Different from what you may expect, the .top extension does not mean "summit" as used in English. Instead, it stands for "ranking" to the Chinese user and is in fact a very common word in daily conversations. Chinese users are fond of any rankings and competitions. Every month, quarter or year several rankings are released that identify the best players in the different industry sectors.
But of course, the .top extension can be used as the English "top" as well - the best, the first, the fastest. Registration of .top domains is available to anybody without restrictions.