Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 131

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 131
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 National Archives Administration of China, revised the Provisions on Strengthening Confidentiality
and Archives Administration for Overseas Securities Offering and Listing which was issued by the CSRC, National Administration of State
Secrets Protection and National Archives Administration of China in 2009, or the Provisions. The revised Provisions is issued under the
title the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic
Companies, and came into effect on March 31, 2023 together with the Trial Measures. One of the major revisions to the revised Provisions
is expanding its application to cover indirect overseas offering and listing, as is consistent with the Trial Measures. The revised Provisions
require that, including but not limited to (a) a domestic company that plans to, either directly or indirectly through its overseas listed
entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers
and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first
obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; and
(b) domestic company that plans to, either directly or indirectly through its overseas listed entity, publicly disclose or provide to
relevant individuals and entities including securities companies, securities service providers and overseas regulators, any other documents
and materials that, if leaked, will be detrimental to national security or public interest, shall strictly fulfill relevant procedures
stipulated by applicable national regulations. As of the date hereof, we have not received any formal inquiry, notice, warning, sanction,
or objection from the CSRC with respect to the listing of our Class A Ordinary Shares. However, 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 it is determined that we are subject to the Trial Measures for the listing of the Ordinary Shares on the Nasdaq,
we may fail to obtain required approval, complete required filing or meet such requirements in a timely manner or at all, or completion
could be rescinded. Any failure or perceived failure of us to fully comply with such new regulatory requirements could significantly limit
or completely hinder our ability to offer or continue to offer securities to investors, cause significant disruption to our business operations,
and severely damage our reputation, which could materially and adversely affect our financial condition and results of operations and
could cause the value of our securities to significantly decline or be