Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 92

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 92
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investment in the ADSs, ordinary shares, or the Warrants.

The discussion below assumes the deposit agreement
and any related agreement will be complied with in accordance with its terms.

For United States federal income tax purposes,
a U.S. Holder of ADSs will generally be treated as the beneficial owner of the underlying shares represented by the ADSs. Accordingly,
exchanges of ordinary shares for ADSs will generally not be subject to United States federal income tax.

For United States federal income tax purposes,
the acquisition of an ADS or Warrant should be treated as an investment unit consisting of one ADS or Warrant. The purchase price
paid for each unit must be allocated between the ADS or Warrant based on their respective relative fair market values. Under United
States federal income tax law, each investor must make his or her own determination of such value based on all the relevant facts and
circumstances. Therefore, we strongly urge each investor to consult its own tax advisor regarding the determination of value for these
purposes. The price allocated to each ADS or Warrant should be the U.S. Holder’s tax basis in such ADS or Warrant, as the case may
be.

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The foregoing treatment of the ADS or Warrant
and a U.S. Holder’s purchase price allocation are not binding on the Internal Revenue Service (“IRS”) or the courts.
Because there are no authorities that directly address instruments that are similar to the units, no assurance can be given that the IRS
or the courts will agree with the characterization described above or the discussion below. Accordingly, each prospective investor is
urged to consult its own tax advisors regarding the tax consequences of an investment in a unit (including alternative characterizations
of a unit). The balance of this discussion assumes that the characterization of the units described above is respected for United States
federal income tax purposes.

Prospective investors are urged to consult their
tax advisors regarding the United States federal income tax consequences of an investment in a unit, and the allocation between the ADS
or Warrant of the purchase price paid for a unit.

Passive foreign investment company considerations

A non-United States corporation, such as our company,
will be classified as a “passive foreign investment company,” or PFIC, for United States federal income tax purposes, if,
in the case of any particular fiscal year, either (1) 75% or more of its gross income for such year consists of certain types of
“passive” income