Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 109

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 109
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.36 per share, which was the share price as of July 18, 2025 as adjusted for the ADS to Class A
ordinary share ratio. The proposed maximum closing price of the shares, which is estimated solely for the purposes of calculating the
registration fee under Rule 457(c) and Rule 457(h) under the Securities Act, is based on the 60-day maximum of the prices for
the Registrant’s ADSs as quoted on the Nasdaq on July 18, 2025, adjusted for the ADS to Class A ordinary share ratio. Pursuant
to General Instruction I.B.5 of Form F-3, in no event will we sell our securities in a public primary offering with a value exceeding
more than one-third of our public float in any 12-month period so long as our public float remains below $75 million. During the
12 calendar months prior to and including the date of this prospectus, we have not offered or sold any securities pursuant to General
Instruction I.B.5 of Form F-3.

We will apply to list any ADSs sold by us pursuant
to this prospectus and any prospectus supplement on Nasdaq. The applicable prospectus supplement will contain information, where applicable,
as to any other listing, if any, on Nasdaq or any other securities market or other securities exchange of the securities covered by such
prospectus supplement.

Investing in our securities involves risks. See
the “Risk Factors” section contained in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024,
filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2025, and incorporated by reference herein
(the “Annual Report”), the applicable prospectus supplement, any related free writing prospectus and the documents we incorporate
by reference in this prospectus to read about factors you should consider before investing in our securities.

VSA is not a PRC operating company but a Cayman
Islands holding company with operations primarily conducted through (i) our subsidiaries incorporated in mainland China, or mainland
China subsidiaries, and (ii) contractual arrangements with the variable interest entities based in mainland China. Laws and regulations
of mainland China restrict and impose conditions on foreign investment in certain internet value-added businesses. Accordingly, we operate
these businesses in mainland China through the variable interest entities in order to comply with these laws and regulations, and rely
on contractual arrangements among our mainland China subsidiaries,