Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 89

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 89
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 data security in the near future. On November 14, 2021, CAC published the Regulations
on the Data Security Administration Draft, or the “ Data Security Regulations Draft”, to solicit public opinion and comments.
Under the Data Security Regulations Draft, an overseas initial public offering to be conducted by a data processor processing the personal
information of more than one million individuals shall apply for a cybersecurity review. Data processor means an individual or organization
that independently makes decisions on the purpose and manner of processing in data processing activities, and data processing activities
refers to activities such as the collection, retention, use, processing, transmission, provision, disclosure, or deletion of data. Currently
we do not expect the Review Measures to have an impact on the business and operations of our Hong Kong subsidiaries, because (i) our Hong
Kong subsidiaries are incorporated and operating in Hong Kong without any subsidiary or variety interest entity (“ VIE”) structure
in mainland China, and it is unclear whether the Review Measures shall be applied to a Hong Kong company; (ii) as of the date of the annual
report, our Hong Kong subsidiaries have not collected or stored personal information of any individual clients of mainland China; and
(iii) as of the date of this annual report, our Hong Kong subsidiaries have not been informed by any PRC governmental authority of any
requirement that it file for a cybersecurity review for the offering. Based on laws and regulations currently in effect in the PRC as
of the date of this annual report, we believe our Hong Kong subsidiaries are not required to pass the cybersecurity review of the CAC
in order to list our Class A Ordinary Shares in the U. S.

In addition, on February 17, 2023, the CSRC promulgated the Trial Administrative
Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines, which
came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas,
both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within
three working days following its submission of initial public offerings or listing application. If a PRC company fails to complete required
filing procedures or conceals any material fact or falsifies any major content in its filing documents, such PRC company may be subject
to administrative penalties, such as order to rectify, warnings, fines, and its