Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 71

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 71
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 may not be able to do so in a timely manner and at commercially acceptable
terms, or at all. In addition, Chinese companies may have to limit and reduce their research and development and other business activities,
or cease conducting transactions with parties, in the United States and other countries that impose export controls or other restrictions.
Rising trade and political tensions could reduce levels of trade, investments, technological exchanges and other economic activities between
China and other countries, which would have an adverse effect on global economic conditions, the stability of global financial markets,
and international trade policies.

Although the direct impact of the current international
trade and political tension, and any escalation of such tension, on the education industry in China is uncertain, the negative impact
on general, economic, political and social conditions may adversely impact our business, financial condition and results of operations.

PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of our offering of securities to make loans to or make additional capital contributions to our PRC subsidiary, which could materially and adversely affect our liquidity and our ability to fund and expand our business.

As an offshore holding company of our PRC subsidiary,
we may make loans to our PRC subsidiary, or we may make additional capital contributions to our PRC subsidiary. Such loans to our PRC
subsidiary in China and capital contributions are subject to PRC regulations and approvals. For example, loans by us to our PRC subsidiary
cannot exceed statutory limits and must be filed with the State Administration of Foreign Exchange (“SAFE”) via SAFE’s
official online system. Besides SAFE filing, such loans may also need to be filed with the NDRC or its local branches. In addition, the
convertibility of foreign currencies into Renminbi and use of the proceeds might also be subject to PRC regulations. In March 2015, SAFE
promulgated SAFE Circular 19, which took effect and replaced certain previous SAFE regulations from June 2015. SAFE further promulgated
the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Administrative Provisions on Capital Account
Foreign Exchange Settlement (“SAFE Circular 16”), effective in June 2016, which, among other things, amend certain provisions
of SAFE Circular 19. According to SAFE Circular 19 and SAFE Circular 16, the flow and use of the Renminbi capital converted from foreign
currency denominated registered capital of a foreign-in