Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 86

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 86
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 has a PRC company or PRC corporate
group as its primary controlling shareholder.

<div align='center'>S-49</div>

According to SAT Circular 82, a Chinese-controlled
offshore-incorporated enterprise will be regarded as a PRC resident enterprise by virtue of having its “de facto management body”
in China and will be subject to PRC enterprise income tax on its global income only if all of the following conditions are met:

| ● | the senior management and core management departments in charge of the enterprise’s daily operations function are mainly in the PRC; |

| ● | financial and human resources decisions of the enterprise are subject to determination or approval by persons or bodies in the PRC; |

| ● | the enterprise’s major assets, accounting books, company seals, and minutes and files of its board and shareholders’ meetings are located or kept in the PRC; and |

| ● | 50% or more of the enterprise’s directors or senior management with voting right habitually reside in the PRC. |

SAT Bulletin No. 45
further clarifies certain issues related to the determination of tax resident status and competent tax authorities. It also specifies
that when provided with a copy of Recognition of Residential Status from a resident Chinese-controlled offshore-incorporated enterprise,
a payer does not need to withhold income tax when paying certain PRC-sourced income such as dividends, interest and royalties to such
Chinese-controlled offshore-incorporated enterprise.

SAT Bulletin No. 9
further provides that, among other things, an entity that is classified as a “PRC resident enterprise” in accordance with
the SAT Circular 82 shall file the application for classifying its status of residential enterprise with the local tax authorities where
its main domestic investors are registered. From the year in which the entity is determined as a “PRC resident enterprise”,
any dividend, profit and other equity investment gain shall be taxed in accordance with the EIT Law and its implementing rules.

If the Company or any of our subsidiaries outside of mainland China were to be considered a PRC “resident enterprise” under the EIT Law, we will be subject to PRC enterprise income tax on our worldwide income at a uniform tax rate of 25.0%. See “Risk Factors—Risks Related to Doing Business in China—If we are classified as a PRC resident enterprise for PRC enterprise income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders and ADS holders.”

Income Tax