Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 12

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 12
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 in the future there is any significant change to the current political arrangements between mainland China and Hong Kong and mainland China’s expanded authority in Hong Kong result in the PRC regulatory authorities disallowing our current corporate structure, or if in the future our structure were to contain a VIE and the mainland PRC regulatory authorities expand to Hong Kong and disallow our corporate structure, it would likely result in a material adverse change in the VIE’s operations, and the value of our securities may decline significantly in value or become worthless.

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Although currently we do not
have any business operations or VIE in mainland China and we believe that the laws and regulations of the PRC applicable in China do not
currently have any material impact on our business, financial condition or results of operations, we face risks and uncertainties associated
with the complex and evolving PRC laws and regulations and as to whether and how the recent PRC government statements and regulatory developments,
such as those relating to our VIE or subsidiaries, data and cyberspace security, and anti-monopoly concerns, would be applicable to Scipio,
given its substantial operations in Hong Kong and the Chinese government’s significant oversight authority over the conduct of business
in Hong Kong.

In light of China’s
prior expansion of authority in Hong Kong, we are subject to the risks of uncertainty about any future actions of the PRC government or
authorities in Hong Kong. The Chinese government may intervene or influence our current and future operations in Hong Kong at any time,
or may exert more control over offerings conducted overseas and/or foreign investment in issuers likes ourselves. We believe that, on
the basis that we currently do not have any business operations in mainland China, we currently are not required to obtain approvals from
Chinese authorities to operate our business or list on the U.S. exchanges and offer securities; specifically, neither our VIE nor any
of the subsidiaries is currently required to obtain any permission or approval from the China Securities Regulatory Commission (“CSRC”),
Cyberspace Administration of China (“CAC”) or any other PRC governmental authority to operate its business or for us to continue
to list our securities on a U.S. securities exchange or issue securities to foreign investors. However, there is no assurance that there
will not be any changes in the economic, political and legal environment in Hong Kong in the future. Should the PRC government choose
to affect operations of any company with any level of operations in Hong Kong, or should certain PRC