Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 141

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 141
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 contract involving the transfer
of shares or any class of shares in a company to another company has, within four months after the making of the offer, been approved
by the holders of not less than ninety per cent in value of the shares affected, the offeror may, within a two-month period commencing
on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer.
Dissenting shareholders may object by filing proceedings in the Grand Court of the Cayman Islands, but such objections are unlikely to
be successful where the offer has been accepted by holders of 90% in value of the shares affected unless there is evidence of fraud, bad
faith or collusion.

If an arrangement and reconstruction of a Cayman
Islands company is approved by at least 90% in value of shareholders (as described above), a dissenting shareholder would have no rights
comparable to the appraisal rights which it would have if the company in question were a Delaware corporation (being the right to receive
payment in cash for the judicially determined value of its shares).

Shareholders’ Suits. In
principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule a derivative action
may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority
in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles (namely the rule in Foss
v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or
derivative actions in the name of our company to challenge actions where:

| ● | a company acts or proposes to act illegally or ultra vires; |

| ● | the act complained of, although not ultra vires, could only be effected duly if authorized by more 
 than a simple majority vote that has not been obtained; and                                        |

| ● | those who control our company are perpetrating a “fraud on the 
 minority.”                                                     |

Indemnification of Directors and Executive Officers and Limitation of Liability. The ability of Cayman Islands companies to provide in their articles of association
for indemnification of officers and directors is limited, insofar as it is not permissible for the directors to contract out of the core
fiduciary duties they owe to the company, nor would