits
All salaried employees of the
Company in Hong Kong are enrolled in a Mandatory Provident Fund Scheme ("MPF scheme") scheme under the Hong Kong Mandatory
Provident Fund Schemes Ordinance, within two months of employment. The MPF scheme is a defined contribution retirement plan administered
by an independent trustee. The Company makes regular contributions of
5
% of the employee's relevant income to the MPF scheme, subject
to a maximum of $
191
per month. Contributions to the plan vest immediately. The Company recorded MPF expense of $
17,544
, $
16,847
and $
17,410
for the years ended March 31, 2023, 2022 and 2021, respectively.
7. Fair Value
The following table present
information about the Company's assets by major category measured at fair value on a recurring basis as of March 31, 2023 and 2022,
and indicates the fair value hierarchy of the valuation technique utilized by the Company to determine such fair value.
Assets measured at fair value
on a recurring basis as of March 31, 2023 and 2022:
March 31, 2023
Carrying
Fair Value
Value
Level 1
Level 2
Level 3
Total
Assets:
Securities owned, at fair value
$
2,741,178
$
2,741,178
$
-
$
-
$
2,741,178
Total assets at fair value
$
2,741,178
$
2,741,178
$
-
$
-
$
2,741,178
March 31, 2022
Carrying
Fair Value
Value
Level 1
Level 2
Level 3
Total
Assets:
Securities owned, at fair value
$
1,288,747
$
1,288,747
$
-
$
-
$
1,288,747
Total assets at fair value
$
1,288,747
$
1,288,747
$
-
$
-
$
1,288,747
There was no transfer between any levels during
the years ended March 31, 2023, 2022, and 2021
F-
21
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
8. Operating lease
As of March 31, 2023, the
Company had two non-cancelable office operating lease agreements with two third-party lessors, with lease term of two years
and three years, respectively. Both lease agreements matured in September 2024.  The Company considers those renewal or
termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of right
of use assets and lease liabilities. Lease expense for lease payment is recognized on a straight-line basis over the lease term.
The Company determines whether
a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or
operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however,
most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company discount lease payments
based on an estimate of its incremental borrowing rate.
The Company's lease agreements
do not contain any material residual value guarantees or material restrictive covenants.
The table below presents the
operating lease related assets and liabilities recorded on the balance sheets.
As of March 31,
2023
2022
Rights of use lease assets
$
156,656
$
242,665
Operating lease liabilities
$
150,139
$
244,861
The weighted average remaining
lease terms and discount rates for the above operating lease were as follows as of March 31, 2023 and 2022:
As of March 31,
2023
2022
Remaining lease term and discount rate
Weighted average remaining lease term (years)
1.46
2.46
Weighted average discount rate
5
%
5
%
During the years ended March
31, 2023, 2022, and 2021, the Company incurred total operating lease expenses of $
104,557
, $
115,176
, and $
119,759
, respectively.
The following is a schedule,
by years, of maturities of lease liabilities as of March 31, 2023:
Twelve months ended March 31, 2024
$
110,982
Twelve months ended March 31, 2025 and thereafter
44,141
Total lease payments
155,123
Less: imputed interest
(
4,984
)
Present value of lease liabilities
$
150,139
9. Investment in a joint venture
On June 24, 2022, the Company
entered into a partnership agreement to invest $
256,420
(HKD
2,000,000
), for
20
% partnership interest in the limited partnership. The
funds raised by the limited partnership are invested in biological entities. As of March 31, 2023, the limited partnership has not commenced
operation, and the Company did not record its share of the operating loss of the limited partnership for the year ended March 31, 2023.
As of March 31, 2023, no significant impairment indicators have been noted in connection with the investment.
F-
22
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
10. Share-based compensation
Effective on May 31, 2022,
the Company employed three non-executive directors. As part of compensation expenses, the Company agreed to issue ordinary shares to the
three directors. On quarterly basis, each director would receive ordinary shares with a fair value of $
5,000
, and the number of ordinary
shares is determined by the closing market price on issuance dates.
For the year ended March 31,
2023, the Company issued an aggregation of
4,365
ordinary shares to the three directors, and recognized share-based compensation expenses
of $
50,173
in the account of "compensation and benefits" in the consolidated statements of income and comprehensive income.
11. Equity
Ordinary shares
The Company's authorized
share capital is
50,000,000
ordinary shares, par value $
0.001
per share. On August 1, 2019, the Company issued
50,000,000
ordinary shares,
which issuance was considered as being part of the reorganization of the Company.
On September 9, 2021,
the sole shareholder of the Company surrendered 20,000,000 ordinary shares of US$0.001 par value each for no consideration. On September
9, 2021 the Company's shareholders and Board of Directors approved to amend the authorized share capital from US$50,000, divided
into 50,000,000 ordinary shares of a par value of US$0.001 per share, to US$150,000, divided into 150,000,000 ordinary shares of a par
value of US$0.001 per share. The Company believes it is appropriate to reflect the such changes in share structure on a retroactive basis
pursuant to ASC 260. The Company has retroactively restated all shares and per share data for all periods presented. As a result, the
Company had 150,000,000 authorized shares, par value of US$0.001, of which 30,000,000 and 30,000,000 were issued and outstanding as of
March 31, 2022 and 2021.
On June 3, 2022, the Company
completed its IPO on NASDAQ. In this offering,
5,000,000
ordinary shares were issued at a price of $
5.00
per share.
In addition, the Company incurred offering costs of $
2,507,160
related to the IPO, which
was charged as a reduction against additional paid-in capital. The Company raised net proceeds of $
22,492,840
from the IPO.
On June 17, 2022, the Company
issued
50,000
ordinary shares to its US counsel as a service fee equivalent of $
200,000
for successful listing. The Company
recorded the issuance as a share-based compensation expenses of $
200,000
with corresponding account against additional paid-in capital.
On
January 20, the US counsel and the Company entered into an agreement relating to cancellation of
50,000
ordinary shares. In return, the
Company paid cash consideration of $
200,000
as service fees to the Company. The Company reversed the ordinary shares and additional paid-in
capital.
On October 11, 2022 and January
10, 2023, the Company issued an aggregation of
1,560
and
3,075
ordinary shares, respectively, to three non-executive directors as part
of their compensation. See Note 9 for details.
As of March 31, 2023 and 2022, the Company had
35,004,635
and
30,000,000
ordinary
shares issued and outstanding, respectively.
Repurchase of warrants
In connection with the IPO,
the Company also agreed to sell warrants (the "Underwriters' Warrants") to the underwriters, for a nominal consideration
of US$
0.01
per warrant, to purchase a number of Ordinary Shares equal to
6
% of the total number of Ordinary Shares sold in the IPO. The
Underwriters' Warrants shall have an exercise price equal to
120
% of the offering price of the Ordinary Shares sold in the IPO.
The Underwriters' Warrants may be exercised in cash or via cashless exercise, will be exercisable for
three
(3)
years
from the commencement
of sales of this offering and will terminate on the third anniversary of the commencement of sales of this offering in compliance with
FINRA Rule 5110(g)(8)(A). The Underwriters' Warrants can be exercised in whole or in part.
In February 2023, the Company
and the underwriter entered into an agreement, pursuant to which the underwriter agreed to cancel all
300,000
warrants in exchange for
cash consideration of $
300,000
. As of March 31, 2023, the Company has paid $
150,000
to the underwriter, and the other $
150,000
will due
six months from the termination date.
F-
23
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
12. Income Taxes
Cayman Islands
Under the current and applicable
laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the
Company to its shareholders, no Cayman Islands withholding tax will be imposed.
British Virgin Islands
Under the current and applicable
laws of BVI, the Company BVI subsidiaries are not subject to tax on income or capital gains.
Hong Kong
ZYSL and ZYCL are incorporated
in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted
in accordance with relevant Hong Kong tax laws. For the years ended March 31, 2023, 2022 and 2021, Hong Kong profits tax is calculated
in accordance with the two-tiered profits tax rates regime. The applicable tax rate for the first HKD
2
million of assessable profits
is
8.25
% and assessable profits above HKD
2
million will continue to be subject to the rate of
16.5
% for corporations in Hong Kong, effective
from the year of assessment 2018/2019. Before that, the applicable tax rate was
16.5
% for corporations in Hong Kong. Under Hong Kong tax
laws, ZYSL and ZYCL are exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance
of dividends.
Singapore
Top Fin and Top AM are incorporated
in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted
in accordance with relevant Singapore tax laws. Top Fin and Top AM are subject to a flat rate of
17
%.
The current and deferred portions
of the income tax expense (benefit) included in the statements of operations and comprehensive income as determined in accordance with
FASB ASC 740 are as follows:
For the Years Ended March 31,
2023
2022
2021
Current income tax expense
$
31,520
$
88,647
$
70,765
Deferred income tax expense
-
-
-
$
31,520
$
88,647
$
70,765
F-
24
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
12. Income Taxes (Continued)
A reconciliation of the difference
between the expected income tax expense or benefit computed at applicable statutory income tax rates and the Company's income tax
expense is shown in the following table:
For the Years Ended March 31,
2023
2022
2021
Income tax expense at applicable statutory rate
$
565,828
$
590,692
$
844,047
Nondeductible expenses
-
181,910
12,238
Income not subject to tax (2)
(
421,297
)
(
539,572
)
(
98,326
)
Income tax of other jurisdictions (3)
(
30
)
-
-
Nontaxable offshore profit
(
113,777
)
(
143,098
)
(
664,621
)
Benefit on tax concession (note (1))
(
765
)
(
1,285
)
(
22,573
)
Changes in valuation allowance
1,561
-
-
$
31,520
$
88,647
$
70,765
(1)
The provision for Hong Kong Profits Tax for 2023 is calculated at 16.5%
(2022 and 2021: 16.5%) of the estimated assessable profits for the year, taking into account a reduction granted by the Hong Kong SAR
Government of 100% of the tax payable for the year of assessment 2022-23 subject to a maximum reduction of HK$6,000 for each business
(2022: a maximum reduction of HK$10,000 was granted for the year of assessment 2021-22 and was taken into account in calculating the provision
for 2022, 2021: a maximum reduction of HK$10,000 was granted for the year of assessment 2020-21 and was taken into account in calculating
the provision for 2021).
(2)
The
Company also has entities domiciled in the British Virgin Islands, but such entities are not subject to income or capital gains taxes.
(3)
Top
Fin and Top AM were established in Singapore, which are subject to income tax rate of 17%.
F-
25
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
13. Related Party Transaction and Balance
a. Nature of relationships with related parties
Name
Relationship with the Company
Zhong Yang Holdings Limited
Predecessor Parent Company, owned by the same group of shareholders and determined to be a related party upon the completion of the Reorganization on March 26, 2020
Sunx Global Limited
Predecessor Parent Company owns 95% of Sunx Global Limited
Mr. Huaixi Yang
Immediate family member of Ms. Junli Yang, the Chairwoman of the Board
WSYQR Limited
Wholly owned by Mr. Huaixi Yang
b. Related parties transactions
For the Years Ended March 31,
Nature
2023
2022
2021
Zhong Yang Holdings Limited
Rental expenses
$
-
$
54,510
$
119,759
Sunx Global Limited
Gross commission income
$
-
$
315
$
19,959
Mr. Huaixi Yang
Gross commission income
$
1,962
$
1,133
$
-
Mr. Huaixi Yang
Interest income
$
96,317
$
1,133
$
-
WSYQR Limited
Gross commission income
$
8,884
$
10,602
$
-
c. Balance with related parties
Nature
March 31, 2023
March 31, 2022
Mr. Huaixi Yang
Receivable due from customers – a related party
$
1,523,259
$
-
Mr. Huaixi Yang
Payable to customers - related parties
$
-
$
3,378
WSYQR Limited
Payable to customers - related parties
$
12,577
$
65,398
Sunx Global Limited
Payable to customers - related parties
$
30,550
$
30,647
F-
26
TOP Financial Group Limited
(formerly "Zhong Yang Financial Group Limited")
Notes to Consolidated Financial Statements
For the Years Ended March 31, 2023, 2022 and
2021
14. Regulatory Requirements
The following table illustrates
the minimum regulatory capital as established by the Hong Kong Securities and Futures Commission that the Company's subsidiaries
were required to maintain as of March 31, 2023 and 2022, and the actual amounts of capital that were maintained.
Capital requirements as of March 31, 2023
Minimum
Regulatory
Capital
Excess
Percent of
Capital
Levels
Net
Requirement
Requirements
Maintained
Capital
Maintained
Zhong Yang Securities Limited
$
382,170
$
4,790,634
$
4,408,464
1,254
%
Zhong Yang Capital Limited
382,170
642,556
260,386
168
%
Total
$
764,340
$
5,433,190
$
4,668,850
711
%
Capital requirements as of March 31, 2022
Minimum
Regulatory
Capital
Excess
Percent of
Capital
Levels
Net
Requirement
Requirements
Maintained
Capital
Maintained
Zhong Yang Securities Limited
$
383,019
$
5,107,820
$
4,724,801
1,334
%
Zhong Yang Capital Limited
383,019
647,686
264,666
169
%
Total
$
766,038
$
5,755,506
$
4,989,467
751
%
15. Subsequent Events
On April 12, 2023, the Company,
through ZYAL, closed an acquisition of
100
% equity interest in TOP 500 SEC PTY LTD ("Top 500") from the sole shareholder of
Top 500 (the "Seller"). The Seller is a company controlled by Junli Yang, the Chairwoman of the Board of Directors of the
Company. The cash consideration was agreed at $
700,000
. In August 2022, ZYAL paid $
200,000
upon signing of the share purchase agreement
and recorded the investment as "deposit of long-term investment". The remaining $
500,000
was paid upon closing of the acquisition.
Top 500 is a brokerage
firm in Australia that owns an Australian Financial Services License (AFSL: 328866). Top 500 provides financial services in Australia
that includes arranging or providing financial advice on financial products such as derivatives, foreign exchange contracts, stock and
bond issuance etc.
F-27