Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 84

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 84
---
 of rules and regulations with little or no
advance notice. We currently do not have plan to expand our operation or acquire any operation in the mainland China. However, we may
also become subject to the laws and regulations of the PRC to the extent we commence business and customer facing operations in mainland
China as a result of any future acquisition, expansion or organic growth.

The PRC government exerts substantial influence
and discretion over the manner in which companies incorporated under the laws of PRC must conduct their business activities. If we were
to become subject to such direct influence or discretion, it may result in a material change in our operations and/or the value of our
Class A Ordinary Shares, which would materially affect the interest of the investors.

The PRC legal system is evolving
rapidly and the PRC laws, regulations, and rules may change quickly with little advance notice. In particular, because these laws, rules
and regulations are relatively new, and because of the limited number of published decisions and the non-precedential nature of these
decisions, the interpretation of these laws, rules and regulations may contain inconsistences, the enforcement of which involves uncertainties.
The PRC government has exercised and continues to exercise substantial control over many sectors of the PRC economy through regulation
and/or state ownership. Government actions have had, and may continue to have, a significant effect on economic conditions in the PRC
and businesses which are subject to such government actions.

We have business operations
in Hong Kong, but not in mainland China, and we directly, or indirectly via our subsidiaries, own equity interests in our operating entities,
none of which are located in mainland China, although all three of our VIEs are incorporated under the laws of Cayman Islands and conduct
operations in Hong Kong. Our principal executive offices are located in Europe, but our principal place of business is in Hong Kong, a
special administrative region of China. The PRC government currently does not exert direct influence and discretion over the manner in
which we conduct our business activities outside of mainland China, however, there is no guarantee that we will not be subject to such
direct influence or discretion in the future due to changes in laws or other unforeseeable reasons or as a result of our future expansion
or acquisition of operations in mainland China. See “- Our business, financial condition and results of operations, and/or the value
of our Class A Ordinary Shares or our ability to offer or continue to offer securities to investors may be materially and adversely affected