Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 229

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 229
---
 our potential
market in the PRC, we have obtained an exclusive license of certain PRC patents directed to certain of the drug candidates that we are
developing and are currently seeking approval of additional patent and other IP filings in the PRC. Seeking IP approval in the PRC subjects
us to some of the rules and practices of the PRC government. Since the Company intends eventually to market its products in the PRC, at
least some of our drug candidates may become subject to regulatory approval and marketing authorization in the PRC.

<div align='center'>117</div>

Permission Required from the PRC Authorities

As of the date hereof, we
are not required to obtain approvals from the PRC authorities to operate our business or list on the U.S. exchanges and offer or continue
to offer securities; specifically, we are currently not required to obtain any permission or approval from the CSRC, the CAC or any other
PRC governmental authority to operate our business or to list our securities on a U.S. securities exchange or issue securities to foreign
investors. The laws and regulations of mainland China do not currently have any material impact on our business, financial condition or
results of operations and we are currently not subject to the PRC government’s direct influence or discretion over the manner in
which we conduct our business activities outside of the mainland China.

Nevertheless, we are aware
that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas
in mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision
over mainland Chinese companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews,
and expanding the efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain
how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed
implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what potential impact such modified
or new laws and regulations will have on Aptorum Group’s daily business operations, its ability to accept foreign investments and
the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. If there is significant change to current political arrangements
between mainland China and Hong Kong, the PRC government intervenes or influences operations of companies operated in Hong Kong like us,
or exerts more control through change of laws and