Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 166

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 166
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 as depositary, the depositary
shall not lend shares or ADSs; provided, however, that the depositary may (i) issue ADSs prior to the receipt of shares and
(ii) deliver shares prior to the receipt of ADSs for withdrawal of deposited securities, including ADSs which were issued under
(i) above but for which shares may not have been received (each such transaction a “pre-release”). The depositary
may receive ADSs in lieu of shares under (i) above (which ADSs will promptly be canceled by the depositary upon receipt by the
depositary) and receive shares in lieu of ADSs under (ii) above. Each such pre-release will be subject to a written agreement
whereby the person or entity (the “applicant”) to whom ADSs or shares are to be delivered (a) represents that at
the time of the pre-release the applicant or its customer owns the shares or ADSs that are to be delivered by the applicant under
such pre-release, (b) agrees to indicate the depositary as owner of such shares or ADSs in its records and to hold such shares
or ADSs in trust for the depositary until such shares or ADSs are delivered to the depositary or the custodian,
(c) unconditionally guarantees to deliver to the depositary or the custodian, as applicable, such shares or ADSs, and
(d) agrees to any additional restrictions or requirements that the depositary deems appropriate. Each such pre-release will be
at all times fully collateralized with cash, U.S. government securities or such other collateral as the depositary deems
appropriate, terminable by the depositary on not more than five (5) business days’ notice and subject to such further
indemnities and credit regulations as the depositary deems appropriate. The depositary will normally limit the number of ADSs and
shares involved in such pre-release at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to
ADSs outstanding under (i) above), provided, however, that the depositary reserves the right to change or disregard such limit
from time to time as it deems appropriate. The depositary may also set limits with respect to the number of ADSs and shares
involved in pre-release with any one person on a case-by-case basis as it deems appropriate. The depositary may retain for its own
account any compensation received by it in conjunction with the foregoing